Are you planning to invest in a luxury apartment in Panama? This small Central American country is a top choice among investors, and it’s not hard to see why. Panama has a stable economy, a wonderful lifestyle, and foreigner-friendly policies.
But
what are some things you need to know before investing in a luxury apartment in Panama? Here are a
few factors to think about:
·
Investment purpose
Why
do you want to purchase an apartment in Panama in the first place? Will you be
using it as a vacation home, or are you planning to move to the country
permanently?
Determining
your purpose for the investment will help you choose the best property for your
needs. For example, if you want to convert an apartment into a vacation rental,
you may want to choose an area that attracts a lot of tourists. Meanwhile, if
you want to live in Panama, perhaps a home in the city is your best option.
·
Location
Panama
may be small, but you’d be surprised at how much its towns and cities can
differ. Panama City, the capital, is the largest area with the highest
population. However, luxury 3-bedroom properties in the city can cost up to
$400,000.
In
comparison, areas outside the city center offer more affordable options, with
homes and apartments costing around $100,000.
·
Quality of life
If
you’re planning to move to Panama, make sure to visit before you buy a
property. A quiet life away from the city is not for everyone.
Luckily,
renting a property in Panama is relatively affordable, so you can get to know
the area without making any rash decisions.
·
Financing
You
have two ways to finance a property in Panama. One is owner financing, which is
ideal for investors who need to sell other assets before they can purchase an
apartment.
Your
other option is to apply for a bank loan. However, this can take time, and it’s
only recommended if owner financing is not possible. If you choose this route,
you will also be required to open a Panamanian bank account.
·
Purchasing process
Finally,
it’s time to purchase your luxury apartment in Panama. The purchasing
process for titled real estate involves the following steps:
o Negotiation
o Promise
to purchase the contract
o Searching
the title
o Completing
the agreement
o Transferring
the title
To
ensure that the process goes smoothly, work with a local real estate agent who
can represent you during negotiations.
Take
advantage of Panama’s booming real estate market now and hire an experienced
Panama realtor to help you find the best properties for investment.
