This week, The Panama Report featured a special on high-rise condos in Panama City. Recently, Panama City, Panama has been attracting a luxury crowd – of both developers and buyers.
The Panama City market is still booming, but has slowed from the huge boom that took place from 2002-2006. There are currently over 100 condo towers in some phase of construction with a projected 20,000-30,000 units for sale. With new Miami South Beach developers moving into the area with grand condo/hotel plans, will the boom stay intact?
Yes. It is a great time to buy in Panama, as you have negotiation on your side, but you must do your homework. The article we read gave the following statistics about the Panama City high-rise market:
• most sales have occurred since 2004
• most units range between 100m – 200m
• priced between $300,000 to $600,000
• median price is $3,000 per m
This being said – it can be a good time to invest in buildings that have already been established, rather than brand-new properties.
On another note, banks have tightened up like everywhere else in the world. Lending is more limited in Panama than other countries, requiring up to 50% of the down payment for financing. There is no secondary market for mortgages in Panama.
Do your homework. Understand the cyclical and regional implications that real estate carries with it…..
We are happy to help you with your research! If you are considering moving or retiring to Panama, visit our site to see our incredible land deals! Our site, www.panama-land-for-sale.com lists facts, figures, and properties in Panama!
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