Panama City — New Law Gives Additional Boost to Already Booming Real Estate Market

For many people, a beach holiday is a perfect antidote to the stress of everyday life. Panama—particularly Boquete—is a top location for those who seek some solace. And like any other tourist destination, vacation rentals in Boquete, Panama are always high in demand, making them fantastic investments.

Reasons to invest in vacation rentals in Boquete, Panama

The great thing about visiting or moving to Panama is that the local government will have your back. They have passed numerous laws to support the real estate market, leading to a significant boom that is continuously growing:

The Foreign Investor Protection Law

Do you plan on investing in vacation rentals and homes in Panama? Most foreign investors are subject to strict regulations that prevent them from earning a high return on their properties; however, this is not the case in Panama.

The Foreign Investor Protection Law of 1998 declares that you, the foreign investor, will have equal rights as the citizens. As a result, you can freely participate in trade, disposing of your profits as you see fit.

In addition, this law grants you the right to commercialize your goods, products, and other investments in the country.

Real Estate Law 2 of 2006: Island and Concession Real Estate

Looking for a larger project to invest in? Panama’s concession laws permit individuals or companies to develop public properties for a specific purpose, such as marinas and hotels. This results in excellent long-term investments, allowing you to take advantage of the country’s booming tourism industry.

Retirement Incentives

Panama is also a lovely destination for retirees. The country offers enticing incentive programs, including benefits such as:

·        Discounts in hotels, restaurants, movies, and professional services

·        Bringing in household goods free of taxes

·        Top-tier healthcare facilities

·        The ability to buy and own property

Trying to find the perfect vacation rentals in Boquete, Panama? Consider comparing different properties on a trusted listing site and contact an experienced real estate agent for better guidance!

Ways to Modify Your Rented House

You don’t always have to purchase real estate to live comfortably. Many people opt to rent a house in Panama City instead, allowing them to save more cash in the long run.

Renting a house in Panama City gives you better access to amenities and the opportunity to downsize. But there’s a catch. Rental homes often don’t allow tenants to make significant modifications. This can limit your freedom to renovate and refurbish the property, especially if you’re an avid DIYer.

But don’t worry—there are still some creative ways to modify your rented house without making permanent changes. Here are some suggestions:

·        Surround yourself with greenery.

Houseplants are an affordable and easy way to add more color to your rental home. They’re also excellent for your health, supplying more than enough oxygen to increase energy and enhance relaxation.

Even those not blessed with green thumbs can fill their homes with indoor plants. Some species are almost impossible to kill, such as the paddle plant, lady palm, pothos plant, and mini jade.

·        Invest in a statement rug.

Does your living room lack the “wow” factor when you walk in? Maybe all it needs is a little color from a statement rug. You can find high-quality carpets in different styles and patterns, perfect for showing your personality outside your bedroom.

·        Brighten up the home with light fixtures.

A single lamp can change the overall look and feel of your home. You can never go wrong with more light, particularly if the property isn’t blessed with big windows and natural lighting.

Why not place a table lamp in your room to create ambient light when you’re reading or relaxing? And if possible, consider changing your bulbs to LEDs for better energy efficiency.

·        Hang your favorite art pieces

Do you have a piece made by your favorite artist? If you don’t have enough space for a shelf, hang the frame in your living room. You can use damage-free hanging strips instead of nails, adding more personality to your space without getting in trouble with your landlord.

Want to rent a house in Panama City? Make sure to connect with an experienced realtor and use a reliable listing site to search for the best properties in the area.

Vacation Rentals in Boquete, Panama — Are You Dreaming of the Perfect Vacation?

Itching to go on the vacation of a lifetime? You don’t have to go to crowded cities teeming with tourist traps. Why not try to go to Boquete in Panama? It’s so much more peaceful, less crowded, and gorgeous. And the best thing is there are numerous vacation rentals in Boquete, Panama; you can book for your dream holiday. They are so much better than hotels in many ways.

Vacation rentals in Boquete, Panama — Your home away from home

Panama is best known for the Panama Canal, a central commercial hub that connects three majestic bodies of water: the Atlantic, Pacific, and the Caribbean Sea. But don’t be fooled. That’s not all Panama has to offer. The country is also known for multiple natural wonders, including Boquete’s Lost Waterfalls and the Quetzales Trail.

And although there are hotels in Boquete, it’s often better to book an apartment or condominium instead. Vacation rentals in Boquete, Panama offer the following benefits:

·        Feel like a local

Nothing screams ‘tourist’ more than staying in a generic chain hotel. If you want to experience Panama like a local, it’s best to stay in a rental property. Vacation condos are closer to the ‘real’ parts of town, perfect if you want to visit the local market or enjoy a cup at a hidden coffee shop!

·        Save money

Renting a condo is often much cheaper, than booking a hotel room especially if staying for a week or more. You will save a lot of money by staying in a fully furnished property. For instance, you don’t have to rely on takeout food all the time because the apartment will have a kitchen where you can whip up easy and healthy meals. You also don’t have to pay laundry fees if the condo has a washer and dryer. A vacation rental home has everything you need, from cooking appliances to entertainment systems, serving as your home away from home.

2022 Panama Real Estate Trends

Are you planning to invest in Panama real estate? It’s one of the fastest-growing markets right now, so it’s even more important to be prudent. Before you go search for properties, here are some of the things you must know about the current state of the Panama real estate market.

Like most countries, Panama experienced a slight setback during the peak of the COVID-19 pandemic. Businesses shut down, people became unemployed, and the economy suffered. But luckily, things are slowly going back to normal.

For instance, the country’s real estate industry is on the rise, affected by numerous trends and opportunities:

·                             A profitable alternative

Panama is a popular destination for immigrants and retirees, especially from the United States. As a result, the market has grown exponentially and is expected to boost only in the coming years.

·                            Rental rebound

The pandemic has led to an alarming vacancy rate in rental properties. But by 2021, this number slowly decreased, bringing occupancy rates to over 95%. This is forecasted to increase further as apartments attract more potential investors.

·                          The rise of cryptocurrency

Cryptocurrency is no longer restricted to the depths of the internet. Even property buyers have started accepting payments in Bitcoin. As more people invest in crypto, you can expect it to become an integral part of Panama’s future real estate market.

As you can see, investing in Panama’s properties can still be profitable in 2022. However, you’ll also need to consider other factors, including:

·                           Location

Panama is a huger country than you might think. To ensure profitability consider a property’s proximity to amenities, green space, transportation, and medical services.

In Panama, you can look at properties located in Panama City, Bocas del Toro, and Pedasi!

·                           Investment purpose

Why are you investing in Panama real estate in the first place? Your investment purpose can ultimately affect the property’s profitability, so make sure you plan accordingly. Talk to a realtor to explore your options.

Advantages of Buying Furnished Apartments in Panama

 

Should you buy a non-furnished or fully furnished apartment in Panama City, Panama? This is a common question asked by people interested in investing in property in Panama. The answer depends on your goals and requirements, but there are certainly very compelling reasons to go for a furnished house.

Panama is a prime ex-pat destination known for its value and variety. You can enjoy first-world luxuries in Panama for significantly lower prices, allowing you to invest more money in high-quality properties. Plus, you won’t run out of things to do in this small transcontinental country. There’s an abundance of mountains, beaches, and friendly locals.

If you want to buy a home here, then it’s time to look at fully furnished apartment in Panama City, Panama. Here’s why:

·        Furnished apartments have everything you need

Moving to a completely different country is already stressful enough. You don’t need the added hassle of buying new appliances, placing furniture, and fixing cracks on the wall. With a fully furnished apartment, you can go straight from the airport to the comfort of a soft bed.

·        Furnished apartments are more cost-effective

According to realtors, furnished apartments are an excellent investment. This is because they are financially viable, costing less money in the long run. In addition, these properties typically sell for better prices on the real estate market just in case you decide to move to another home later on.

·        Furnished apartments in Panama come with great amenities

Most real estate buyers only consider their needs when choosing a home. For instance, it may seem enough if the apartment has the essentials—a bed and bath, kitchen appliances, and living room furniture.

But what about the things you want or the features that indirectly affect your quality of life? These are also essential things to consider, and furnished apartments won’t disappoint. The best properties in Panama have amenities such as 24-hour security, gyms, sports facilities, and more.

5 Key Reasons Why Relocate to Panama After Retirement

Are you retiring soon? Or perhaps relocating abroad is part of your retirement plans? No matter what stage you are in your life, buying property in Panama could be a good way to make the most of your retirement years. The warm tropical climate and beautiful natural environment make it one of the best places to live abroad. Moreover, you’ll have access to affordable and reliable healthcare and an attractive retirement visa, which comes with great discounts to seniors.

 

Why else should you relocate to Panama after retirement? Here are five more reasons:

 

1. Ideal climate

 

Situated in Central America’s southern region, Panama gets year-round tropical weather with warm temperatures. The average high temperatures are in the mid-80s, except in March and April where it could reach 90 degrees. Just remember that rainfall and humidity may be common as with all tropical climates.

 

2. Within easy reach of the US

 

If you live in the US, you could fly to Panama and get there in around three hours. That makes it a fairly easy trip. The country is on Eastern Standard Time, so buying property in Panama should bring problems like jet lag when you move there.

 

3. You’ll easily feel welcome

 

Panama is popular with expats, so you’re likely to find many international retirees that could help you transition more smoothly as a newcomer. However, you might want to consider learning to communicate in Spanish so you can easily converse with Panamanians.

 

4. Make the most of your retirement years

 

Buying property in Panama offers many options in areas where you could settle. You could choose to live in the city or within easy reach of the mountains and beaches. Despite its size, the country has a diverse terrain.

 

5. Affordable living

 

The cost of living in Panama is likely to be lower compared to where you’re currently based. That said, it still depends on where you’re from. Most retired expats think that the country offers a low cost of living. You might even find buying property in Panama easier, too!

Mistakes that Beginners Make When Buying Panama Property

Are you thinking of buying a property in Panama but are not sure where to start? Panama is popular with expats and retirees not only because it’s beautiful but also because the local real estate market is relatively affordable. What’s more, foreigners have almost the same rights as locals when it comes to owning properties, with very few restrictions. 

 

If this is your first time buying a property in Panama, make sure to avoid the following mistakes:

 

Mistake #1: Failing to hire a lawyer and realtor.  

 

This rule is universal no matter where you decide to buy a property: Always hire a realtor and a lawyer to guide you through the process. 

 

These professionals can help you avoid cons and scams, which, unfortunately, are common in Panama’s real estate market. Most of the paperwork you need to complete will be in Spanish, so hiring a trusted Panamanian realtor and attorney will help you navigate the foreign language. They can also help you review the sales contract, set up your escrow account, and assist with title searches. 

 

Mistake #2: Failing to verify the title.

 

Many sellers will claim that their property is titled, but you can’t just take their word for it. Be sure to verify this yourself. Ask the seller for the following documents:

·        The title or the public deed (escritura)

·    The Ownership and Encumbrances Certificate (Certificado de Registración) issued by the Public Registry (Registro Público)

 

If they fail to provide these documents, ask the seller to give you the assigned property number. Better yet, work with a realtor who can take care of all this for you. 

 

Mistake #3: Buying too quickly. 

 

Many foreigners agree to a sale too quickly because they’re excited to move to Panama. But making this mistake may put you at risk of buying the wrong house or cause you to miss out on other properties that offer better value for your money. 

 

In the end, it’s best to work with a realtor who can show you many different options when buying a property in Panama. This will give you a better feel of the market and allow you to make the best choice!