2007 is about to be over and The Republic of Panama is about to experience another year of real estate boom.Now that the beginning of dry season is coming and closing of the year we expect a higher volume of tourist and investors than last year 2007.
For the past 5 years we have seen a dramatic increase of expats and tourists traveling to Panama and that leads to word by mouth marketing. Investors have found the Republic of Panama to be a paradise for business and retirement. Panama City, Panama Real Estate’s hottest area is now counting with approximately 200 new projects being built as for 2008 and more to come.
Among these real estate projects, you can find a high end private housing development called Santa Maria Panama Real Estate. This project involves added values such as a Nicklaus Design golf course, a country club, a town center, artificial lake and numerous outdoor activities.
For the condos you will find more options, however, investors must take some things in consideration before purchasing these condos; ask as much as you can on;
* Resale policies * Material alteration * Design alteration * Occupation Dates * Obstruction of views * Devolutions
The Panama Real Estate market is under the scope. As the market increases at the speed of light, some projects receive pressure from economic aspects.
At the beginning of the year you could still find properties for $1000 a mt2 at the Ave. Balboa and San Francisco areas. Projects such as the Ice Tower and the Palacio de la Bahia were selling fast at the estimated price per mt2 mentioned before. After they realized it was costing too much money to build a 100 story PLUS condo on top of a land filled area by the ocean, they decided to back up on the design, magnitude and cost per mt2!
This move became a headache for everyone who put their eggs on these two projects. Now think about the dreams that many had for a living and the Panama real estate brokers who put efforts selling these condos. Investors actually lost 100% of their time, bank account interests, and other opportunities and for the real estate brokers’ time and commissions.
Panama Realtors not just lost time and money but also reliability and gained twice the work it took to make the closing. Now they had to go back and make a check for each commission that was given and investors were back looking for more stable options!
As the Panama Real Estate market gets hotter people will keep looking for the best investment. Whether it’s a beachfront new project, a beachfront lot, a piece of land on a great ocean view or a new condo our bottom line is BUY WHAT IS TANGIBLE!
Some people get exited about investing and buy things that will be given in 2009 for example. If you just want to invest to make returns in the short run then go ahead and buy in plans. When buying in plans is good to consider the points mentioned above; resale policies, design alteration, etc. To learn more on the Panama Real Estate market you can log on http://www.panamahotrealestate.com . This firm has been on the market for long period and has a very good reputation.
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