When they hear about Panama Central America they think about mayor facts of this country; The Panama Canal $, The Panama Free Trade Zone $, The Panama Offshore Private Financial Heaven $, The Panama U.S. Dollar $ and I could keep mentioning more positive aspects that makes this country financially stable.
However, there are some Tips I should mention when purchasing new projects in Panama City;
a) Cancellation of New Projects; The Ice Tower, The Palacio de la Bahia, Park Avenue and Park 32 are all beach front luxury condos that were supposed to be finished in 2009 and should have started construction.
All of the mentioned projects went out of the market in the past 6 months in recession or cancellation. Why? Because the developers decided to wait longer in order to get more appreciation in the market bubble and sell for more later.
What happened to the buyers? They all got either their money back with no interest on their paid funds or simply will have to wait until the next project is re designed paying more for it.
We encourage all Panama Real Estate condo investors to make sure to read their purchase contracts. Make sure to have clauses that mention high interest deposit returns in case of project recession or cancellation.
b) Changes in the condo design; there are projects who might tell you, we offer marble floors and luxury finishes which include Italian kitchen and furniture. The apartment will have 20 mt2 of balcony facing the bay and no one will build in front.
The project is now about to finish; you see that the finishing is not there yet. Furthermore, you see that some things are not looking the same as the promotional video. You ask the developer; what happened with the marble floor? well we had to change it to regular tiles because “the war in Afghanistan"
You proceed on the purchase and three months later you start seeing a land fill right in front of your project. What is this? A NEW BUILDING RIGHT ACCROSS OF YOUR SIGHT.
We repeat; MAKE SURE TO READ CLAUSES AND MAKE SURE TO HAVE CLAUSES mentioning NO CONSTRUCTION IN FRONT OF MY BEAUTIFULL VIEW and ALL FINISHES AS EXPLAINED all details as in the sale please!!!
These are only two things we can assist clients as a brokerage firm in the Republic of Panama. The Real Estate bubble is growing and developers could not care about deposit returns unless they are affected. Keep in mind that the higher the bubble gets the more value these projects could get sold for in the future.
In order to receive a complete Panama real estate services and assistance you can count on us at http://www.PanamaHotRealEstate.com or e mail us at info@panamahotrealestate.com
