Panama has long become one of the best countries in Latin America to live in. It is also considered one of the best places to move out as foreigners, regardless of where you come from. Whether it’s going to live or investing in property, it’s a safe country, with broad business and growth opportunities, diverse and friendly, that offers many tax benefits for those who want to make investments.
These characteristics lead to more and more people deciding to buy apartments in Panama. Next, we’ll look at the reasons why it’s a good idea to buy apartments in Panama.
Benefits of buying apartments in Panama
One of the first reasons we can state has to do with equal rights. In this sense, foreigners arriving in Panama receive the same rights as Panamanians residents when buying an apartment in the country.
Real estate projects
Due to its unstoppable growth for some years, Panama now has a wide variety of real estate projects. Currently, we can count more than 200. These, specially designed so that people who come to the country have the opportunity to choose where they want to live, whether in the city center, on the shores of the sea, or in the countryside. Today, Panama has an important and developed construction industry, which leads to real estate is at its best.
Compared to other countries such as European countries and even some countries in the Americas, the costs of property in Panama are much lower. However, without sacrificing the quality of the buildings and the real estate offer.
Panama is particularly known for having a highly developed infrastructure in terms of basic services and telecommunications services. This is mainly due to its geographical location, which places, the country at a mandatory crossroads for both trade and information.
In turn, property maintenance and service costs are often also low. The same goes for food costs and leisure activities. Many people buy apartments in Panama because the country offers them the opportunity to keep with less money than elsewhere.
For retired foreigners, Panama has an excellent benefits plan. The country has long been developing to attract retirees from other parts of the world as well. In this sense, it is possible to find multiple discounts, ease of access to residence visas, among other things, to promote that more people want to stay in the country.
If something stands out to Panama, in addition to the aforementioned characteristics, is that the country has the most important and diverse banking center on the planet. People arriving in the country can access multiple mortgage credit alternatives with little difficulty, because the bank history can be confirmed by the personal bank, regardless of the location of this.
For those looking to buy apartments in Panama, it is possible to find wonderful condos that are built on the shores of the Pacific Ocean. All of these have their services of five-star hotels or the highest quality resorts, but without losing the freedom and tranquility of being in a private space.
Find out more about the advantages of buying apartments in Panama in: Live in Panama, the best places to rent an apartment.
What to consider before buying an apartment in Panama?
The benefits of investing in apartments in Panama are clear. However, here are some recommendations to keep in mind when making this investment.
Distance from services
As we have seen above, Panama stands out for the excellent development of its basic and telecommunications services. However, when buying an apartment, it is essential to evaluate the distance from certain services, depending on the lifestyle you want to live. In other words, if you have children or plan to have them, it’s important to see if there are schools nearby and what they are. The same goes for hospitals. It is also recommended to check the transport lines that are close to the properties of interest and how they connect to take to the workspaces or leisure that you have in mind.
Following the above, location is something that must be fully evaluated before choosing an apartment in Panama. It’s not just about schools and closeness to work, it’s also about assessing the amount of traffic in a given area, whether you want to be near the beach, among other things.
In addition to looking at the apartment and its location, it is important to make sure it is free of legal issues. Some may include foreclosures, mortgage issues, or leases. This information must be known before purchasing the apartment.
Finally, if you are going to buy an apartment that has been used, it is important to visit it and verify that it is in good condition and if you need to make any arrangements. This pre-review will prevent costs that may be unwelcome for repairs or arrangement of decomposed objects, leaks, etc. from being incurred.
If you are looking for apartments in Panama, at MLS Acobir you will find alternatives that are perfect for you.