Good day,
I've read some of the posts here concerning renting vs. buying and living in gated vs. local communities. I saw lots of diverse opinions on those subjects.
I am interested in exploring a little bit different angle. Has real estate (houses or unimproved land) been a good investment in the Boquete area? What is the outlook for the future? Are other communities in Panama (ex: Coronado) better from an investment perspective? Are construction costs in Panama really rising at a rate that is outpacing inflation in other commodities? Are there any new gated communities that have a chance to be as successful as Valle Escondido? What types of real estate are most attractive to middle class Panamanians?
From my reading, it seems that there may be many who will probably want to provide cute or caustic replies, but I will appreciate sincere opinions and I am sure there are others who are also curious about this subject.
Thank you.
Replies
Do you believe that your snide remark contributes to this discussion?
Once again, thank you too all of those who have provided good food for thought.
Love that show, Weeds...but hate ticky tacky little boxes that all look the same.
If we all had a crystal ball we would be able to answer the real estate investment question as there are so many variables. When the US had its grandioso real estate boom the over flow seeped into Panama. When the bubble burst Panamas prices dropped. Much depends on how the world economy is doing and how Panama chooses to develop and grow. .
The cost of living, infrastructure, medical, crime, quality of life, disasters like flooding and mudslides will all way on peoples mind to invest more or return home. Also noteworthy is the water issue...if people continue to have no water, they may leave. If a person has a life threatening emergency and there is no ambulance and they manage to survive they will also flee.
The good news is the temperature, the people, the natural beauty, the wonderful food, so if the government can keep it all together the real estate should grow. Bocas is starting to see more home sales so hopefully Boquete will also.
The decision makers need to look at several issues and work accordingly if they want to continue to attract more investors. Panama is walking a fine line now, between sustainability and growth..
"I just can't see why one would chose to live in Panama for economical/financial reasons"
Walter, if you can't 'see' those things, I think you should stay in Canada.
Walter, you must eat at different restaurants than I do. I will admit I at times pay as much a $2 for a beer in a restaurant. Bread at Sugar and Spice is $3.50 a loaf for fresh baked almost anything. Bottled water is under $1 in any large market and $1 in the rest.
Imported anything is more than where it came from but anything produced locally like food is still cheaper. That might change after the flooding in Cerro Punta because of short supplies.
The big thing you will notice first in kitchens there is no toe kick in kitchens built here, so look forward to a few stubbed toes until you remodel the cabinets , always rent for at least a 6 months to a year find out if Panama is for you
BTW, for those interested in building or securing a lot in Volcan, there is what looks like a pretty nice development just down the road from me being put in by my neighbor. Just looked at the lot pricing, and at $27/m, its too rich for my blood. but it is in a nice tranquil area:
http://brisasdevolcan.com/eng/the-project.html
"they're all made out of ticky-tacky and they all look just the same" Thank you for saying it, Pete Seeger. http://youtu.be/yZnx-VbQ2bk
The song, "Little Boxes," was made popular by Pete Seeger, but it was written and first recorded by Malvina Reynolds in response to the development of Daly City, a low cost community outside of San Francisco, in which all the houses were virtually identical.
https://www.youtube.com/watch?v=2_2lGkEU4Xs
most new houses in "Panamanian developments" qualify for a government-backed interest subsidy. This allows the developer to team-up with a bank, and offer homes for bi-weekly payments of under $100. This subsidy only applies to new homes, and is designed to favour new construction. This has the effect of reducing liquidity in the secondary market as banks are loathe to loan at favorable rates to someone wishing to buy a "second hand" home.Few nationals have the ability to pay cash for a home, and usually prefer to buy new. Having said that, I haven't seen many "screaming bargains" here in Chiriqui on Panamanian homes.
-
1
-
2
-
3
of 3 Next