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Exploring Panama’s Luxury Real Estate Market in 2024
by Olga- July 15, 2024
- Real Estate
- 0
Panama today has a lot to offer when it comes to luxury real estate properties. From major houses to ocean front luxury apartments, the alternatives in the markets are quite diverse and attractive in 2024.
Over the last years, certain areas in Panama City and the beach communities (such as Buenaventura) have witnessed a substantial increase in availability for luxury real estate. Some of the factors fueling such growth will be explained below:
Economic stability and investment attractiveness
Panama’s robust economy is a cornerstone of its thriving real estate market in Latin America. Even with current global economic fluctuations, Panama has a remarkable resilience, thanks to its US-dollar based economy, and a pro-business environment.
Also, it is worth mentioning the country’s strategic location as a major international maritime and air transport hub, thanks to Tocumen International Airport, the Panama Canal, the upcoming cruise terminal and other further infrastructure developments, such as the Metro Line 3.
In 2024, Panama continues its investor-friendly policies to keep attractive foreign investors, within them, tax benefits and residency programs.
The Qualified Investor Permanent Residency Program, for instance, allows investors who purchase property worth at least $300,000 to obtain residency, making Panama an attractive destination for people seeking luxury living and a setting a base for their business operations.
What are the main locations for Luxury Real Estate in Panama?
Panama’s diversity offers a variety of settings for luxury real estate, from the popular urban centers to exclusive beachfront communities. Here are some of the most popular locations:
– Costa del Este: one of Panama’s most prestigious and modern neighborhoods. Known for its meticulously planned layout and high-end residential developments, Costa del Este offers a blend of luxury living and urban convenience surrounded by shopping centers and walkable areas.
– Santa Maria: an exclusive residential community in Panama City, combines luxury and elegance. It is located right next to Costa del Este and its known for its meticulously designed homes, luxury amenities, and a 18-hole golf course.
– Punta Pacifica – Ocean Reef: these artificial islands located in Punca Pacifica luxury neighborhood are one of the most remarkable developments in Panama City. Ocean Reef offers private marina facilities, upscale apartments, and expansive villas with direct views of the Pacific Ocean.
– Buenaventura Beach Golf Resort: located along Panama’s Pacific coast in the Coclé Province, is a premier luxury resort community. This exclusive community is popular for its stunning beachfront properties and apartments, upscale villas, and top-tier amenities such as a golf course.
In summary, Panama’s luxury real estate market in 2024 keeps a growing trend, driven by economic stability, strategic investment incentives, and a diverse array of prime locations.
The market’s growth is further propelled by emerging trends that cater to the evolving preferences of luxury homebuyers, including sustainable living, luxury amenities, and exclusivity. As Panama continues to solidify its position as a premier destination for luxury real estate, investors and homebuyers alike are discovering the opportunities that this country has to offer.
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