By Kent Davis - Panama City - I saw the boom for high-end luxury real estate in Panama begin (in earnest) in 2006, when the market was made up of almost entirely foreign buyers from the US, Canada, Venezuela, and Spain.
At the time, most were buying up pre-construction condos in areas like Punta Pacifica, Balboa Avenue, and Costa del Este. Inventory was readily available, easy to find, and was being widely promoted by developers via trade expos, magazines, and online campaigns. This period is now widely known as Panama’s boom period and agents like me were selling properties to everyone and their sister.
But today, accessing the market’s true offering is growing increasingly difficult for foreigners trying to search on their own for high-end real estate. Why?
Because Panamanians have begun to re-establish this place as a very closed and homogenous playing field. As challenging as it is to say, local Panamanians with their inside connections, high-level government contacts, connected attorneys, and local affiliations like church and synagogue groups are at a noticeable advantage in 2013 when it comes to getting access to what is truly on the market.
Many of my clients have commented on Panama’s fragmented real estate listing environment which makes things very difficult for an uninformed buyer to find top properties in upscale locations. Why?
Because these properties rarely make it on the market. Rather, they are being sold through an elite and often times (Read More)
