Hi everyone, just wondering what you guys think of the Panama real estate market? I can’t seem to find any legitimate and comprehensive statistics online. I’m thinking about buying a small condo there just to test it out, as I have PR already, but would be keen to connect with anyone who already has investments there to talk about the outlook of the property market.
Hi James, I am assuming that you are looking to buy and rent out the condo unit. While i don’t have knowledge of the property market in Panama, I can draw your attention to the fact that your profit is made at the time/price you purchase your property.
You want to look for properties that their annual rental value is 10% or more of the cost of the unit. Target locations that are close to at least three important social amenities like bus/train stations, schools, hospitals, government offices, parks etc.
Check to see if there are any local government/community fees required and factor in the cost to your ROI. Identify service providers like plumbers, electrician etc that are local to the area. Also consider the option of looking for housing agents to manage the affairs of the unit and finding/vetting tenants for it. While it is an extra cost, it gives you the freedom to focus on other things you are more qualified for while leaving the unit in the care of competent professionals who if they are good, would aid you get a good return while being able to prevent issues or at least have ready solutions for them compared to doing it yourself.
If planning to live there yourself, still consider the ideas above as they will be helpful when you need to rent or sell.
Hope this helps, have fun shopping.
Thanks so much for your reply!