Worldwide Real Estate Prices Compared to Panama: 2007
Introduction - We are a Panama Law Firm not a real estate business. Our clients are frequently relocating to Panama and we assist in the real estate acquisition for them. We are often asked if the real estate bubble is going to bust in Panama or if the boom has just begun. Well we are not sure. We have done a few articles on the Panama real estate bubble breaking but now we are going to present objective data in support of the Panama real estate boom just starting. It could be true and prices may continue to escalate.
Worldwide Residential Real Estate Prices by the Square Meter - These are current prices for some major cities in Europe. This will give you a perspective as to how the Panama market fits into the greater scheme of things. These prices are for serious executive homes in prime locations. A discussion will follow after the prices: * London ? $10,000 Sq. Meter to $20,000 Sq.
Meter * Paris - $9,000 Sq. Meter * Amsterdam - $9,000 Sq. Meter * Lichtenstein - $8,000 Sq. Meter * Moscow - $7,500 Sq. Meter * Rome - $7,200 Sq. Meter * Zurich - $7,000 Sq. Meter * Oslo - $6,900 Sq. Meter * Dublin - $6,800 Sq. Meter * Lithuania - $5,150 Sq. Meter * Latvia (Riga) - $4,100 Sq.
Meter * Berlin - $4,300 Sq. Meter * Warsaw - $1,600 Sq. Meter * Slovakia - $1,750 Sq. Meter * Seoul - $11,825 Sq. Meter * Sydney - $7750 Sq. meter * San Diego - $2650 Sq. Meter to $15,000 Sq. Meter * San Francisco - $5,000 Sq. Meter to $20,000 Sq. Meter * New York - $15,000 to $43,000 Sq.
Meter * Miami Beach - $9500 Sq. Meter to $32,000 Sq. Meter * Toronto - $3,000 Sq. Meter * Montreal - $3,200 Sq. Meter * Vancouver - $3,700 Sq. Meter Panama Real Estate Comparison - In Panama City one can get an executive condo in a new high rise building for $1,800 to $3,500 per Sq. Meter and pay less in an older building. We are talking about Condos with a swimming pool and recreation area, balcony, enclosed parking, round the clock security guards, multiple elevators, modern kitchens, city and or water views, beautiful lobbies with marble floors, walls and furniture, and so forth. In the outlaying areas single family homes and town homes can be bought for a bit less with $2,000 to $3000 a Sq. Meter generally bringing in a home in a gated community with all the features of an executive home.
Discussion of Panama Relative Housing Prices - Panama is priced very low compared to the other markets around the world. The question is can Panama rate with the major cities like Paris, New York, San Francisco, Miami Beach, and London etc. This would be an indicator of the attractiveness of Panama relative to the real estate market prices. Below are some categories where we unilaterally decided to indicate how Panama stands, so this is just our opinion, nothing more. * Entertainment - DEFICIENT. Panama lacks any serious theatre, opera, orchestra, ballet, museums, foreign film houses, major league baseball, football, basketball, and hockey. There is some soccer and boxing. Panama does have gambling and horse racing. The outlaying areas have no entertainment to speak of.
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