I’m asked all the time about how many condominiums are actually on the market along the beach communities in and around Coronado, Panama. Of course I really don’t have an answer to that because I don’t have details on all the projects. However, I can address three of the most substantial expat-friendly properties that I have knowledge of: Coronado Golf, Royal Palm and Punta Vela.
Coronado Golf is the iconic tower that has defined gracious living inside the gates of the community for a number of years. There are very few condominiums left for purchase in that building, which boasts up to 18 years of tax incentives. In fact, we consider the building essentially “sold out”! There are some units left, but not many.
Fewer Units Than You Might Think
I find that people believe there are more units available in Coronado Golf than there are, because when you enter the building it is quiet and many of the parking spots in the garage are open. This is because there are different types of people who purchase property in Panama and specifically in Coronado Golf.
There is a core group of people who live in the building year round. They have made this their primary home and they come from all walks of life. Some are retired, some are young families with babies or school aged children and others still have one foot in their career, but are able to be flexible and come to Coronado for long stretches of time. There are also a few Panamanians who live in the tower full-time as retired, or as a business person.
North Americans—Canadians and individuals from the United States—comprise the largest group who live in the building long-term. However, it is worth noting that units have been sold to individuals from more than 20 countries. “The Renters”, as so many who have been coming to Coronado Golf for years are called, comprise a large and active part of the core community. Generally, they rent during the season from December until the end of March.
Divesting Financial Portfolios Through Property
[thrive_text_block color=”green” headline=””]“You know the charming Russian who owns four units and only comes for two weeks a year with his teenage daughters? We rent from him,” was recently overheard in the building. As well as: “Oh, you mean the stunning Swiss apartment?” [/thrive_text_block]
People find property in Coronado to be a perfect way to invest and diversify their financial portfolios. They buy property and rent the units for much of the year or they purchase the units but occupy them sparingly. Recently we have seen much more demand for rentals than the current inventory in Coronado Golf.
A Developing Community Spells a Great Price
Royal Palm is a new development in the Nueva Gorgona community just minutes from Coronado. It is a beautifully designed building that is for individuals who want to be right on the beach. Unlike Coronado Golf, which comes with the Coronado Beach Resort Club membership that provides access to the 18-hole Tom Fazio designed golf course, the Equestrian Center and the Beach Club, Royal Palm is an absolute beachfront property. There are multiple pools and social areas as well as direct beach access.
Sales have been brisk in Royal Palm because it is located in a developing beach community as opposed to established Coronado which has 24-hour grocery stores, specialty shops, world-class medical care and great restaurants. But getting in on the ground floor of an area that still has a few growing pains spells rapid equity build up. The prices are amazingly low for what will soon be a world-class beach community located only minutes from established amenities in Coronado.
Punta Vela Is Like None Other
There has never been a project like Punta Vela. The developer, Empresas Bern, poured 40 years of experience into the development and produced something that is truly spectacular. Everything has been thought of because it is becoming apparent this could easily become one of the last projects to be built inside the walls of Coronado and the developer wanted to provide a five star property that would stand the test of time.
Sales in Punta Vela have eclipsed all other projects. Investors world-wide are rapidly purchasing floors of the 33-story project as opposed to units. Unique floor plans are being developed to maximize the floor-to-ceiling windows, the open concept layout and oversized balconies. The uncertainty of the global financial markets, the welcoming tax incentives and seamless ways to purchase property in Panama, make Punta Vela very attractive.
So far, the purchasers are private equity companies looking for investments, current owners of Coronado Golf, as well as individuals who want to experience luxury amenities such as a 25-meter lap pool adjacent to the spa and social areas on the top floor and the infinity pool on the fifth level of the complex. Just driving into Punta Vela is stunning.
A Budding Real Estate Market
There are a few units in Coronado Golf that are on offer via the owners themselves or a real estate company, but the options are pretty limited while Royal Palm and Punta Vela have inventory. Things change, but so far the real estate market along the beaches of Panama has proven to be an area of growing global interest and property values have been steadily rising.