Panama was one of seven Latin American countries to see transparency improve in real estate markets over the past two years, according to Jones Lange LaSalle’s “Real Estate Transparency Index.” Panama was among the ten “most improved” real estate markets on the list, which is based on five sub-indices: performance measurement, market fundamentals, listed vehicles, legal and regulatory environment, and transaction processes. Despite Panama’s improvements, the country was still categorized as having “low transparency in real estate markets,” and placed 62nd out of the 81 markets listed on the index.
While corruption and lack of transparency are still major issues in Panama, the significant gains in the index over the past two year exhibit the major changes occurring in Panama. According to the transparency index report, Panama’s improvements were due to several factors, including the country’s strategic location in the Americas, economic and political stability, favorable climate and cost of living, and the availability of capital for real estate development.
For more information, read the full report here (registration required).
You do need to be careful when buying real estate through agents in Panama. My real estate agent, Khadine Smith of GreatLandPanama, stole alot of money from me and several other investors in the area. I filed a formal complaint, but disciplinary action is a slow process in this country.
The key is to work with somebody you can trust, and that’s where I come in. If you have any interest in the western slope of the Azuero Peninsula (a relatively undiscovered stretch of paradise), contact me at http://www.thepanamacollection.com, and I’ll do everything I can to help you out.
I to have been ripped off by kahadine Amirillis Smith. If there is anyone else out there that would like to talk to me I would be glad to compare notes. asapronnie@hotmail.com
Panama has been ranked first in the region for low cost of living, operational cost and index of labor. · Tax exemptions for foreign investors and …
There are some bad agents in Panama. The problem is the lack of regulations and any real authority clamping down on the cowboys. Maybe this will change in the future.
It’s the wild west out there w/agents, some good.. some not.. Beware of flim flan and pirates. Even the big “trusted” names in real estate can rip you off.. Buyer Beware for sure. I ‘d say: Seek out recommendations is the best bet.. Anyone know a good property/liability insurance agents that you could recommend for investments in Panama City condos?
The scam gets a new company name and it is all systems go for the Michailovs.
The New World Realty Group
And they are in the press over this fraud:
http://www.elsiglo.com/siglov2/Opinion.php?idsec=3&fechaz=10-02-2009&idnews=93755
I can recommend my lawyer Marcos Kraemer and real state agent,
panamagreen.net
I have business with Khadine Smith and her company Great Land Panama. They are professional and honest. We are happy with them. They are the only panamanian in Veraguas with license and they know the area very well.
I know Khadine Smith very well, I two properties from her and she is a honest person, professional and friendly.
She knows a lot about Real Estate bussiness and I don´t think why people make does coments just to make more clients. She is a license panamanian broker. I can recommend her.
Update on real estate scammer Alexandre Ventura arrested for fraud in Panama.
http://www.panama-guide.com/article.php/20090601191557382/print
Amazingly, Ventura is trying to sell a property that actually exists, his own house in Florida. Should be of interest to the victims of his multiple scams.
http://www.a2sn.com
The Panama is the great location place, here the buyers can earn a lot by investing here beacuse the location always attracts the visitors.