Info on Panama Please (real estate market, 2009, neighborhood)

[SgtAJC]

I would greatly appreciate it if anyone who has lived in Panama can tell me some information about the country on crime, health care, housing, interacting with Panamanians, for a pensioner from the states. I am considering relocating there after I retire. I have done internet research and am planning a visit next year. Thanks for the info in advance.

[BlueWillowPlate]

My kid leaves for Panama next month.
I suppose after that, I will have a lot of second-hand information.
It sounds a lot like Costa Rica was 15 years ago.

[WentAway]

SgtAJC,

I have not lived in Panama, but thought you might be interested in this current article from Business Week.

Retirement: Why Panama Is the New Florida July 02, 2009
Prospective retirees: Panama wants you. The pitch? A plane ride just 2 1/2 hours from Miami enables the newly poor to swap a wretched retirement in the U.S. for one ...


The Panama Report

[Teak]

Interesting article. Thanks for the link.

Of course, when they start quoting people who are working as real estate agents, one wonders how many years before Panama becomes like Costa Rica, with too many expats and a corresponding rise in prices. And how do the Panamanians feel about rich expats flooding into their country, and getting half-price on everything? I would rather be fairly anonymous in an unknown country than at the front of the tsunami.

[WentAway]

Yes, I'm looking for less expatriates than the 25,000 that reside in Panama where the real estate market had been sizzling and at this point...may be over-hyped. I also prefer to pay people more than the outrageously cheap going rate. I find it builds loyalty and trust.

However, there may be an overall enviousness or even hostility from the locals of certain countries towards expatriates.

[c21boquetebocasgold]

Hi All,

I actually posted the article on my blog from BusinessWeek (the first link that WentAway posted) and the people the writer interviewed were retirees, etc. A lot of expats are moving here because the cost of living is lower and quality of life is higher. I myself live in a Panamanian neighborhood, not a 'gated community', and have been here almost 5 years. When some have referenced the discounts, those are the same retiree benefits that Panamanian pensionados get. Foreigners simply receive the same benefits as locals, including their own line in banks. There are actually a lot of expats with good pensions that don't even take the discounts when eating at local restaurants, because they can afford the price and want the owner to receive the full price of the meal.

I didn't come to Panama to 'just' get into real estate, but because I personally was looking for a better quality of life than I felt the States afforded and I'm too young to retire. As well, when I brought the first franchise into Western Panama it was pretty much the wild wild west as far as real estate standards and since I was with C21 in the States I wanted to help bring up standards of practice. Since I was too young to retire and wanted to do something where I could help people, this seemed like a win/win.

Anyway the country is wonderful; however it's the Panamanian people who really make the country great. For Christmas one of my neighbors brought me over a huge plate of food, I know all of my neighbors (and their pets LOL) and am very happy living here. Panamanians are happy that expats live here, because they spend money in their shops, restaurants, give them jobs, etc. which in turn helps them provide a higher quality of life for their family. Again, Win/Win.

Like the one article said, Panama is not for everyone. We are not little North America. Panama is rich in culture and for people like myself, I moved here because I didn't want little North America. I personally was looking for a place where things were like the States in the '70s, but with 21st Century technology if that makes sense.

So if you've never visted our country, do put it on your list of places to see. There are beautiful beaches, as well as the highland areas that remind me a lot of Colorado in the early summer - for 'city' people, Panama City is the perfect fit; for those who want a more laid-back pace (like me), then there are the western provinces. Really something for everyone, but one has to experience the country first-hand to know if it's the right place to call home.