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.