Actualizado: 26 de abr de 2020
The current market for second-hand apartments in Panama is what is called a buyer's market, that means that buyers set the tone when it comes to defining prices.
This does not mean that you as a buyer will come and impose a price, but the sum of all current buyers sets a trend in terms of the price range in which the properties are sold. This value is used by appraising companies to define a price per area, it is a reference that is used as the base price in the current market. Currently an appraisal contains two ranges of values; the first value is the market price, at this time of the real estate market it is not taken into account in most transactions and on the other hand is the quick sale price, which value is the most used as a reference for the most transactions. In practice sales are in a range of 5% to 15% below the quick sale value indicated by the appraisal of the property. I remind you that each transaction is a universe that has its particularities, however, in this article I share a perspective based on my experience. In Panama, a project is being promoted by various sectors related to the real estate business to eliminate the quick sale value in the appraisals and thus support the owners so that they can obtain a greater return when selling their property. There is another important point to mention, most local banks only take the quick sale price as the reference value and this encourages only this value to be used in transactions, however, in the bank there are around 3 banks They take the market price, if you are interested in knowing what they are, you can send me a message and I will gladly share the information with you.
In summary, my recommendation is that, if you are planning to buy a property, do not think about it much, it is your time to buy, but if you want to sell and you have the option, wait for prices to increase. Whoever buys right now will take advantage of the positive price curve and when they rise they will receive a surplus (profit). The current economic indicators of Panama will generate greater private foreign and local investment, together with state investment, which will translate into an increase in the demand for apartments for rent or purchase and therefore an increase in prices, a forecast that will occur in a range of 1 to 2 years.
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Until next time!