In previous articles about the luxury real estate market in Panama, we were taking a look at what are the areas considered “luxury” for properties. In our article today, we’ll see wich people invest in the luxury real estate market.
* Majority are immigrants who invest in this market, specifically Venezuelans, Russians and Central Americans.
* Regionally, Panama remains one of the safest countries, with less than 5% of residents who reported being victims of theft, compared with countries like Ecuador and Peru, which reported 25% and 23% respectively.
* Families in other parts of the region of the areas where crime remains an issue, such as El Salvador, Guatemala and Honduras, are looking to Panama as a viable option for relocation.
Many people have invested in real estate in Panama. However, Venezuelan immigration options are still looking through the real estate market in Panama, gravitating to districts that are suitable for schools, business district, and Tocumen international Airport. They are attracted to Panama because of the cultural similarities, political stability and the fact that Spanish is the predominant language.
The Russians are also a growing population of new residents of Panama rich, and that number is increasing as instability and political pressures mount to the region surrounding Russia and Ukraine.
Families from other parts of the region of the areas where crime remains an issue as El Salvador, Guatemala and Honduras are looking for Panama as a viable option for relocation as a means to protect their wealth and in many cases their future livelihood and safety.
Importantly, crime statistics in Panama, show a marked decrease in violent crimes and non-violent crime in the last five years. The killings, mostly gang related, have declined from a high of 818 in 2009 to 665, or a reduction of 20%. Recent initiatives to curb gang-related violence include weapons for food drive that has taken more than 1,700 guns off the streets of Panama.
Overall, the cost of services, specific medical care, transportation (vehicles and gas expenses), domestic service, and overall cost of labor is quite low in Panama. Food, entertainment, and building costs have, however have seen a sharp increase in the past five years, however, still relatively cheap compared to cities like Sao Paulo, London, New York and Vancouver.
The chances of lifestyle, including private islands in the Caribbean and Pacific, which are easily accessible by boat, mountain communities less than two hours away from the city, beach evolution and wealthy and all inclusive resorts are factors often cited for families when they decide to move to Panama. The fact that Panama has no hurricanes, offers daily nonstop flights to Europe, North America and South America, along with a fairly predictable tropical climate also allows attract families to the Isthmus.