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As many of you know, I moved to Boquete Panama in 2010. I own a tour company called Panama Relocation Tours which helps people relocate to Panama.
There are so many people leaving the US and Canada and moving to Panama that there is a shortage of rentals in some areas in Panama (not Panama City).
If anyone is looking to invest outside of the United States, I can put you in touch with a real estate agent in areas where there is a shortage. I do not sell real estate in Panama. You may be able to buy with seller financing. It could be a good way to put your self-directed IRA/401k money to use!
The towns where rentals are needed are: Boquete, Volcan, El Valle de Anton, Las Tablas, and the beach communities between Chitre and Las Tablas.
Bank financing is really hard to get in Panama and interest rates are 6.5%.
90% of the homes in Panama are free and clear because Panamanians do not believe in debt.
Property taxes, if they even exist, are really low in Panama. There are no property taxes for the first 20 years after a home is built. After that, the taxes are 1/2% on the improvements only – and usually less than $500 a year.
Insurance is really cheap. I pay $205 a year for insurance on my house.
The typical rental would be completely furnished. Most homes are sold furnished so that makes it easy. There is already a glut of Airbnbs. What’s needed are long-term rentals.
In the highlands (mountains), homes usually include all utilities. In the highlands, you do not need an air conditioner or a heater so the electric bill is really low. My water bill is $100 a year for unlimited water use, Trash collection is $36 a year. Electricity is $20 a month, Internet and cable TV is $50 a month. Some rentals include a weekly gardener, which is $30 a day.
There are 1500 miles of coastline in Panama. In the coastal areas, electricity is NOT included because some people use an air conditioner a lot which can run up the electric bill. The Pacific coast is more popular than the Caribbean coast. All the other costs are similar.
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