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Home About Us Worlds Greatest Retirement Detectives Panamanian real estate my be recovering soon

Panamanian real estate my be recovering soon

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 Canadians returning to Panama to buy property as the CDN dollar rises (CDN .77 cents USD yesterday).

The dollar's strength is mainly due to rising oil prices. The most recent spurt was caused by the unrest in Nigeria and the Fort McMurray wildfires that virtually halted production in the oil sands over recent weeks. The US government announced lower than expected oil reserves this week, which spiked the oil prices to over $50 a barrel. Oil prices are expected to rise to $55 in the near furture, driving up the Candian dollar even further against the US$.

As the Canadian dollar creeps up towards the magic .85 cents and higher, Canadians will once again start looking for winter home/retirement home properties. In 2014 sixty-three per cent of all foreign residential real estate deals were closed with Canadians, according to the National Real Estate Association. Sales have slowed considerably over the past two years.

The US dollar-based Panamanian economy is ripe for Canadians, as housing prices have been soft for a few years now - making Panama a buyer's market. Anyone with cash can drive a great deal, according to the real estate people I have spoken to. Especially beach properties which as we know - rarely, if ever lose their value.

The US Presidential election and the prospect of what many Canadians consider to be a potentially dangerous US President getting elected is causing many Canadians to look at places other than Florida or Arizona to retire or purchase winter/second homes.

The increase in Canada/Panama direct flights has also made buying in the beaches more attractive to Canadians, as US Boarder Security measures have made even passing through the USA something to be avoided at all costs. 

The age old investment strategy of "buy low, sell high" applies here - right now housing and condo prices in Panama are low. Demand will continue to grow - making Panama an increasingly attractive investment target again. 

The fact that very good local beer is only fifty-nine cents may have something to do with the buying decision.

Some smart real estate developer is going to catch on - and instead of lowering their house prices 15% - when the CDN dollar hits .85 cents offer to take CANADIAN DOLLARS AT PAR. That will get news attention across Canada, and when the snow falls in the Great White North again, it will start a stampede.

 

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