Who are the buyers of luxury houses in Panama? In our article today written by Kent Davis, takes a look at who are the biggest buyers in the country. Panamanians have overwhelmingly been the main buyers in the Santa Maria Golf and Country Club and a number of very high profile, investments in market developments in the pre-construction phase. Builders like Grupo Corcione and Empresas Bern, which have a development within this new golf resort, reported that over 75% of buyers are locals.
Luxury houses in Panama – Gogetit Highlights
* The creation of wealth and increasing it, are fueling a migration towards the outskirts of the city, and that Panamanian families move of the oldest neighborhoods like Paitilla to suburbs like Costa del Este, Costa Sur, and Santa Maria.
* The banks tend to lend to local buyers, offering competitive prices for the premises at or below 4% financing up to 90%. While some banks have begun to plug the square meters worth of loan based on appraisals and internal valuations of the property, most still aggressive with their credit profiles.
* Given the expansion of tourism numbers and citing the case that most buyers will visit the country 2-3 times before deciding on a purchase, Panama is very attractive as a second home market for people looking for a “efficiency hybrid between United States and Latin soul”.
Residential and Second tourists Homeowners
The term “residential tourism” refers to an emerging sub-sector of the tourism industry, where visitors choose to stay in a non-hotel accommodation rather stay in a residence that is owned or rented, usually luxury houses for a longer period of time.
According to the World Tourism Association, these owners are considered “tourists” because their funds usually come from its place of origin. Furthermore, the main reason for traveling to the destination is recreation, golf, leisure, etc. – Maintaining a certain quality of life who identify with the venue. The industry emerged as a phenomenon in the 1970s on the south coast of Spain, when tourists began to acquire real estate products that developers had built for locals.
According to the report of the Ministry of Tourism of Panama, published in June 2014, European visitors to Panama are up to 20% compared to the same period last year, and some of these first time visitors are realizing that Panama has become a viable possibility of relocation and buy luxury houses.
Panama, like other markets in Central America, has realized the enormous market value, or “Baby Boomer” according to the National Association of Realtors international development manager Jeff Hornberger.
“Countries like Panama have launched numerous policies and incentives as a way to open its second market, which they see as a tool for economic development and with good reason. These transplants are not only a powerful form of foreign direct investment, but also provide employment to local workers, consume goods and services and attract more foreign visitors to their host countries.”
If you’re looking for information on luxury houses in Panama, we invite you to enter www.gogetit.com.pa.