“If you’re ready to pack your bags and head south, Panama City is the ticket,” reads a recent article in the Huffington Post. There are more than a few reasons that Panama City is becoming the go-to destination for Americans looking for affordable luxury properties.
It combines the best of several worlds: the cost of buying property is relatively low, yet the ocean and beach views are comparable to any you’d get in South Florida. Its location in Central America gives it a unique culture, without getting too far from home or being lacking in English speakers.
Are you interested in the possibility of living a luxury lifestyle in Panama City, Panama? Here are three facts that individuals interested in Panama real estate will find relevant.
1. Find Panama City Condos With Convenient Access
If your property isn’t located near grocery stores and other conveniences, you might find yourself spending more time in your car than you’d like. Panama City is known for its traffic congestion. Luckily, this issue might be mitigated within the upcoming year, when the new $2 billion subway system will be completed — the first of its kind in this region.
2. Know the Local Market
One of the easiest ways investors get ripped off is through investments in markets they don’t understand. If you’re buying a condo from afar, it can seem like a steal… until you find out other buyers are avoiding the area because it’s rat infested. Don’t approach real estate investment opportunities in this city without local knowledge about neighborhoods and property value. Talk to educated locals and real estate agents in the area before making the plunge.
3. A Diverse Region
Panama often attracts pensionados — American retirees who are welcomed to Panama with a range of benefits, such as discounted entertainment and flight fees. To become a pensiando you need only show that you have an income of at least $1,000 a month (which can come from social security). As such, you might be interested in what there is to see other than beaches. Boquete is one popular area to visit away from the city. The beautiful mountain region has waterfalls, flowing rivers, and museums. Alternatively, you can visit the island park of Coiba, a great place for snorkeling and scuba diving.
Are you interested in Panama luxury properties? What attracts you to this regions? Let us know in the comments. Read this for more.