Changing demographics in Panama in recent years have led to a surge of new, more expensive offers in the real estate market. Real estate prices in Panama have increased along with the purchasing power of the local population, as well as a new type of foreign customers, which, in contrast to retirees, still active and working. Such customers are more demanding the quality of construction and the facilities of the building.
So what is the luxury property apartments look nowadays in Panama? What are the better areas to live in the capital? What should the buyers be cautious about?
In general, the best areas to chose from are Albrook, Punta Pacifica, Costa del Este, Punta Paitilla and a few other. New projects like Ocean Reef, artificial island off the coast of Punta Paitilla peninsula, Jack Nicklaus golf club are certainly one of the most ambitious and remarkable and they already have had huge success. At the same time something like five years ago just seemed like a fantasy.
So, what and at which price can one buy right now in Panama?
$ 500,000 opens a lot of doors and this is enough to buy two to five year old summer apartment in one of the high-rise buildings, with two or three bedrooms and an area of 225 sq.m. It is the most likely, that such apartment will be located in the coastal zone of Costa del Este, Punta Pacifica, or Balboa Avenue. It will have an ocean view, as well as all luxury amenities such as a gym, swimming pool, 24-hour security, and some other optional. The examples of this segment is Parque del Mar towers in Costa del Este, Dupont in Punta Pacifica and Allure at the Park near Balboa Avenue. These are all fine examples of what half a million can get you.
Investments of $ 1,000,000 can get something really huge ranging in 400-600 sq.m. There will be maid quarters, bathroom for each bedroom, high ceilings and very expensive building and design materials such as marble. The examples can be seen in Point of Punta Pacifica, where in the building you will see sports center, tennis courts, gym with a personal trainer. Aqua II in Costa del Este can also be an option. In addition, the penthouse apartments in Yoo tower on Balboa Avenue are sold for slightly less than $ 1 million.
Luxury homes for sale usually start at around $ 1 million. Such houses can be found in closed communities of Costa del Este, Albrook, and in other parts of the former Canal Zone, such as Quarry Heights in Ancon and Camino del as Cruces, Tucan Country Club to the west of the city.
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