1. There is no need to learn Spanish because many Panamanians speak English
This is not exactly true. You will find English to be a little more common in Panama City and Boquete, but not so much in other places. More and more Panamanians understand the importance and benefits of learning English. However, most employees in stores, banks, and other businesses speak very little English or not at all. As a matter of fact, it will be much easier for an expat to adjust to his new life in Panama, if he knows some basic Spanish.
2. Real estate prices in Panama are on the rise
Since Panama has become so popular in recent years, especially for people who are looking for a place to retire, it makes sense to see a price increase in real estate. However, this is mainly in Panama City and the beach areas. Still, prices are much lower than in North American countries. Another thing that helps to keep prices low, is lower property taxes, utilities are cheaper, and maintenance is also relatively cheap.
3. Panama is cheap
This is not entirely true. There are things that are cheaper than in North America and Europe, such as local products, grocery items (not all of them though. Imported goods can be expensive) and going to the movies and many restaurants. On the other hand, furniture, winter clothes, baby products, some electronic devices and everything that is imported, will have a higher price tag.
4. It is not safe to be in Panama
In recent years there is violence in many countries in Central America, but Panama is not one of them. Generally, Panama is considered a safe country. There are many friendly people who would offer their help if you need one. Nonetheless, like in many other countries, there are also places in Panama that are less safe than other parts.
5. When buying real estate, only pay with cash
Many people think that unless you are willing to pay with cash, don’t bother buying a property. Cash can definitely speed up the transaction, but is definitely not mandatory. If buying houses, apartments or lands in Panama is your goal, you can get a loan, though it’s not as hassle free as paying with cash and it takes much more time for the transaction to be completed.
MLS Acobir, is the most preferred property list in Panama. If you want to find an apartment for rent or a house in Panama, please contact us for all of your real estate needs.