One word of advice--DON"T buy! RENT, It allows you the freedom from maintenance, insurance, general upkeep etc and, you can come and goes as you please and lastly, you still have all of your cash!

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Thanks for the advice. I will definitely check rental properties with my realtor.

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My advice to you is to buy what you can afford to pay cash for. Bank loans here are tedious and take a long time to secure. You can buy a lot here and build a nice 1100-1300 sf american standard home here for under $170K if you stay outside PC and the high dollar beach areas. You can receive a 20 year tax exemption on the cost of a new home. PM me and I can give you more specifics.

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Here's a different point of view. I bought in Panama. With a mortgage. It was not an onerous task. And it made sense, in part, because of the additional due diligence that bank involvement provided me. The bank makes clear title an absolute certainty. The seller paid taxes are an absolute requirement in order for the transaction to close. And like others have said, it keeps more of my cash in tact, while also gaining a tax deduction. I bought nearly 3 years ago before I moved there and have had a tenant, the same tenant, renting the entire time...paying my mortgage. Now I am finally moving to Panana in June (whoop) and have a small mortgage that I can pay in full without penalty in just 2 years and then live rent free indefinitely. I can include the property in my kids legacy. Rent it out again if I decide to move on.

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@ anissarb
Agree with PanamaJack's advise. Rent, Rent, Rent.

That will allow you to see if you really like it here and give you time to check the areas you are interested.

Panama banks do check your credit reports from the US but it is not easy to open a bank account now.

I live in the city & if I can help with any info please PM. Reminder there is no MLS in Panama. Realtors show you only very limited places. You need to have 2 or 3 realtors. Always give them a price that is not your top one and negotiate, negotiate, negotiate. You will get the "gringo" price - meaning more than a Panamanian will pay for same place.

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Keep in mind. Not only is my point of view different....it is also not very popular here on the Forum. But it worked best for my circumstances. It won't work for everyone, of course.

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@Anissa:

before you do anything, please do your due diligence!

A couple of people have replied : "Don't buy anything! Rent first!"

This advice is not just 100% sound; it's 150% accurate.

You obviously haven't researched this topic online, before posting here.

(a) Use the "Search" function on this forum, to find answers from hundreds of other posts, related to "purchasing property in Panama"

(b) There's always Google, which will give you several more links, also regarding the issue of buying anything in Panama


On every one of those links, you will find the same thing: advice from expats who know better, and who will tell you to NOT buy any property in Panama --- at least until you have lived here for a while first.

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Thank you all for the solid advice on both renting and buying. I am going to continue my research.

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Thank you all for the solid advice on both renting and buying. I am going to continue my research.

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You should rent for at least 6-12 months to make sure you like Panama and that you like the area you have selected.

Don't rush in to buying anything.

When you know you love living in Panama and area, then you might start looking in to buying a property but DO NOT sign anything or give anyone any money for earnest money until YOUR attorney has done a title search. For your attorney do to a title search, they will need the finca number. All titled properties have a finca number.

Not all properties in Panama are titled. Some are ROP (right of possession) which do not have a title.

The title search will help you determine if the person selling the property is the owner, if there is a mortgage, if the payments are current and if all taxes have been paid.

Your attorney should prepare the purchase contract or at the very least review/modify any contract before you sign it.

Do not rush in to buying in Panama. And get your residency Visa before you buy. Since you're not retired, you'd need to get the Friendly Nations Visa.

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I agree with Jackie, don't rush into it. I planned to purchase after 6 to 12 months upon arrival but it actually took 2.5 years for me to decide on where to live. In Boquete it's imperative to experience all of the mirco climates. I'm 100% satisfied with my decision and no longer have to worry about rent increases.

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Always rent till you get a feel for the area and climate you want as well. I have a studio apt., in Santa Clara, Cocle very quiet, safe lots of birds. It's within my property that has a 3 room motel and pool. My e-mail is xsmemories@hotmail.com

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170,000.00 USD for a 1200 sq. ft. home in Panama, not in a water view city HighRise is just insane. Do not buy into some 'who's it' here on the exchange.
You will see soon enough when you spend a little time looking around. There are so many nice places to live here in Panama. Take your time and you will be fine.
Regards. Dunnee.

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Go to 'Best Places in the World to Retire'.
Then go to Panama building prices.
There you will see a 35'x34' new home dose not cost 170,000.00 USDs @ 143.00 USDs per sq. ft.
OK, all the best.
Regards. Dunnee.

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Many of the people who post on the best places to retire site are expat builders. Their prices are much higher than if you use an experienced Panamanian builder.

I'm building a 1250SF two-bedroom two-bath rental house - my cost will be $35,000. That's about $30 a SF. It's not fancy but it is considered North American style with vaulted ceilings, open floor plan, walk-in closets, and large windows.

I got several bids for this house. The highest were the expat builders who wanted as much as $125,000 for the same house plan. The low bid was $30,000. Some bids were $60,000. The Panamanian builder I picked has the most experience building

Shop around! Do not be in a rush to buy or build anything! Don't be in a rush to buy land either. Rent for at least 6-12 months and during that time get familiar with the various micro-climates.



If you do decide to build, get a lot of recommendations of reputable builders. Get a lot of bids.

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Dunnee, when you learn to read and reason let me know. You do not build a house on thin air. You must have a piece of land. I rationalized a cost of UNDER $170,000 for a nice american standard house of 1300 SF on a 1.5 acre lot with views of the Pacific and the mountains, fenced, gated, landscaped, with appliances and close to shopping and medical facilities, which is what most people want.
The days of building american standard houses in Panama at $30/sf is long gone. Vaulted ceiling does not qualify it as an american standard home. What does is foundations, construction techniques, electrical, plumbing, cabinetry, fixtures and appliances. I built my own home here (1100sf) using local workers ($15-$25/day) . My material costs alone where close to $35,000. If I add in my labor every day for 8 months the house wound up costing me $75K. Then you add in the cost of a nice view lot with water and electricity, fencing and wrought iron gates at 6500m2@ $12/m2 which brings it up to $153,000 for a turn key american standard house. This is $68/sf for construction. With costs of cement going from $4.75/bag in 2012 to $11/bag in 2017, the cost of steel doubling in the same period and cost of block at a 50% increase I will believe $30/sf when I see it complete. This is very common with Panamanian builders and their contracts which are pretty much unenforceable. I was quoted between $20K and $37K to build my house. Not possible. I have been building in the US, Costa Rica and Panama for close close to 40 years now.

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The 1.5 acre lot I'm building on has incredible mountain views but no ocean view. It was $55,000. Combined with my $35,000 house, I'm all in for $90,000 + the cost of appliances and furniture.

You don't have to pay gringo prices if you shop around.

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PanamaJackie,
Is the house finished yet? I would truly love to know your final costs and see some pictures. Where are you building?

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I do agree that it is a good idea to rent for awhile as you decide where to live. It is also more difficult for an American to get a bank account and mortgage, but not impossible. You just need patience. They will make you go through hoops so they can check all of their boxes.
But it is inaccurate to say there is no ML.S. There is one but it has only been in place for about 6 years. There are more and more real estate companies joining it. The property we have for sale is listed in it.
So take all the advice/information you can and make up your own mind.

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@ Alexa2014


For all intents and purposes, there is no MLS in Panama since no one is using it.

As for mortgages, it's virtually impossible to obtain a mortgage on existing real estate unless it is new construction in a condo project or subdivision.

As for obtaining a bank account before residency, your immigration attorney should be able to arrange that for you.

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Here is a link from the American Embassy about purchasing property in Panama. This is not only related to Americans could be useful for Europeans and Canadians.


https://panama.usembassy.gov/purchasing_property2.html

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Dear Anissarb!

We can assist you with the purchasing a real estate in Panama. We are working with people from USA, Canada. As well our attorney-at- law Ivan Moises has a years experience in real estate in Panama and can advise you the best solutions even with bank loans.

Please, send us your request indicated a down payment amount and we will help you.

Our contacts:
info@tdirealty.com, +50761513692.
www.tdirealty.com

Best regards,
Mariana Arias

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I built my house in the highlands of Boqueron in 2007-2008.....Thats right, crunchtime..........And got a 2% govt subsidized mortgage thru my lawyers connections........I already owned the land and had it titled before I started building.........But even then, cement cost me $6.70 or $7.00 a bag......never have I seen it at $4 and change........I wonder what you are talking about............I still buy it at $10 in some places, but normallly youre right, its about $11...........but steel went way up during the China boom and then came back down.....Cariolas are much the same as they were when I built 9.5 yrs ago......blocks are way more.......for whatever reason.....kinda like coconuts or pipas now........labor costs have definately gone up but are still not stupidly high.........Where I live you can hire good workers for $25.$30 a day with all the tools.........If theyre not too busy, cuz most of the good guys are very busy...............But the point is if you are careful and know your way around and stay out of Boquete, (jaja) you can still build a nice arty house for around $35,000 like the lady suggested............give or take............And you dont have to build with blocks....you can now use M3 or whatever its called.....and it snaps together real quick.............whatever you do, dont bring in a concrete truck.......they are rediculous.......better to rent a mixer and do it right there on job site.............I bought finish quality 3/4" ply for a loft today for $28 and change plus tax........not bad......all still doable..........That is NOT the problem here......The problem is buying land reasonable, and finding good help..........thankyou very much and I now turn you back over to your regular host...........

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I stand corrected. As we all know there is no difference in price or quality between a JMC and a BMW. No difference in price or quality between a 16 gauge and a 10 gauge cariola. No difference in price or quality between Chinese manufactured and Brazilian manufactured steel. My initial comment was to a gentleman who was looking at investing $350K in a house so I assumed he was looking for quality with American engineering and finishes. I keep meticulous spreadsheet records of materials and labor of everything I build. In 2012 I paid $5.75/bag for cement that we used to build the bridge and drainage culverts coming into my farm in La Acequia. In 2009 we paid $4.50/bag for cement we used to build an M2 shopping complex in Costa Rica but then we were buying by the truckload. BTW, I no longer am a builder, my last project was my own home. I do still do some consulting work for Panamanian architectural firms.

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Hi I have a nice studio apt., in Santa Clara, Cocle and safe all furnished. The rent is $550.00 plus electric. It's best first to rent while you look around to find the perfect location for you to purchase. xsmemories@hotmail.com any help just ask good luck Sheila

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We have lived here in panama for 10 years but now due to our ages have decided to move back to family. Penonome Cocle is a rapidly growing city with all amenities. We chose this area only 5 km outside the town because it has all facilities close at hand local transport, when we no longer drive.beautifl views property is 2200 sq meters.With 40 different types of fruits
Many at first fruiting stage, several of each type House is 3 bedroomed with maids room and a seperate studio suite,which could be rented
Double garage $190,000.00 Own well solar pump fully fenced. E mail for more info. Titled .

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Get financing at lotislotes.com. It might be what you're looking for. Me and many other Americans have already purchased land and some are already building their new dream homes.

Tom

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What has been done to fix the water problems there ( like NO water) and other infrastructure problems?

How many actual homes have been built?

Are there any paved roads yet?

What is your internet speed? I heard the most you can get is 3mgs tops.

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Probably actually losislotes.com

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