The Top Neighborhoods to Consider When Buying Property in Panama

Panama's economic growth in recent decades has been nothing short of extraordinary, earning it the moniker of "The Panamanian Exceptionalism." With stability and low inflation rates in comparison to other Latin American countries that have experienced military coups, high inflation, and currency devaluation, Panama has emerged as a compelling destination for property investment among American, European, and Latin American investors.

When buying property in Panama, the location and neighborhood are crucial considerations. Here are some of the top neighborhoods to keep in mind when navigating the real estate market:

Punta Pacífica

Punta Pacífica, one of the newest neighborhoods in Panama City, has rapidly established itself as an exclusive enclave for the country's elite, following in the footsteps of its venerable neighbor Punta Paitilla. This upscale neighborhood is situated in close proximity to opulent shopping centers and premium commercial offices and is renowned for its magnificent ocean vistas and lavish high-rise condos and hotels.

Avenida Balboa

Avenida Balboa stands tall as the bustling epicenter of Panama City's downtown area. Highly sought-after by those who thrive on being in the thick of the action, this vibrant neighborhood is widely considered the ideal location to reside in Panama for those seeking a lively urban lifestyle. Despite its central location, Avenida Balboa boasts breathtaking ocean views that serve as a stunning backdrop to the hustle and bustle of city life. It’s, therefore, hardly surprising that this area remains a coveted destination for those buying property in Panama.

Coco del Mar

Panama has been awarded a low to moderate crime rating by the US Department of State, and Coco del Mar remains one of its safest neighborhoods, owing to its privileged location and limited size. This exclusive residential area is home to high-ranking government officials, foreign ambassadors, and top executives, among others.

Costa del Este

Costa del Este is designed with convenience in mind. Just about every luxury amenity one can imagine may be located in this area. The amenities include commercial shopping plazas, super markets, stores, restaurants, banks, schools, gym, clinic, air mail, parks, a local industrial park and easy highway access. You can work and live in the same vicinity, and this provides maximum convenience with no long commuting.

We at Panama Realtor are committed to helping you find the perfect property for you in Panama, no matter which neighborhood you choose. Contact us today, and one of our experienced agents will be more than happy to assist you. Together, we can ensure that you get the best possible deal when buying property in Panama.

Home Buyer Checklist: What to Look for in an Open House

 In the market for a new home? One of the best ways to find out if it’s worth buying a home in Panama is to attend an open house. These events will allow you to see a property in its true form, ensuring that there are no underlying issues and that all your requirements are met.

But what factors should you be looking out for when buying a home in Panama? Below is a comprehensive checklist that may help you during an open house:

·        Your first impression

Don’t underestimate the power of your senses. You should stay alert the moment you arrive at a home’s doorstep, using all of your five senses to formulate your first impression of the property. For instance, do you smell something suspicious, like mold or mildew? Do the walls have a poorly painted section that could be hiding cracks? If you notice any of these things, make sure to bring them up to the owner to see how they react.

·        Signs of damage or neglect

Property damage is not always obvious. For example, staining or warping in the floors of a basement could indicate a history of flooding, while ceiling stains are a sign of a leaking roof.

It’s best to check every nook and cranny of a home, from its closets to its doors and windows, to see if there are damages that are not obvious in photos.

·        The neighborhood

Many home buyers forget to consider one essential factor when selecting a property: the neighborhood. They may not bother you while you’re visiting for an open house, but once you start living in the area, you could experience some issues with the people next door.

During the open house, ask yourself these questions: Does the neighbor tend to their property, or is their lawn unkempt? Do they have kids or pets running around the area? How many cars do they have?

 

Are you ready to buy a home in Panama? You can search for available properties right here at Panama Realtor! We have a vast collection of homes and apartments for sale around the country, including real estate in prime locations like Panama City and Colon.

Check out our listings now and schedule an open house at the homes that pique your interest.