For the last two years, the Panamanian Institute of Tourism (IPAT) has been busy promoting Panama in Northamerica, Canada, Latinamerica, the Caribbean and Europe. And thus, it comes as no surprise when they announced that the number of visitors increased 11.6% in the first two months of the present year in relation to the same period in 2007.
Furthermore, Panama has received 1,111,000 tourists between January and September of 2008, which is 128,452 more tourists compared to the same period in 2007 according to IPAT - they also announced that Panama is on pace to reach its goal of 1,460,000 tourists by the end of 2008.
There is also news about Panama’s capital finishing as the second best hotel occupation worldwide in 2007, topped only by Australia’s Perth.
According to the Global Ranking Index, Perth got 85,1%, Panama, 84,7, and Dubai, 85,4. The Panamanian capital has jumped 146 spots since 2000.
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The expat community in Panama is growing faster and faster each day, and with it so do the everyday conveniences and amenities geared specifically towards expats. These include a variety of clubs and social organizations including a number of charitable groups, newspapers, schools, and even an English Speaking radio Station. These lines for communication and networking can make all the difference in a successful integration to life in Panama. The following is a summary of different groups and services geared toward expats: (more…)
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An alternative to Panama’s national postal service, which is not the World’s fastest, nor its most reliable, is a P.O. Box in Miami with a forwarding service to Panama.
There are a few private companies who make this process a very simple one, pricey, but simple. Aerocasillas and Mail Boxes Etcetera are the leading providers of this mail service. Sending and receiving mail through these companies generally takes about 3 to 5 days longer than it would if mailed within the United States and costs about 30-40 percent more.
As a rule these mail forwarding services are fairly, reliable and quick, and although a little expensive, currently the best substitute for FedEx, DHL and Panama’s national postal service.
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The Cinta Costera, or coastal belt is a 25 hectare land fill that will go in along Panama’s scenic Balboa Avenue. Of the 25 hectares, 20 hectares will be maintained as parks and green areas, the remaining 5 hectares are going towards bike paths and 4 lane highway, which will greatly alleviate the current traffic situation in Panama City. The fill material will come from the excavations of the Panama Canal expansion.
The cinta costera, along with the clean up of the Bay of Panama which is currently underway, and forcasted to cost 350 million USD and take between 10 and 15 years to complete should do wonders for the beauty, quality of life, and of course property values of Panama City.
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I had previously discussed about the clause developers include in their contracts that allows them to increase the price of a property. But there’s also another clause that needs to be taken into consideration if you are planning on getting a loan from any bank to finance your property.
After the first inspection of the property, you will be usually given a month to complete the remaining balance of the property. Because it is up to the bank to make the payment to the developer, it is important to be on top of the person that is handling your loan request way before the inspection day comes along, since the whole process could easily take more than a month.
In cases where the bank is unable to make the payment on time to the developer, you will usually have to pay an interest of 1.5% after the first month, which could increase even further after two months.
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By the time I was in a position to even be able to contemplate purchasing a nice parcel of land to eventually build my vacation/retirement home, it had become apparent that no matter how rural or remote I was willing to go, beachfront was no longer within my budget. It happened so quickly, within 2 short years, the prices for beachfront property in Panama had doubled, tripled and in some cases quadrupled or more in price. Very sad indeed, but not necessarily the end of the world.
I started thinking about other properties that could be as exotic, unique and beautiful as beachfront… and suddenly the answer was clear… waterfalls! My search for waterfall properties has taken me to the most remote corners of Panama, but I have found the highest concentration, best prices and accessibility of these unique gems to be centered around Penonome.
Take the attached photo for instance, it is one of 4 waterfalls within the property which is also home to the spring from which the river is born. Imagine having your own waterfalls, originating entirely on your own property. The farm is 97 HA and the best part is the asking price… just 25 center per m2.
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If you are planning on buying a pre-construction property, there’s a very good chance that you will see a clause in the ‘Promise to Buy and Sell’ agreement stating that there could be a price increment over the value of the property. Although, the clause mentions the possibility of a price drop as well, this is a very unlikely scenario.
In most cases, the price will be increased up to 3% of the total value of the property. The developer will usually attribute the price increment to reasons such as price changes in construction materials, salary, insurance policies and bank financing, among others.
Something to keep in mind when buying a pre-construction property.
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Although, we are always trying to add helpful articles regarding the real estate process in Panama such as The General Process of Buying Real Estate in Panama and Purchasing Real Estate in Panama from Abroad, there is still a large amount of information that needs to be covered.
With that in mind, we have decided to write a Real Estate Guide for Panama, which will consist of a series of articles focusing on each one of the most important real estate topics in panama. The guide is a work in progress and we will be constantly adding new articles with different topics until every topic is covered. (more…)
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I was in Penonome last week, and absolutely fell in love with the town and the people couldn’t have been more hospitable and friendly. The town is based around the colonial style church and central park, and walking through the park and colonial section feels like a time warp to a couple centuries ago.
The park in front of the stunning church is perfectly manicured, and there was not a speck of trash to be seen anywhere. The breeze is cool and the air is exceptionally clean and smells delicious…
Penonome is a very quaint and beautiful town that has not yet been spoiled by the modern world.
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No matter how many times I visit the Causeway in Amador, I never get tired of enjoying the gorgeous views. They always make me feel as if there’s something greater out there, while providing me with a much needed inner peace. Ok, maybe that’s going too far. But no matter how you feel about it, many will agree that it is one of the most beautiful places to relax in Panama. (more…)
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Due to the change of the Panamanian Law and the implementation of the Law No. 22 from 2006, the Public Auction process will be changed according to Article 44 of such law. In the FUTURE any sale will take in place form of a REAL TIME AUCTION, where a qualifying bidder is able to compete and auction in presence the co-bidders, instead placing a “sealed offer”. (more…)
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