Is Panama City's real estate market turning a corner?
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- čas přidán 25. 09. 2023
- Recent statistics and additional resources MAY indicate a substantial shift in the Panama City metro market. That is the sole focus of this video.
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Thanks to Yosi Bitran for the video "cover photo" of Balboa Avenue at night.
David Nuñez continues his "walking tours" at / @davidwalkingforyou
I also provide two links on my CZcams home page to adult visitors who describe their visits and what they thought was worth seeing, eating, and so forth. I take no responsibility for their opinions, but they are good folks, have fun, and do good work. Here are their links below.
First Impressions of Panama - • First Impressions of P...
The Ultimate Panama City Travel Guide - • ULTIMATE Panama City T...
It’s been awhile, I wonder if this trend continued into 2024, now it’s about mid February 2024… ❤ Thanks
Yes, but is has a way to go. Mid-level condo units in the city (asking180-350K) are negotiable, but higher-priced units are firmer due to our large international business community. Rents 13
Yes, but is has a way to go. Mid-level condo units in the city. rent or sale, are negotiable, but higher-priced units are firmer due to our large international business community. Still a buyer's market if you negotiate.
Note to Ed T. - Your message somehow got lost in the system when I approved it, but I think you were talking about Los Altos de Cerro Azul, not "Cerro Alto" which does not exist near the city. You are right, travel there seems to take forever, in part because you are going from sea level up a slow switch-back road and, once you are at the development, you still have to go quite a good way to get to most of the homes.
Cerro Azul is one of Panama's oldest "modern" developments opened back in the 20th century., Back then, people had more modest incomes, so many of the homes were simple. In my part of the US, we would probably call many of them "cottages" because of their modest construction. Since then, everything has changed and Panamanians now expect more. It is still a beautiful area, just not as "fancy" as the developments built in this century.
What is your thoughts on the new Fitch ratings lowering Panama from Stable to Negative because of how they are handling fiscal deficits?
@ourblazingworld One reason I am slow with the newsletter is the stream of news. I will mention this issue there, among many others. In the meantime, welcome to the opening of the campaign for every single elected position in Panama. It will not be over until May 5th of next year. Of course, the fate of the universe hangs on the outcome, but this is a democracy, nothing abnormal about that. As I often say, I am not losing any sleep over the debate of which this is a small part. Keep tuned for the next issue, whatever it may be, then the next, then the next, then the next...
It would be interesting to hear what percent of new Columbian, Venezuelan and American expats are purchasing soon after arriving in Panama. And, are they buying to live or buying investment properties?
Both. Such statistics do not exist as we don't ask people to fill out a form that includes a question like that, so all we have is observations based on experience. Some are obvious. Venezuelans came to get away from their problems at home, for example. But they have been here for years and see no hope for returning to Venezuela any time soon,
Bloomberg News recently did a detailed report on the impact of Venezuelans since they first arrived in Panama in large numbers as refugees about 15 years ago. More than 5,500 Venezuelans have incorporated businesses here and more than 1,000 of those have sales exceeding $1M. Of them, 250 have sales exceeding $10M. Not bad in a small nation like Panama. They pay more than $200M annually in taxes on retail sales and property assessments, not counting the salaries of their 40,000 employees of whom 75% are Panamanians. The $200M alone is four times what Panama spent to help them integrate into society here. Good investment, I would say.
In short, they came as short-term refugees (or so they hoped), stayed as full-time residents, integrated into society, added to our workforce, and many have become very successful investors.
There are many stories here and they vary. Colombians may be investing, but also getting residency visas if they feel they must leave Colombia. I don't know. They are still writing their story, one that stretches back more than a century in Panama.
@panamawave I appreciate your thoughtful response and always look forward to learning from you.
It is my pleasure!
How do the number of Ecuadorians arriving stack up?
Not many. They are in a very difficult but different situation than Colombia, more like Venezuela in its early stages, and they are nowhere near as familiar with Panama traditionally. I know some have gone to the US, but my best guess is that others head south to Peru and Chile. They are definitely outnumbered here by arriving Argentines. I expected that and I continue to watch Argentina closely, but most folks are surprised. Every nation has its own story. You have to do a lot of reading just to keep up with current events in these nations. We are very fortunate in Panama.