Worldwide Real Estate Prices Compared To Panama 2018

Worldwide Real Estate Prices Compared To Panama 2018

Introduction - We are a​ Panama Law Firm not a​ real estate business. Our clients are frequently relocating to​ Panama and​ we assist in​ the​ real estate acquisition for​ them. We are often asked if​ the​ real estate bubble is​ going to​ bust in​ Panama or​ if​ the​ boom has just begun. Well we are not sure. We have done a​ few articles on the​ Panama real estate bubble breaking but now we are going to​ present objective data in​ support of​ the​ Panama real estate boom just starting. it​ could be true and​ prices may continue to​ escalate.

Worldwide Residential Real Estate Prices by the​ Square Meter - These are current prices for​ some major cities in​ Europe. This will give you a​ perspective as​ to​ how the​ Panama market fits into the​ greater scheme of​ things. These prices are for​ serious executive homes in​ prime locations. a​ discussion will follow after the​ prices:

* London ? $10,000 Sq. Meter to​ $20,000 Sq. Meter
* Paris - $9,000 Sq. Meter
* Amsterdam - $9,000 Sq. Meter
* Lichtenstein - $8,000 Sq. Meter
* Moscow - $7,500 Sq. Meter
* Rome - $7,200 Sq. Meter
* Zurich - $7,000 Sq. Meter
* Oslo - $6,900 Sq. Meter
* Dublin - $6,800 Sq. Meter
* Lithuania - $5,150 Sq. Meter
* Latvia (Riga) - $4,100 Sq. Meter
* Berlin - $4,300 Sq. Meter
* Warsaw - $1,600 Sq. Meter
* Slovakia - $1,750 Sq. Meter
* Seoul - $11,825 Sq. Meter
* Sydney - $7750 Sq. meter
* San Diego - $2650 Sq. Meter to​ $15,000 Sq. Meter
* San Francisco - $5,000 Sq. Meter to​ $20,000 Sq. Meter
* New York - $15,000 to​ $43,000 Sq. Meter
* Miami Beach - $9500 Sq. Meter to​ $32,000 Sq. Meter
* Toronto - $3,000 Sq. Meter
* Montreal - $3,200 Sq. Meter
* Vancouver - $3,700 Sq. Meter

Panama Real Estate Comparison - in​ Panama City one can get an​ executive condo in​ a​ new high rise building for​ $1,800 to​ $3,500 per Sq. Meter and​ pay less in​ an​ older building. We are talking about Condos with a​ swimming pool and​ recreation area, balcony, enclosed parking, round the​ clock security guards, multiple elevators, modern kitchens, city and​ or​ water views, beautiful lobbies with marble floors, walls and​ furniture, and​ so forth. in​ the​ outlaying areas single family homes and​ town homes can be bought for​ a​ bit less with $2,000 to​ $3000 a​ Sq. Meter generally bringing in​ a​ home in​ a​ gated community with all the​ features of​ an​ executive home.

Discussion of​ Panama Relative Housing Prices - Panama is​ priced very low compared to​ the​ other markets around the​ world. the​ question is​ can Panama rate with the​ major cities like Paris, New York, San Francisco, Miami Beach, and​ London etc. This would be an​ indicator of​ the​ attractiveness of​ Panama relative to​ the​ real estate market prices. Below are some categories where we unilaterally decided to​ indicate how Panama stands, so this is​ just our opinion, nothing more.

* Entertainment - DEFICIENT. Panama lacks any serious theatre, opera, orchestra, ballet, museums, foreign film houses, major league baseball, football, basketball, and​ hockey. There is​ some soccer and​ boxing. Panama does have gambling and​ horse racing. the​ outlaying areas have no entertainment to​ speak of.
* Crime - EXCELLENT. Most of​ these major cities have more violent crime in​ one day than Panama has in​ one year. Panama has crime but is​ very safe compared to​ these cities.
* Traffic - DEFICIENT. Lots of​ congestion. Wild drivers who disobey traffic laws, stop signs and​ even red lights. No vehicle safety inspections. Taxi and​ bus drivers have decided they are the​ only ones on the​ road who matter. Outlaying areas have far less problems with the​ traffic than Panama City. as​ the​ new housing projects complete and​ the​ Canal expansion begins the​ traffic is​ expected to​ get worse. On Fridays closet to​ pay day the​ traffic barely moves from about 3PM until 8 PM. Most of​ the​ stores and​ restaurants have parking. Lately it​ is​ almost impossible to​ get parking at​ the​ Allbrook Mall on weekends.
* Restaurants - SUPERIOR. Panama is​ loaded with excellent restaurants at​ very low prices. Steak dinners for​ $10.00 or​ less are abundant. Food is​ great.
* Shopping - VERY GOOD. You can get whatever you want in​ Panama City if​ you know where to​ find it. Lots of​ high-end stores are opening up in​ the​ malls. Lots of​ discounters popping up.
* Cost of​ Living - EXCELLENT. Your biggest expense will be real estate.
* Domestic Help - EXCELLENT. a​ live in​ Maid in​ Panama City is​ about $275 a​ month with benefits, plus room and​ board. Most of​ the​ condos and​ houses are built with a​ maid?s room and​ full bath. a​ driver runs about $325 a​ month.
* Airport - GOOD. Lots of​ airlines going to​ many cities in​ Central America, South America and​ USA. for​ Europe, India or​ Asia not so convenient.
* Medical - VERY GOOD. There are major hospitals including a​ full John Hopkins Hospital. Most prescriptions can be obtained in​ the​ drug stores. There is​ an​ abundance of​ competent doctors in​ all specialties. You can even have a​ doctor make a​ house call. Health care costs about 40% of​ what it​ does in​ USA.
* Weather - VERY GOOD. Panama is​ a​ tropical climate. No shoveling snow. it​ does get hot and​ humid. Some locations have more moderate weather but they usually have high humidity. No hurricanes, not tornadoes, no earthquakes in​ Panama City, no volcanoes, no tsunamis.
* Boating and​ Fishing - EXCELLENT. World-class sport fishing with 1200-pound Marlin and​ 400-pound Grouper. Abundant marinas.
* Stable Government - VERY GOOD. Things are most stable.
* Banking, Stock Market - EXCELLENT. Great banks and​ stockbrokers.

Conclusion - it​ appears likely that Panama could escalate in​ real estate prices to​ the​ $5,000 a​ Sq. Meter market price. They are going to​ have to​ work on the​ culture and​ entertainment to​ draw in​ people accustomed to​ that housing price market. the​ traffic will need to​ be addressed and​ projects to​ improve congestion are already in​ the​ works. the​ downside of​ this theory is​ that there is​ not enough to​ draw people to​ Panama. Culture and​ entertainment is​ lacking and​ it​ may take many years for​ this to​ improve. There are no major industries here such as: banking, insurance, advertising, stock market, general manufacturing, software, high tech manufacturing, entertainment, tourism and​ so forth. This eliminates large groups of​ highly paid executives who need to​ pay high prices for​ housing to​ be close to​ their workplace. Retirees have needs that are fairly simple and​ can be met in​ any many different places around the​ world and​ it​ remains to​ be seen how much the​ retiree will pay for​ real estate. Quite possibly Panama Real Estate Prices have not yet even come close to​ peaking. Time will tell.

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