Have you been searching for a new place to live in? This could be your sign to invest in a luxury apartment in Panama. The Central American country is popular among foreign investors, known for its stable economy, tourist-friendly regulations, and booming real estate market.
But
first, here are some essential things to remember when buying a luxury apartment in Panama
·
Location
Panama
is a small but beautiful country with a diverse selection of locations for buyers
and renters. Panama City, for example, is a top choice among new homeowners. As
the capital city, it offers a wonderful quality of life with several options
for shopping, dining, and entertainment.
If
you want to escape the busy city without straying too far from the metro, San
Francisco is a great option. This area has a good central location with more
greenery and a lower population.
·
Searching
for a property
Once
you’ve found the perfect location, it’s time to start your search for a
property. Consider working with a local real estate agent who understands the ins
and outs of the market and can help you find the right property according to
your specific requirements.
·
Taxes
and fees
Transferring
a title in Panama has a 2% tax. Additionally, you will need to pay closing
costs, which may include the legal property transaction fee, public registry
title transfer fee, and incorporation tax.
·
Contracts
After
paying the necessary fees, you and the seller must sign a contract to complete
the sale. The agreement may be drafted in English or Spanish, so work with an
experienced lawyer if it is in a language you don’t understand.
·
Financing
You
may finance your apartment in Panama with the help of some local banks.
However, the property must meet certain requirements before your loan can be
approved. For example, the apartment must be located in an approved region in
Panama, and its title must be in the public registry.
Are
you ready to discover your new home away from home? Don’t forget to consider
the tips above when purchasing a luxury apartment in Panama!
If you need more help finding the perfect property, contact us at Panama
Realtors. We have hundreds of property listings ready for you to view, from apartments
in the heart of the city all the way to peaceful towns.
