PANAMA IS ONE OF THE WORLD’S HOTTEST NEW TRAVEL AND VACATION REAL ESTATE DESTINATIONS.
Sophisticated shoppers, adventure seekers, nature lovers and savvy investors have all begun to take notice of Panama real estate. The taxes are as low as the sun is high in the sky year round. Throw first rate health care at third world prices into the mix, and Panama is the world’s premier vacation, second home and retirement haven. This Central American vacation home hot spot will not stay under the radar for long so contact us about our Panama real estate offerings today.
Panama — a Real Estate Hotspot
Many U.S. buyers are looking outside the States to countries like Panama where they get even more for their money, and as a result, the homes for sale in Panama market has witnessed the participation of new destinations around the world. Hotspots like Panama are getting the attention of international buyers who like the prices they find as much as the natural and cultural attractions. Panama is enjoying incredible economic growth in the vacation home market, according to Tom Kelly, nationally syndicated columnist and author of How a Second Home Can Be Your Best Investment: New, Tax-free Methods for Using a Vacation Home for Recreation, Retirement and Investment.
Financial Wizards Recommend Panama
“A number of Second and Third World venues capture our fancy, including Panama,” wrote William P. Barrett in a recent Forbes article. “Panama has the added advantage of being a relatively short plane ride from the U.S.” Another recent article, this one written by associate editor of Kiplinger’s personal finance section, Laura Cohn, also extols Panama’s financial benefits. Cohn says, “With all of its benefits and active expatriate community, Panama is among the most affordable and appealing options.” In a March 2010 International Living article, InternationalLiving.com conference director Elaine Finnegan said, “Panama has always been a top choice for people from the U.S., Canada, and Europe who want to significantly lower their cost of living without giving up the good life.”
WHY is Panama such a hot real estate destination? Here are just a few of the many, many reasons:
Proximity: International flights land in Panama’s capital city everyday. North American visitors are especially close, with frequent non-stop flights to Panama City’s Tocumen airport (PTY) from Miami, Orlando, Dallas, Houston, Atlanta, Los Angeles, Toronto, Montreal, New York, Newark, and Washington D.C. Due to the airport expansion in David, Panama’s third largest city, Panama will soon have two international airports. Construction is in progress to expand David’s Enrique Malek Airport (DAV) into a larger international facility. This expansion will soon allow for increased international traffic and larger aircraft, making possible direct regular flights from the U.S. and Canada.
Stability: The Republic of Panama has a stable democratic government, a rapidly growing economy and a wealth of natural resources, making it increasingly attractive to investors. Panama’s government has strong ties to the United States and supports business, development and tourism. The International Monetary Fund applauds the country’s diversified economy and banking system and predicts it to have one of the strongest GDP growth rates in the world for the next several years. Currently undergoing expansion, the Panama Canal continues to drive Panama’s service-based economy and remains one of the most important transportation links in the world. In addition to the country’s strong economic base, Panama’s physical infrastructure, including modern hospitals, airports and roads, is much more highly developed than its Central American neighbors.
Currency: Panama’s currency, the Balboa, is tied to the U.S. dollar making for a stable and convenient economy in which to do business. The U.S. dollar is used as the primary street currency, and is accepted everywhere, so no need to change money or worry about exchange rates.
Weather: Panama boasts temperate weather year round, with most daily temperatures between 70 and 90 degrees Fahrenheit on the coasts and island properties, and slightly cooler than that at higher mountain altitudes. Panama is the only country in Central America beneath the hurricane belt, making for a nearly seasonless and perfect climate.
Medical Care: Panama is well-known for its excellent medical care, making it a popular medical tourism destination. The country’s commitment to maintaining first world health services in a third world country is evident to anyone who has visited a Panama hospital — Johns Hopkins manages the modern Hospital Punta Pacifica in Panama City, providing world-class care to Panamanians and the medical tourists who visit it each year. And Panama health insurance cost a fraction of what it costs in the U.S.
Safety: Panama boasts a low crime rate, with a lower murder rate per capita than Mexico, Costa Rica, or even the United States. Foreigners feel very safe living in or visiting Panama.
Cuisine: Panama’s tropical climate, indigenous cultures, colonial history and location at the center of global trade makes for a surprisingly cosmopolitan and fascinatingly varied national cuisine.
Something for Everyone: Panama real estate offers travelers an astonishingly wide array of experiences. Visitors can enjoy two different oceans, dozens of uninhabited islands, mountains and rainforest, thriving indigenous tribes, spectacular shopping and vibrant night life, all in a stay of a few days.
So browse our site to learn more about why savvy real estate investors and vacation home buyers are choosing Panama. If you’re looking for your own idyllic piece of island real estate, contact us.