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Such accolades indicate an outstanding market in which to invest in property and the amount of construction going on in Panama City bears witness to an enormous demand for accommodation, both commercial and residential, in this busy city.
If you are considering purchasing a property in Panama, a look at our Guide to Property in Panama will help you gather information about properties and locations in Panama, as well as gain in-depth knowledge of the property buying process. If your Panama property purchase is aimed purely as an investment vehicle, it is important that you view our Panama Property Investment section.
Panama offers a number of highly efficient tax exemptions and incentives, making it a cost-effective location in which to do business. On the back of a booming business and financial sector, investment in the real estate sector has reached record levels. It is boosted by the fact that the government actively encourages foreign multinational firms to become established in the country, all of which require top-notch residential and commercial real estate and services to support them.
The property market in Panama revolves largely around City investment, while tourism projects are becoming increasingly prevalent. However, with some 85% of all visitors coming to Panama never leaving the city, it is evident that this is the place where property investment thrives the best.
Panama is the fastest growing tourism market in Latin America and significant sums are being invested into tourism programmes, largely for the construction of new hotels in the City. To date, 35 new hotels and resorts have been built by some of the world’s largest hotel chains, including Marriott, Holiday Inn, Sheraton, Inter-Continental, Melia, Best Western, Courtyard, Crowne Plaza, Radisson and Decameron. Other projects such as ecological and historical tours are also being developed, promoting Panama as an exquisite eco-tourism destination.
While many construction projects are still in their infancy, shrewd property investors in Panama are acting fast to supply a growing demand for all types of real estate in a tax efficient manner.
For the property investor, prices have already gone up quite considerably in Panama; gone are the days when you could snap up a beautiful ocean-front condo for USD 80,000. Nowadays, such properties fetch around three times the price. Donald Trump’s announcement that he would be building a 250 million dollar development at Punta Pacifica has endorsed Panama’s position as a major real estate investment location, bringing with it high level investors and further economic activity to the area.
Large multinational corporations are relocating to Panama, creating an ongoing demand for residential and commercial accommodation. Major firms such as Dell and DHL have established regional hubs in Panama, while Hewlett Packard and Caterpillar have announced new offices there and others, such as Proctor and Gamble, are also rumoured to be relocating a significant part of their operations to Panama. Major banks including HSBC, Lloyds, and Citibank have also established franchises in Panama to provide complete financial back-up to foreign investors.
Panama offers an excellent incentive programme for retirees, along with a great climate, the lowest cost of living in the region, a low crime rate and various tax advantages, making it a popular location for those looking to invest in a tax efficient retirement.
Homebuyers in Panama are buying in many areas, but fashionable districts of the City, near to work, international schools and other services prove to be a firm favourite amongst foreign buyers.
For retirees too, Panama offers a varied, pleasant climate, a modern infrastructure, including excellent healthcare, and a low cost of living. The government’s Pensionado Programme offers retirees tax exemptions and discounts on a wide variety of everyday requirements, making a move to Panama an exceptional financial opportunity for many people.
Major high end Panama City real estate hotspots include Balboa Avenue, Punta Pacifica, and Costa del Este. Other prime developments can be found in well-known areas like San Francisco, El Cangrejo, Bella Vista and Paitilla, not to mention all the real estate projects and communities under development around the Bridge of Panama.