There are many very important things to know about Panama before you jump into real estate in Panama. Among the important things to know involve the history of Panama, geography, infrastructure, climate, and weather patterns. Another thing to consider is Panama’s age.
There are many very important things to know about Panama before you jump into real estate in Panama. Among the important things to know involve the history of Panama, geography, infrastructure, climate, and weather patterns. Another thing to consider is Panama’s age.
One thing that is interesting to think about when it comes to investing in real estate in Panama is that Panama is actually a very young country. Panama is a little over a hundred years old, but if you look at Panama’s history you’ll notice that the United States has been involved in Panama’s infrastructure up until 2000. The best examples of this are when the US helped Panama secede from Columbia, and became responsible for a lot of Panama’s infrastructure like the Panama Canal, and railway, which was the first transcontinental railroad. Not to mention that Panama’s currency is the US dollar. If you look at it in a different way, Panama was born in 2000.
One of the downfalls of Panama’s lack of age when speaking in the terms we have discussed before, is that there is a relatively significant difference in infrastructure outside the principal cities. In other words, twenty minutes outside of ultra modern cities, you’ll find some areas that are seemingly lost in time because of the lack of technology, and lack of civilization. Some, if not most people would think that this is a positive factor for the country, and is one of the aspects that sets it apart from the rest of the countries in the area. However, potential investors sometimes look at this as a negative, in that it shows negative progress. To the contrary, Panama is actually growing in unprecedented leaps and bounds and converting sleepy, rural towns into beautiful weekend getaways, and excellent retirement and expat communities. You’ll even find new golf courses, condo high-rises, supermarkets, equestrian clubs, private emergency clinics, restaurants, banks, and post offices. And it’s still growing.
There are also some obvious positives when it comes to the young age of Panama. As a result of Panama’s boom in population, construction, economy, and even some celebrity appeal, there is a constantly growing need for new business and services. Of course this means a larger need for real estate in Panama, both for commercial and for residential. Picture what you might have done if you were able to buy real estate in the United States as it was just getting through its first decade. That probably would have been a very lucrative investment, and real estate in Panama is a similar situation.
If you would like to learn more about real estate in Panama, there are a collection of articles on this site that will provide you with more pertinent information.
