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Property Prices

Panama - Property Prices

The recent economic downturn has not affected property prices in Panama as they were low to begin with and the influx of foreign investors in the country has managed to keep the situation steady.

It is possible to purchase a property off plan at a very reasonable price and usually with a good discount off the intended price when the property is completed. As there are many developments taking place across the country these bargains can be found in most places. However, when the properties are finished there is not often much negotiating that can be done. Most sellers are happy to hold on to a property until a purchaser comes along who is willing to pay the asking price. With the increased investment in Panama it is expected that property prices will increase by around 6% each year and some properties will appreciate more than that.

At the end of 2010 the average property prices in Panama City for an apartment varied depending upon the location and size of the apartment. The average price for a small (90 sq m) inland apartment was less than $150,000, while an apartment of a larger scale (350 sq m) had an average price of just over $500,000. Beachfront property is very popular and average prices for apartments on the coast in Panama City at the end of 2010 were higher than those found further inland. For an apartment of around 80 sq m an average price of just over $175,000 was common, while the larger apartment of 350 sq m was fetching an average price of more than $550,000. A beachfront house in Panama City at the end of 2010 was fetching an average price of just over $900,000. It should be noted that these are the properties at the more luxurious end of the market and there is a variety of property that falls into lower price ranges.

Panama City is not the only destination for expats who want to move to the country. Boquete is proving to be very popular with foreign nationals thanks to its beautiful location. The town has a population of less than 20,000 and there is a large community of expats of all nationalities. Prices in this area have been steadily rising over the last few years but they are still cheaper than many other areas in the country and for the price of a small apartment in Panama City you can purchase a house with a small parcel of land in Boquete. A popular option in the area is to buy land and build your own home and in some parts of the town a 17,000 square foot parcel of land can be purchased for around $60,000.

If you do not want the hassle of building your own home then there is a variety of homes on offer. A condominium with 2 bedrooms and 2 bathrooms can be purchased for less than $130,000. On the hillsides which overlook the town homes are in the region of $150,000 and offer larger accommodation than properties of the same price in Panama City. Those properties in gated communities can be around twice the price due to the additional security features and the quality of the developments. Boquete is a good area to buy rural property and if you are interested in farming or ranching you can buy a large farmhouse with plenty of land for the same price as a villa on the coast of Panama City.

Other areas of Panama also have differences in pricing. The city of David has similar property types as Panama City but prices will be lower due to reduced demand and fewer developments. Very rural areas have property at much lower prices, which reflect the quality of the property and the lack of amenities and facilities in the area.

Buying is considered to be a good investment as prices are expected to continue to rise in Panama and investors can expect a good return on their money. Expats are not generally charged more than local buyers.

Read more about this country

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