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The geologists say that something like 14 million years ago the part of the world that is now Panama lifted up from the ocean floor leaving the hard bedrock that supports Panama City's high rises. Think of that as you look out the window of your Panama condo. Watch container ships on the horizon approaching the Panama Canal and sip Panama coffee. From this Panama City property, look out the other window at the mountains of the Panama Interior. Afterwards leave your Panama condo for a walk along the Bay of Panama on Avenida Balboa to your choice of fine restaurants.

Panama City has condos on the Pacific, the Bay of Panama, and there are Panama City properties with condos in neighborhoods like San Francisco and el Dorado. Think of walking along streets shaded by trees full of fragrant flowers. Imagine listening to song birds sing on a January morning while you take a walk near your Panama City property in San Francisco. Panama condo prices range for $300,000 to a million or more, depending upon floor space and amenities. Many Panama condos are under construction and many more are in the planning stages. Ask a reputable realtor such as ABPanama to help you find the condo for you.

If you would like your condo outside of the capital city try Colon on the Caribbean end of the Panama Canal. Panama property in Colon City is expected to appreciate greatly once road improvements are completed and a new highway from Panama City turns the current trip into a commute of less than an hour. Up the coast from Colon in Colon Province there are white sandy beaches for walking and the crystal clear waters of the Caribbean for sailing. If shopping is your thing Colon has the second largest duty free zone in the world next only to Hong Kong.

Benefits of a New Condo in Panama

Panama forgives the first twenty years of property taxes on new construction. In addition, Panama does not tax US income. If you retire to your condo in Panama residency requirements are easy. A pension of $500 plus $100 for each dependent qualifies you for residency as a "jubilado," pronounced hoo bee LA doe, which is Spanish for retired person. On the other hand if you pay $200,000 or more for your condo you qualify as a "person of means" and can also take out papers for long term residency. If you are the retired type please enjoy the same discounts on everything from groceries, to doctor visits, to prescription medications, to your bill at that fine restaurant on the bay that retired Panamanians get. In fact, tax benefits and laws in general here apply the same to foreign residents as they do to Panamanian citizens.

Panama Condo Prices

The price for a condo in Panama has risen in the last few years as have all property prices in Panama City and throughout the country. However, prices in Panama are still lower for comparable property the United States, Europe, or the rest of the Caribbean. Panama is in an economic boom. Expect the value of your condo in Panama to keep appreciating over the years while the US slides deeper into recession and a sea of failed mortgages. Foreign investment is fueling Panama's economy and the government is pouring the money back into infrastructure improvements. The prosperity here will last and your property in Panama City and throughout Panama will increase in value for years to come.