New or Old Condos in Panama

First off, you should consider first your spending limit when it comes to acquiring your very own condo in Panama. According to latest data, new condos are costing about $2,000 to $5,000 per square meter. Prices may vary based on the location of your preferred condo. It may be cheaper getting a condo situated at the upper floors while it would be more expensive from the ground floor and penthouse area.

As for old or used condos, the price may range from $1,000 to $2,200 per square meter. Basically, you will be saving more money or you can purchase a much larger condo because your budget will allow you to do so.

Structure

The boom in real estate in Panama prompted developers to construct more condos to accommodate the ever-increasing population in the country. This means that there’s a stark difference between used and new condos.

In terms of the concrete used for making the structure, it is believed that the old buildings are assured of stability because there was no shortage on concrete that time and that the construction companies are pretty much not pressured to fast-track with the building construction. However, the concrete used for the latest buildings were reportedly mixed with too much saltwater that could possibly lead to major damages and sudden erosion when calamities attack (like cyclones or typhoons). This claim is still being investigated by the authorities. Just to be sure, make sure to have a qualified engineer at hand to double-check your preferred condo.

The newly constructed buildings usually have four to six condos per floor. That could only mean one thing – reduced privacy. There will be increased incidence of noisy people walking or chatting down the hallway as they go through their daily routine. As for old buildings, most floors only have about one or two condo units. Take your pick.
Old buildings tend to have penthouse suites that are really penthouse suites. This means that whenever the elevator opens once you reach the topmost floor, it opens right through the condo unit itself. Of course, to prevent unauthorized people from ever accessing the penthouse condo, a special key that only the owner has can make it possible to enter the area. Another distinct quality of a penthouse condo is the fact that it can take up to two whole floors. Newer buildings tend to have limited the size of penthouse condos which could only consist of one floor and may not be accessed directly when the elevator opens at the topmost floor. Therefore, the owner will have to walk a small distance to gain access to the door.
In terms of the view of the city, new penthouse condos could only show about two sides, somewhat like a 180 degree angle as compared to the old penthouse condos which can take up the entire floor and an all-around view (360 degrees) of the city.

The penthouse condos in old buildings usually have the best amenities such as Jacuzzis or a swimming pool, large kitchen, balcony, a bar area and many more. In newer buildings, penthouse condos are somewhat similar to those located in lower floors but it is called as such because of the fact that it is located at the topmost floor, thus giving it an “exclusive effect” and at the same time becoming the most expensive unit in the entire building.

Penthouse condos can measure from 500 square meters and above. It could cost at a minimum rate of $20 million for the newer units but about $3 to $4 million in those units located in old buildings.

Building Security

Whatever your preferred Panama condo is, it is still important to consider the security and safety of your condo unit. Since you’re going to consider this a permanent sanctuary, it would be best to be assured that no malicious individuals can gain access to your comfort zone.

The creation of new buildings due to real estate boom means that most tenants are probably from another country. It is obviously common sense that Panamanians would rather look for a used condo rather than paying for a new one that could cost more than twice the price of an old one. This creates a problem for those living in new buildings.

First, the occupants would likely be unfamiliar with their neighbors owing to the fact that one tends to be a bit secretive when in a foreign land. This barrier may be broken in time, of course, when everyone gets a chance to know each other. However, this could take up to a year and that’s something that should be considered with.
Adding to this barrier is the existence of new security guards. It is not easy to trust these people guarding your building. However, it is also possible that the owners of the building will hire more competent personnel than those situated in old buildings. Sometimes, familiarity can lead to lax in security so old buildings are also susceptible to break-ins as well.

Caution

At this point, it is always to be in constant vigilance when it comes to the people who are working in your preferred building. You should be strict when it comes to choosing your maid since if you hire an incompetent one, it would be like putting your condo at great risk of break-ins. Always make your safety and security as top priority.

There had been incidents wherein security personnel that were manning the building flirt with female housemaids. This could inadvertently create access to the guards to your condo while you are away. This should not be the case. Always educate whoever’s left in your condo to be careful and not just let anybody in.
A lot of bad things can happen in everyday life. Therefore, it can definitely pay off when you coordinate with your neighbors and have a united strategy in making sure that no malicious individuals can ever access your private abodes.

Reputation of the Builder

The boom of new buildings means that you are given many choices in terms of getting your very own condo in Panama. However, always make sure that the reputation of the builder is positive so that you are assured that your money is well spent.

Not to discourage you or something, there had been buildings that were not finished due to lack of needed construction supplies. This means a longer wait time for you and the possibility that the building may never be completed at all and you have no choice but to ask for a refund of your down payment.
This applies if you are planning to buy a unit that has not been constructed yet, somewhat like a pre-sale thing because you tend to get lesser rates for purchasing at an earlier date. One thing you should do is to check the background of the builder. Check with local government departments in Panama and determine if the builder has a clean record. Please do your research in order to make sure that you are getting the best and reasonable deal.

The Choice is Yours...And Your Expert Advisor 

By the end of the day, it will still be you who will decide which to purchase. You have the power to choose between old and new condos in Panama. Remember, don’t limit your considerations on the price of the unit but consider other factors as well. The major factors have been mentioned here thus giving you an informed look in the real estate boom here in Panama.

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