The real estate market in Panama, has grown greatly during the last few years and the options of real estate are very varied.
Before you begin, you need to think about the budget you have to buy or rent a property in Panama. Based on the budget you have, you can start looking for property in different areas that fit your budget. In Panama, just like in many other places, the location of the property largely influences the cost of both the purchase and rental prices. Properties located in more central areas, in commercial or banking areas are more expensive than properties located on the outskirts of the city. Areas like Punta Pacifica, Avenida Balboa or Costa del Este are in high demand and therefore prices are high. On the other hand, you can expect low prices in areas located on the outskirts of Versailles, Chorrera or Arraiján.
After knowing how much budget you have, you need to decide about what type of property you want. Do you want a house or an apartment? The next thing is to decide if you want to buy or rent a property. If you decide to buy and need to apply for a mortgage loan, you will need to collect documents that are part of the requirements requested by the banking entities:
1. The status of resident or non-resident foreigner in Panama influences the interest rate that you will have to pay.
2. A social security card.
3. Letter of work and a copy of the last pay stub is an imperative requirement. You will need a copy of a valid identity card or passport and also attach a bank reference letter. If you are independent, you will need to provide a record of two years of experience in a commercial activity and the last two declarations of income and the solvency of the payment of income taxes.
Once your credit is approved, you must sign a document of terms and conditions, and a payment commitment letter. In addition, you have to make sure you have life and fire insurance, which are both important to protect your investment.
In the case you have decided to rent a property, there are also a series of requirements.
1. Rent for a month in advance and another month deposit.
2. If you are a foreigner, you can apply for a residence permit, work letter or social security.
3. Water, gas, cleaning and other common expenses in Panama are paid by the property owner.
MLS Acobir, is the most preferred property list in Panama. Please contact us for all of your Panama Relocation and real estate needs.
