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What they don’t tell you about Living in Panama
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Living at the Beach or Mountains
Living at the beach or mountain areas of Panama can be everything you ever dreamed of… morning walks on the beach with your dog(s), afternoon naps in your favorite hammock, and watching the tide roll in while enjoying a cold beer and fresh ceviche, but there are a few things you should know.
Up until a few years ago, about 2-5 to be exact, beach homes, and mountain homes too for that matter, were used primarily as weekend homes, escapes from the hustle and bustle of business in the city.
As a result, there was not a large need for the everyday amenities that one would require at their primary residence… such amenities as grocery stores, shopping centers, schools, entertainment, ect. And although there has been a steadily growing population of permanent residents along Panama’s Pacific coast, and in the last 2 years alone, a handful of resorts, golf courses, supermarkets, restaurants, various service providers and even a casino have sprung up along the coast, it is still necessary for permanent residents to commute to Panama City for at least some of their living requirements.
This will inevitably change within a few short years as the number of Pacific Coast and Mountain residents continues to grow, as does the demand for more services, and as it does, real estate values in these areas will inevitably continue to appreciate, but for those of you who require lots of social activities, the current lack of infrastructure is something to take into consideration.
Panama’s Postal Service
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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What to Know When Buying Real Estate in Panama
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Buying real estate in Panama can be a confusing experience, and full of uncertainty. One of the most prevalent qualms among foreign buyers is whether or not a property’s asking price is a fair one. It is sometimes difficult, even for locals, to determine what the asking market price for a particular property is. On several occasions I have seen virtually identical properties, some even located adjacently, have price variances of up to 150%.
The easiest way to ensure that you do not pay too much for a property is to ask for an appraisal of the property. Even if none is available, the cost of having one done is minimal and the possible out of pocket expense well worth it.
Appraisals, however, are not always entirely fool proof. Some less reputable appraisers do not deliver the most accurate results. A list of some, but not all, reputable appraisers can be found below: - Panamerican de Avaluos
- Zubieta y Zubieta
Another way to ensure yourself a sound price on real estate in Panama is by purchasing your property with bank financing. Although bank paperwork and procedure can be extremely tedious and time consuming, you can be assured that a bank will not finance a property for more than it is actually worth.
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