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Panama Condos - Panama Condo Hotel

Panama real estate offers the ideal opportunity when looking to purchase a luxury condo or vacation home, prospective buyers can find quality properties with top-of-the-line amenities and finishes for a fraction of the cost of buying an equivalent home in North America or Europe. As a mater of fact, most condo hotels and luxury condos for sale in Panama are targeted towards American, Canadian or European retirees who find in this beautiful country a perfect retreat to live pleasantly in a comfortable, friendly and safe atmosphere.

The Economist magazine in its July 21st issue explains how Panama’s strategic position as a gateway to the Americas and regional trade center has allowed the economy to boom gallantly, while the country reinvents itself as a service and logistics hub. The most transcendental infrastructure projects in Latin America are currently being developed in the country, including a $5.2 billion expansion of the Panama Canal. There are plans to develop a $7 billion oil refinery, two mega ports including one signaled to be the largest in Latin America and the consolidation of the Panama City airport as the regional hub for travelers of a major airline deterred by the security procedures of Miami International Airport. It is estimated that new foreign investment more than doubled during 2006 and that the economy will expand at least 10% during 2007.

Prodigy International represents five exclusive Panama condos for sale and Panama condo hotels.

The Panama condos Yacht Club Tower and Element Boutique Condominium, located in the heart of Panama's Business Center, both extend along Balboa Avenue allowing for an amazing experience and panoramic views of the Pacific Ocean and the Panama City skyline; The Panama condo hotel Playa Blanca Beach Resort in Playa Blanca district iwhich s located on Panama's Pacific coast and beaches, a 75-minute drive southwest from Panama City, the Tocumen International Airport, and the Panama Canal; the impressive Panama condominium Moon is located in the privileged area of San Francisco; Elevation Condo in Panama City, one of the best and latest additions to Panama Real Estate; and Element Boutique Residences offering access to Panama city’s splendor.

Real Estate

As is the case with other sectors of business in Panama, the real estate industry has tried to emulate the American best practices when developing residential properties and other types of buildings. Seeking to increase international investment and migration by foreigners to the country, Panama has basically no restrictions towards non-nationals purchasing property.

There is a public and readily accessible computerized catalogue of real estate titles that allows for the research of the history of conveyances on real estate in Panama’s Public Registry or “Registro Publico de Panama”, even through the web, although prospective buyers are advised to seek expert advice on this subject, including a licensed real estate agent and purchase property only from renowned developers. Panama law regulated the real estate profession in the country stating that all agents must be licensed to practice. ACOBIR, the Panama Association of Real Estate Agents and Promoters, also associated to the National Association of Realtors NAR, concentrates all Panama realtors.

Many quality properties in Panama are offered for sale during preconstruction stages. In such case, buyers can purchasing a home with a down payment and take advantage of any discounted pricing the developer may be offering. Down payment amounts range between 20% and 30% of the price of the unit and are normally paid in more than one installment depending on the timing of the purchase and the delivery of the new residence. At the time of closing the buyer will pay the balance and proceed to gain title over the unit. Typically when purchasing a condominium or a condo hotel unit with the help of a realtor the seller will pay out the commission to that agent.

Financing

In Panama as is customary in most countries banks provide the main means for financing the purchase of homes through mortgage instruments.

Mortgages are commonly used to purchase real property in Panama. Mortgages are available primarily from banks and lending institutions and the typical maximum term is 20 years. At the end of the term, the outstanding balance is due, but is usually renegotiated for a further term at the then current rate of interest.

Usually, the interest payments are worked into the mortgage payments. Mortgage financing to foreigners cover between 60% to 70% of the purchase price or appraised market value, whichever is lower.

Banks generally require that the borrower(s) contracts a life insurance policy for the amount of the loan, endorsed to the Bank, and a fire insurance policy with catastrophic extension for the amount of the loan, endorsed to the Bank. The insurance must be underwritten in Panama.

Facts

Travel to Panama
Panama is located in Central America just east of Costa Rica. There are direct daily flights to Panama from Miami, New York, Los Angeles, Houston, Atlanta, South America, and the Caribbean. Traveling to Panama by plane from Miami takes 2.5 hours. Major cruise lines also disembark in the country.

Safety
Panama has received the highest category rating for tourist safety from the world-renowned Pinkerton Intelligence Agency. Government stability has characterized the country for decades. The local population sees tourists and foreign investors as friendly developers of the local economy. Crime rates are lower than any other country in South and Central America.

Weather
Hurricanes or major earthquakes do not directly impact Panama. Additionally, Panama has several different climates ranging from the cool highlands to warm beautiful beaches in the Atlantic and Pacific Oceans, plus the tropical rainforest. Temperature is typically warm in the lowlands throughout the year with highs of 90°F and lows of 72°F. Mountain temperatures are much cooler and precipitation is normally heavier on the Caribbean side of the country with much lower amounts of precipitation on the Pacific coast.

Natural Paradise
Panama has many natural resources to enjoy, such as beautiful sandy beaches along both the Atlantic and Pacific coasts, a rich rainforest full of exotic flora and fauna, numerous islands along its coasts with unparalleled beaches, plus beautiful collection of coral reefs and multiple expressions of sea-life. Panama is a tropical paradise to be explored and enjoyed.

Retirement in Panama

The AARP Magazine (American Association of Retired Persons) ranked Panama among the best destinations to live abroad. If you have dreamed of finding a tropical paradise with white, sandy beaches, beautiful landscapes, rich biodiversity, a variety of modern facilities and an inviting local population, Panama is your ideal destination.

Panama Real Estate Practices

Realtor commissions range usually between 3% to 5% of the selling price, although this varies depending on the location or development. In Panama, the general rule is that the real estate commission is paid by the Seller. The buyer must pay the expenses including the registration of title and lawyers’ fees.

The Realtor will draft the Contract of Purchase and Sale (the Offer), and do the negotiating between buyer and seller via the seller's Realtor. Typically, they then provide the contracts to the lawyer/notary who handles the legal aspects of the transfer of title. Along with the offer, the buyer brings a deposit to show good faith to the seller. The seller's agent is obligated to bring all offers to the seller's attention. If the offer is accepted and all the conditions are met, the offer becomes binding between the buyer and seller.

The closing process typically occurs in less than 60 days following execution of the contract of sale property. Although there is no legal requirement to do so, the closing usually occurs through both the buyer's and seller's legal counsel.

Capital gains is payable when title is transferred. When they transfer title, the seller of the property must pay a 10% definite rate over his profit at closing. However, if the seller is in the real estate business, he can include all his profits of the year in his Income Tax returns based on a fixed 30% rate. When the transaction involves the purchase of the shares of a corporation, there is a fixed rate of 10% over profit; nevertheless, the buyer must withhold 5% from the total sale price of the shares and report this to the Tax Administration to ensure advance payment is made.