Retirees (and soon-to-be’s) have long made up a significant portion of my clientele. Panama’s ranking as a top retirement haven has dawned a new era of international attention, and baby boomers were amongst the first to pack up and make way for the tropics.
Lately, I’ve noticed a new trend emerging on the Panama real estate market. Retirees who have been happily settled into their homes in Panama are now seeking out second properties on the isthmus.
Let’s take a look at the most common reasons behind this new phenomenon.
1. Investment
It’s hard to argue with the lucrative opportunities to be found in Panama’s red-hot real estate market. It’s considered one of the fastest growing (and most reliable) markets in the hemisphere, and the right investments are quickly deepening in value.
My guess is that having had on-the-ground time in Panama has enabled retirees to pick up on the opportunities in the real estate market. They’ve taken note of the direction the country is going (and the areas with the most potential) and they’ve grown eager to invest.
Generally, their first property was purchased because it was the best place to live at the time. Now, with home sweet home taken care of, they’re looking to invest in an up-and-coming area expected to deepen in value in the future.
2. Family
“If you build it, they will come….” Or rather, if you buy it, they will come. They, in this context, being family.
I find that what retirees (heck…all of us) miss most from back home is loved ones. Having a second property in Panama makes it that much easier for family to visit and even stay for an extended period of time (hello, Winter vacation.)
Yes, there are always hotels and guest rooms. But with so many affordable luxury developments on the market today, many retirees figure- why not invest? Besides, when it’s not in use by the grandkids, they can get a great return on investment by turning it into a….
3. Vacation Rental
Tourism in Panama is growing at a phenomenal rate, and retirees are taking note.
Having a vacation condo to rent out to tourists is a surprisingly easy way to score an additional source of income. The right condo in the right location is sure to have a waiting list of eager tenants- especially during high season. Those weekly and monthly rental rates turn into a solid return on investment.
Dealing with tenants might sound like a burden- but some properties are actually designed with vacation homeowners in mind. Developments like Royal Palm, for example, feature absolute beachfront, resort-style amenities that are to die for- and an on-site property management team that handles tenants for you.
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Panama has always posed major benefits to retirees. The benefit-rich retirement program, the low cost of living, the attractive scenery and year-round warm weather.
Now, with the market offering such supreme investment opportunities, retirees in Panama have discovered a supplementary income they didn’t expect to find. All the better to spend on margaritas at sunset.
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