Panama as a Second Home

Owning a second home is a luxury many people only dream of and boast about in conversation with friends. In the past, owning a second home meant that you were very wealthy and wanted a place to go on the weekends or on a long vacation to avoid contact with the rest of society. In recent years, this perception has changed. Owning a second home is becoming a worldwide obsession, and with the baby boomer generation approaching retirement age, there are no signs of the second home market slowing down anytime soon.

Panama is becoming a very attractive place to build and own second homes now because of the consistently pleasant climate, affordable Panama real estate and many attractions. Elsewhere in the world, real estate prices are sky rocketing because of the recent interest in buying a second home. In Panama, home prices are also on the rise but remain affordable because they started out well below the global average. Therefore, even as prices rise they remain well below the average cost of property elsewhere in the world.

The baby boomer generation is the first to have access to endless investment opportunities, and it seems that the most popular choice is investing in real estate. They are also the first generation to really be exposed to mass marketing from the time they were born, resulting in their changed spending habits as compared to past generations. Baby boomers have seen some of the most demanding times all over the world throughout their lifetimes, and currently the state of the union is not as good as it has been before. This gives even more incentive for baby boomers to have a place to go for an escape from the hassles that the government sometimes brings on them.

Panama is a very simple place to visit and simply enjoy a relaxing stay. The recent change of tourist visas from 90 days to 30 days has raised some concern in the minds of property owners in Panama. However, there are already talks of reinstating the 90 day tourist visa with possible extensions because without tourism, the economy of Panama would suffer greatly. The great thing about Panama is that if you want to live in a big city with restaurants and all kinds of services at your front door step, you can. On the other hand, if you want to settle on your own tropical island and not see a soul for days on end, you can do that too. The baby boomer generation are the most individualistic and opinionated generation yet, and no matter what their attitudes are about life in general, Panama offers every kind of lifestyle that one could ask for.

About the Author: Laurie Cooper, of Cpanama Real Estate Corp., is an expert on Panama real estate. For more information, please visit http://www.cpanama.com