Panama Changes w/ Election: Land, Real Estate for Sale Will be Affected

La Estrella reported this week about the many changes that are going on in Panama….

Panama real estate prices have recently been in free fall. Buyers, many from the U.S., are now seeking security to make Panama a first home, not a second home like in the past. Local Panamanian realtors claim that now is the time to buy in the Panama condo market.

Past markets in the last five years have been in the $200,000 and $400,000 range, due to the ability of buyers to get credit. The new market consists of wealthy individuals looking for a safe haven, and by result, making a second home the primary home. Condo prices are falling to half the price compared to a year ago, and Realtors are encouraging buyers to negotiate, as deals can be found anywhere.

The new government will also have impact on Panama’s future. As the new election will take place in May, Politicians are making promises for safer streets, better transportation, and will be attempting “zero corruption”.

Women are also beginning to challenge the “macho image” of Panama. Like many relocating from the US to Panama, Alberta Yan, a 21-year old former intern for Barack Obama, is leading the Global Business Brigade to team up with the women’s cooperative, Esperanza. The ultimate goal is to break the male-dominated hierarchy that exists in Panama. The groups hope to bring business skills to women and provide them the opportunity to work in Panama society.

There are many, many changes going on in Panama. Looking for real estate for sale in Panama? Our firm has condos, land plots, businesses and other real estate for sale in Panama City and outlying areas. Visit Panama-Land-for-Sale.com for more information.