Panama Real Estate
Panama City with almost one million inhabitants, is a "first world" urban center in the throes of a major building boom. The skyline of Panama City, with its projected 250 high-rise office and condominium towers, is starting to resemble downtown Manhattan or Singapore. High class restaurants, first class hotels and fast food outlets, are here for all tastes and pockets. Entertainment is varied, the latest movies, concerts featuring foreign and local performers of all genres, every kind of sporting event – baseball is arguably the most popular sport and a number of Panamanian players are found in US major league clubs. Mention Mariano Rivera and the New York Yankees and you will make friends immediately! Shopping options range from local markets to multi million dollar super malls and luxury goods. The Amador Causeway has a number of great restaurants, yacht clubs and a duty free shop, it is also a great place to bicycle, jog or walk with sea breezes and a great view of the stunning Bridge of the Americas. Panama City even has a rain forest within its city limits.
There are many residential districts in and around Panama City. Beautiful condos with fantastic ocean views are available in price ranges to suit all pockets. Many have the use of a pool, spa, gym and children's play areas. The most beautiful condominium towers like “Megapolis” and “Yacht Club” will be built in the Balboa avenue right on the ocean. Beneath the Balboa avenue, you find a high class condominium area called Marbella overlooking Panama bay, near movies, restaurants and shopping. Bordering Marbella is a residential and commercial district called Obarrio with trendy restaurants, clothing shops and high end boutiques. This is a favored embassy area. Adjacent to Marbella is a luxury residential district called Punta Paitilla. This is an extremely dense area of high rise condos even by NYC or Singapore standards. Punta Pacifica, next door to Paitilla, is a brand new area where ultra luxury condominiums are sprouting from the ground with average units in the 1000 to 4000 square foot range. This is where ultra modern buildings such as the Dupont Towers and OceanAire will be constructed. You might be unimpressed by this fact, but remember that the size, quality and conveniences of these properties will often equate to a property worth about 4 to 15 times this amount in the USA.
In most areas in Panama City, you can still find apartments around than $150,000.00 like the W Tower, but be sure to check out the location before you buy, as in all big cities some areas have advantages or disadvantages that are not immediately apparent to a newcomer. Check our Panama real estate for current listings or please contact our Panama City office for real estate advice and we will be happy to help you find the right property for your new life. The district of "San Francisco" is more "middle-class" and offers excellent housing value. This district is perhaps 2-3 miles from the city center and is considerably more quiet. A newer three bedroom condo with say 1500 square feet, with a modest ocean view, could be purchased here in the $150,000-250,00 range like CaboMarzo. This area has a wonderful walking and jogging park. Bella Vista is hosting some wonderful projects like Bella Mar South and Bella Mar North. El Dorado is still another high quality residential, commercial and shopping area close to downtown with relatively more expensive homes and condos.
As you might imagine, there are many other quality residential districts around and about Panama City. One US style development called Costa del Este has hundreds of homes and oceanview condos in the $300,000 to $950,000 range. It is located just outside the city, en route to the Tocumen International Airport.
There are also many exclusive residential districts in the old Canal Zone that reverted to Panama in year 2000. Many excellent gated developments with homes and lots are available in Clayton, Ancon, Albrook, and Cardenas many with 2000 square meters of land. Figure on spending at least $250,000 and beyond for a single family home on a one quarter acre lot and plan for some upgrades and repairs. Several expensive projects with spectacular ocean and city views are being constructed on the Amador Causeway located in the Pacific entrance to the Panama Canal. One such project is “Las Brisas”. This is considered a "hot trendy area". It has cooling breezes all year, great vistas of the city, first class restaurants, marinas, biking, discos, etc.
One often overlooked jewel of Panama City is Casco Viejo. Don't be dismayed that many of the buildings are in disrepair, look closer and you will see many remnants of French and Spanish colonial architecture; some properties are gradually being rescued and have become restaurants, bars, studios and small hotels in an area that could well become another New York City Soho. The Presidential Palace and the National Theater are located here as well as a monument to the French who made the first attempt to build a canal. Purchase and restoration of properties in this area receive incentives from the government in the form of tax exemptions and discounted mortgages. Even your rent is tax deductible expense. In a few years this could be one of the most sought after parts of the city. From apartments to palaces, the opportunities are limitless.
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