One of the hottest economies in Latin America is that of Panama. While the housing went into slight decline during the brunt of the global economic crisis in 2008-2009, it has since leveled off in many sectors and prices have started to increase once again. Other sectors of the economy such as construction, tourism and logistics are booming and the economy overall is projected to continue at a strong pace.
The following are three reasons why you should buy property in Panama:
Housing Cost – The cost of housing in Panama has leveled out recently which is much better than other economies around the world. For a fraction of housing or land priced in the United States, Canada or Europe, one can purchase property in Panama. Another benefit is that there are a wide variety of land parcels to choose from. If you prefer city life, then you can buy a lot in Panama City at a great rate. Ever dreamed of owning your own beach house? There is plenty of beachfront property for sale that would be perfect for building a home on. You can even get property in the mountain regions if you want to have your own cabin in the tropical highland jungles of Panama where the temperatures are spring-like year round.
Construction Costs are Low – The cost of construction is nearly a quarter of what you would pay in other parts of the world, on average one can construct a home with nice finishes such as granite counters and imported ceramic floor tiles for approximately 700-750 USD per m2, this is roughly 70-75 USD per square foot.
Great Way of Life – There is something to do all year long when you live in Panama. The climate is warm and ideal, Panama does not suffer from major natural disasters and there are a wide variety of activities to keep occupied. Panama boasts some fabulous golf courses, hiking adventures and lush beaches on both the Pacific and Caribbean coasts with snorkeling, scuba diving and fishing. In Panama City there is a wide variety of night life activities and great restaurants. This makes the area a great place to live and where people would even want to rent a vacation house if the price were affordable.
When it comes to real estate, there are many different reasons to choose the country of Panama. Housing costs are affordable and construction costs are reasonable and opportunity abounds.