Have you been considering buying real estate in Panama as an investment, or as your next home? Real estate in Panama is quite popular for international buyers, with a growing market in both new and old properties, and long-term rental potential all over the country. Real estate in Panama is diverse, dynamic, and can truly fit any budget, as long as you know where to look, (and more importantly) what you’re looking for. The hardest part for most people when it comes to buying Panama real estate is getting the whole process started. How do you find the properties? How do you get info on the local market? Most importantly, how do you know if what you’re getting is worth it? Don’t worry, that’s what we’re here for.
Talk to licensed real estate brokers
Under Panamanian law, you must have a license to sell real estate, and must be vetted under a number of circumstances that aim to protect both the buyer, and the seller. That being said, there are many people (including expats) that try to broker real estate without a license, for some extra cash or as a favor. We highly recommend you only do business with a well-known realty group with licensed realtors only. Don’t fall for the temptation of a “friendly” deal. If it seems too good to be true, it probably is, so hedge your risk by starting on the right track. You may find it beneficial to talk to a few realtors, as prices may vary, and area availability will change.
If you are able to, visit the properties in person
Seeing is believing when it comes to Panama, and an exploratory trip to check out potential real estate first hand is critical for any buyer. If you live in Panama already, spend some time checking out the neighborhood, talking to local business owners, and try to get to your potential properties in the way you’d usually use transportation to and from it (if you’ll be living there). Also, make sure to have the properties inspected before buying. If you’re visiting Panama for the first time, have fun with it! Take a tour of each of the areas you’re interested in, and more than just walking through properties, get to know the local culture and neighbors. Panama’s a great place to live, but for many, may not be their cup of tea. A good exploratory visit will reduce the risk of future disappointment, and give you a great excuse to take a Panama vacation to boot!
Run everything by an experienced local attorney
Again, if it seems too good to be true, it probably is. This is why it is extremely important to have an experienced lawyer look over every contract, and mediate any negotiations as they come up. Don’t take the risk of trying to do it all yourself. It’s tough enough as a local, but as an expat you’ll find that going it alone will add lots of headaches, and could cost you heavily in the long-run. Remember, buying real estate is a big deal, and something that should be handled with diligence and care, every step along the way. We’re certain that with some time and patience, you’ll find the perfect property or properties, and reap all the benefits real estate in Panama has to offer!