The real estate industry is closely related to tourism, a destination requires basic infrastructure so that it can accommodate visitors, whether for the day or overnight, as well as a series of other businesses: from restaurants to convenience stores. In Panama there is still a lot of infrastructure to be developed in the different destinations, especially in those with a greater tourist vocation. However, it has been experiencing a recovery in the post-pandemic period with a focus on tourism.
Vacation Homes on the Rise
Donaldo Antonio Lindsay, an expert in Real Estate with more than 30 years of experience in the Panamanian market, believes that there is a greater turnover of beach-vacation homes, even at levels higher than the pandemic period. Figures according to the Public Registry, the Panamanian real estate sector generated $821 million in the last quarter, a figure that is above 2020, forecasting a recovery for the second half of 2022 and exceeding pre-pandemic levels for the 2023. Figures that combine both city residences and beaches.
A Wide International Market
Donaldo Lindsay comments that when investing in the real estate market in Panama, it is very important to take into account the target markets in our country, such as: Millennials, Baby Boomers, Europeans, North Americans and South Americans; since depending on the niche to which one is directed, all the communication and marketing effort is directed. Something positive is that in Panama, there is a plural number of interested parties, which encourages investment towards any of the niches that you want to target.
Invest in Properties and Customer Service
The real estate expert thinks that when investing in tourism in our country, the first and healthiest thing is to rent with the option to buy. It recommends the direct purchase only if the property has a very strong capital gain that, if not acquired at the moment, the price could rise significantly in the short term, added to the fact that the probability of purchase decreases due to the number of proposals.
However, there is one element that ensures the tourism business and keeps the value of real estate within the Tourism Industry: excellent customer service. Donaldo Lindsay appeals to his thoughts and experience in tourism indicating that the price of the tourist experience in the destination is useless if the value of the service is not higher in his perception and satisfaction.
For the expert, there are many experiences from neighboring countries in the North, Europe and Asia, where despite the fact that tourism is expensive, the personal service is superior, elevating the tourist experience and maintaining a high volume of visits. In this sense, Panama has been indebted to this issue for a long time, since it is the only way to achieve tourism development.
Beach, the Highest Value Sector
When a person wishes to acquire a property in Panama in a tourism sector, it is important to know the areas of the country that have the greatest potential in the short and medium term. Within the analysis that Donaldo Lindsay carries out, the sectors with the greatest potential are:
• The Pacific Riviera (Chame, Coronado, Rio Hato, Pedasi, Santa Catalina).
• Highlands of Chiriqui (Boquete, Cerro Punta and Volcan).
• Bocas del Toro, mainly in Isla Colon and surroundings.
• The beaches of the Colonense Atlantic.
Everything indicates that the real estate industry in Panama is recovering back to pre-pandemic levels and that the new direction in national tourism will help generate sustainability and the highest value of all the ingredients: first class personal attention.
