Posted by Maria Arias on March 27, 2017 | Real Estate Advices | 0

Buy or Rent a property in Panama

Many doubts arises whe you want to buy or rent a property in Panama, this is common to everyone. The Real Estate market in Panama has an abundance of new properties, both in the cities and the suburbs. From luxury skyscraper apartments, beach houses, estates, family homes, and suburban houses to buy or rent. 

The location of the property you want to buy or rent is a key factor. You must know the total budget made available for investment purchase or rental of apartments and houses.

If you’re looking to buy or rent properties in Panama, there are many options to suite any taste, or any budget.

Some of the most popular areas are characterized by high prices: Punta Pacifica, Avenida Balboa or Costa del Este, while areas located outside like Chorrera, Arraiján and Versalles, are cheaper. There are also areas with good prices in the center of the city like: San Francisco, Obarrio, and El Cangrejo. 

Why rent a property in Panama?

If you’re looking to rent a property in Panama, you first need to look at your budget and then the location. Panama has a very affordable real estate rental market, but prices can be on the higher side in the oceanfront developments.

A typical rental in a good area of Panama City will run you anywhere from $1,200 up to $4,000. The lower priced rentals are mostly in smaller and older buildings, while the higher prices rentals are in luxury towers with modern amenities and services.

Why buy a property in Panama?

Buying a property in Panama can give an investment with good growth potential, a place to live, and a significant tax break.  When you buy new real estate in Panama, as a foreigner, you get a 20-year exemption on Real Estate taxes for all assets of the enterprise. Expats decide to buy real estate flat out, without a mortgage, however local banks do offer great financing options, if you are a legal resident of the country and can provide good credit references.

In Panama City $400,000 can get you a 3-bedroom luxury apartment with ocean views. If you’re looking for a smaller investment, you can still find apartments and houses for around $100,000, but expect to be a outside of city centers.

Cost of living in Panama