Worldwide Real Estate Prices When compared with Panama:

DEJAVU PANAMA REALTYIntroduction – We are a Panama Lawyer not a real estate business. Our clients are frequently relocating to Panama and that we assist in the real estate acquisition on their behalf. We are often asked when the real estate bubble is going to bust in Panama or when the boom has just begun. Well we are not sure. We now have done a few articles on the Panama real estate bubble breaking however we are going to present objective data in support of the Panama property boom just starting. It could be true and prices may continue to escalate.

Worldwide Residential Real Estate Prices by the Square Meter – These are current prices for some major cities in Europe. This can give you a perspective regarding how the Panama market suits the greater scheme of things. These costs are for serious executive homes in prime locations. Attorney at law will follow after the prices:

* London $10,000 Sq. Meter to $20,000 Sq. Meter
* Paris – $9,000 Sq. Meter
* Amsterdam – $9,000 Sq. Meter
* Lichtenstein – $8,000 Sq. Meter
* Moscow – $7,500 Sq. Meter
* Rome – $7,200 Sq. Meter
* Zurich – $7,000 Sq. Meter
* Oslo – $6,900 Sq. Meter
* Dublin – $6,800 Sq. Meter
* Lithuania – $5,150 Sq. Meter
* Latvia (Riga) – $4,100 Sq. Meter
* Berlin – $4,300 Sq. Meter
* Warsaw – $1,600 Sq. Meter
* Slovakia – $1,750 Sq. Meter
* Seoul – $11,825 Sq. Meter
* Sydney – $7750 Sq. meter
* San Diego – $2650 Sq. Meter to $15,000 Sq. Meter
* San Francisco – $5,000 Sq. Meter to $20,000 Sq. Meter
* Ny – $15,000 to $43,000 Sq. Meter
* Miami Beach – $9500 Sq. Meter to $32,000 Sq. Meter
* Toronto – $3,000 Sq. Meter
* Montreal – $3,200 Sq. Meter
* Vancouver – $3,700 Sq. Meter

Panama Property Comparison – In Panama City one can get an executive condo inside a new high rise building for $1,800 to $3,500 per Sq. Meter and pay less within an older building. We are talking about Condos having a swimming pool and recreation area, balcony, enclosed parking, round the clock security guards, multiple elevators, modern kitchens, city as well as water views, beautiful lobbies with marble floors, walls and furniture, and so forth. In the outlaying areas single family homes and town homes can be purchased for a bit less with $2,000 to $3000 a Sq. Meter generally bringing in a home in a gated community with all the features of an executive home.

Discussion of Panama Relative Housing Prices – Panama is priced very low compared to the other markets all over the world. The question is can Panama rate using the major cities like Paris, Ny, San Francisco, Miami Beach, and London etc. This is an indicator of the appeal of Panama relative to real estate market prices. Below are some categories where we unilaterally decided to indicate how Panama stands, so this is just our opinion, nothing more.

* Entertainment – DEFICIENT. Panama lacks any serious theatre, opera, orchestra, ballet, museums, foreign film houses, mlb, football, basketball, and hockey. There’s some soccer and boxing. Panama does have gambling and horse racing. The outlaying areas have no entertainment to speak of.
* Crime – EXCELLENT. Many of these major cities convey more violent crime in a single day than Panama has in a single year. Panama has crime but is extremely safe compared to these cities.
* Traffic – DEFICIENT. Plenty of congestion. Wild drivers who disobey traffic laws, stop signs as well as red lights. No vehicle safety inspections. Taxi and bus drivers decided they are the only ones on the road who matter. Outlaying areas have far less problems with the traffic than Panama City. Because the new housing projects complete and the Canal expansion begins the visitors are expected to get worse. On Fridays closet to pay day the traffic barely moves from about 3PM until 8 PM. The majority of the stores and restaurants have parking. Lately it’s almost impossible to get parking in the Allbrook Mall on weekends.
* Restaurants – SUPERIOR. Panama is packed with excellent restaurants at very low prices. Steak dinners for $10.00 or less are abundant. Food is great.
* Shopping – VERY GOOD. You can get whatever you want in Panama City if you know where to find it. Plenty of high-end stores are opening up in the malls. Plenty of discounters popping up.
* Cost of Living – EXCELLENT. Your biggest expense will be real estate.
* Domestic Help – EXCELLENT. An active in Maid in Panama City is all about $275 a month with benefits, plus room and board. The majority of the condos and houses are made with a maids room and full bath. A person runs about $325 a month.
* Airport – GOOD. Lots of airlines going to many cities in Guatemala, South America and USA. For Europe, India or Asia not too convenient.
* Medical – Excellent. There are major hospitals together with a full John Hopkins Hospital. Most prescriptions can be obtained in the drug stores. There is an abundance of competent doctors in most specialties. You can even possess a doctor make a house call. Healthcare costs about 40% of the items it does in USA.
* Weather – VERY GOOD. Panama is a tropical climate. No shoveling snow. It will get hot and humid. Some locations convey more moderate weather however they usually have high humidity. No hurricanes, not tornadoes, no earthquakes in Panama City, no volcanoes, no tsunamis.
* Boating and Fishing – EXCELLENT. World-class sport fishing with 1200-pound Marlin and 400-pound Grouper. Abundant marinas.
* Stable Government – Excellent. Things are most stable.
* Banking, Stock Market – EXCELLENT. Great banks and stockbrokers.

Conclusion – It appears likely that Panama could escalate in real estate prices towards the $5,000 a Sq. Meter market price. They are going to have to focus on the culture and entertainment to draw in people accustomed to that housing price market. The traffic will have to be addressed and projects to enhance congestion are already in the works. The downside of the theory is that there isn’t enough to draw individuals to Panama. Culture and entertainment is lacking also it may take many years for this to improve. There are no major industries here for example: banking, insurance, advertising, stock exchange, general manufacturing, software, hi-tech manufacturing, entertainment, tourism and so on. This eliminates large categories of highly paid executives who require to pay high prices for housing to be close to their workplace. Retirees have needs that are fairly simple and can be met in a many different places around the world and it remains to appear how much the retiree covers real estate. Quite possibly Panama Real Estate Prices have not yet even compare to peaking. Time will inform.