Foreigners are buying real estate in Panama every day. The only, kind of property a foreigner should buy is titled property. Titled property allows you to get a mortgage. Untitled, right of possession or right to use property is common in the interior of Panama and is very treacherous ground for the unwary. Title insurance is available and a must, especially when buying real estate in Panama, or in any foreign country.

New construction benefits from twenty years free of property taxes. However, you should hire a local attorney qualified in property law for issues such as building permits, and restrictions, including environmental impact studies.

Current construction costs range from $30 to $40 a square foot.

Where to Go and Whom to Trust When Buying Real Estate in Panama

When buying real estate in Panama, obtaining the services of a qualified realtor, such as ABPanama, is very important. There are many great deals left and a qualified realtor can find them for you. Compared to the USA Panama is a small country but it has housing opportunities on two coasts, mountain hideaways, and city living. Hiring someone like ABPanama assures you that when buying real estate in Panama you get the best deal possible at the best price.

With the real estate boom in Panama, especially Panama City, there have been realtors from other Latin American countries operating in Panama. The local news has carried articles about property "sold" to foreigners that was not being offered for sale by the owner, property sold but not registered and thus not property transferred, and cases of out and out theft of down payments as well as checks for the balance on apartments and houses. In most cases it seems that the individuals operated in Panama for months to a year and then left, with the money. When buying real estate in Panama get the services of a qualified realtor, such as ABPanama.

Buying Real Estate in Panama, the Process

The process of buying real estate in Panama includes a Promise to Purchase Contract. This involves a small down payment which secures the property and allows time for a title search and to coordinate payment prior to the closing. To ensure that the property is not sold to another party you must register this contract with the Public Registry.

The Title Search, as in the US, verifies that the seller has the title and the right to sell the property. In addition the title search checks for liens and other matters that could affect title transfer such as utility debts and nonpayment of property taxes.

When the Buy Sell Contract is signed legal right to the property is transferred and the final balance is paid to the seller. Again this contract is registered with the Public Registry.

Buying real estate in Panama requires the services of a qualified realtor such as ABPanama. We can also suggest legal support where needed and have the experience to avoid pitfalls in buying real estate in Panama.

Hurricanes, Volcanoes or Earthquakes:
Panama does not have problems with none of these problems which are why visiting even in low season is not mistake especially if you are a birdwatcher.

Panama have high and low season in tourism:
High season is from December to April and low season is from May to November.

Quality of water in Panama:
The water quality in Panama City is excellent and can be consumed from the tap. Outside the city, water quality is generally very good; however travellers should drink bottled water to avoid any possible illness.

Malaria or other diseases:
If you are not planning to visit region of Darien you don't have to worry about malaria or any other disease.

Safety in Panama:
Panama is one of the safest tourist destinations in the region. Taxi robbery is unheard of and purse snatching rare. We recommend to always being cautious while sightseeing on the street or in crowded public spaces or bars. Always avoid carrying your travel documents or large amounts of money in your purse or wallet. In certain areas of Panama City you will find the Tourist Police, who are there to assist any tourist in need of help.

What you should pack for your trip to Panama:
Panama is generally a casual city, with formal attire worn only on special occasions. The highland areas can be cold, so a sweater is recommended. For the lowland areas light, loose-fitting shirts and pants are essential also don't forget your sun block, hat and extra towels for the beach.

If you plan to hike in the national parks pack your tennis shoes, hiking boots, bug spray, binoculars, camera, extra t-shirt and more then a one bottle of water.

What you should do in case of emergencies:
Contact us and the hotel manager. For medical emergencies in Panama City, contact Paitilla Hospital, where English is spoken and an excellent medical service provided.

There are baggage rules on domestic flights:
Maximum capacity of your luggage is 25 lbs. / 12.5 Kg

ATM cash machines:
In Panama City ATM's are everywhere while in the other parts of Panama are not so common but still you have it so you will not have a problem to use your credit card.

Working time:
Most of the Banks are working from 9 am to 4 pm Monday to Friday and 9 am to 12 pm on Saturdays

Tipping:
Tipping is usually 10-15%