Real Estate in Panama is gaining popularity.  Everyone wants a piece of Panama.  This desire to own Panama real estate is not confined to the locals; some foreigners also want to get a piece of Panama.

It’s understandable, really.  After all, Panama is starting to prosper, and things there look very promising.  Of course, when this happens anywhere, the real estate business will become more promising and more profitable.  Some people were quick to see this opportunity in Panama, so they’re starting to strike while the iron is hot.

Acquiring Real Estate in Panama

If you’re a foreigner living on Panama (and believe me when I say that this is no longer uncommon) and if you want to buy a property, you might have to go through a mortgage loan.  Most people have to pay a down payment of 20%.  However, some banks require you to give as much as 40% of down payment after which, you will have to spend 25 years paying your mortgage.

If you are over 50 and, sad as it may be, death will inevitably come within the next 50 years, then yours will be a special case.  The banks will allow you to just have 15 years of paying for mortgage.  Sure, you’ll own the property at an earlier date but the amount you will have to pay as a whole is generally the same.  It just means that you’ll be paying more monthly than a younger person would be required to.

Of course, this shouldn’t present too much of a problem.  People over 50 are more or less settled in their lives and have earnings that will allow them to buy property easily, whereas the younger people who have just started with their lives will find it more practical (and easier) to pay lower monthly rates.

Getting a Loan in Panama

Banks are cautious and they won’t allow just anyone to get a loan from them.  Usually, banks will have to do a thorough background check, and sometimes, they will require a recommendation from someone whom they find trustworthy or someone with a really good reputation who is willing to stake his own reputation to attest to your reliability.

In other words, if you want to play the game of real estate, you must be a person who has a relatively clean record when it comes to loans.  If you have a bad record, then you can kiss your chances of owning land in Panama good bye.

It will be a hard and tiresome process but really, in the end it will be well worth the effort.