News

Like much of real estate business in Panama City, finding a viable apartment for rent can be a tricky and frustrating experience.

There are countless stories of expats flying to Panama with a plan to stay in a hotel for a couple of nights while they pick the perfect apartment. But they end up paying for a hotel for weeks while they deal with a barrage of rental listings with contacts that never call back; real estate agents who never show up to appointments; and the never-ending saga of waiting in the lobby for someone with the key to open the front door… or the lawyer… or the driver… or the cleaning lady.

I was one of those frustrated expats when I first moved to Panama in 2007. I spent almost a month in a hotel and countless days reliving the same scenario over and over again, until I finally found a place. Then I spent the following two months trying to locate the owner to remedy a variety of issues that came up during the move-in process.

Happily there have been improvements in the industry over the past few years. Professional property management companies are available to help ease the rental process and provide the services and amenities desired by high level executives and expats.

But it still pays to be aware of the nuances and twists of renting in this bustling city. Here are five tips:

1.      It’s OK to negotiate. It’s expected in Panama and owners often start off with unrealistic expectations. And they are often willing to cut the rate in exchange for a long term deal.
2.      Beware of hidden costs. Electricity rates can vary from building to building and can sending monthly costs soaring, especially in the summer.
3.      Be prepared for a hefty payment upfront. Most luxury condo owners require a security deposit that is the equivalent of two month’s rent.
4.      Expect incompetence, lack of concern and a general lack of commitment and integrity… It’s Panama and happily it is changing…
5.      Hire a good broker, our firm only focuses on Punta Pacifica but we can make recommendations to honest brokers elsewhere in Panama city or the beach areas… Find a qualified real estate agency and visit their office before committing to spend hours or days with them.  The location and setup of an agencies office will tell a lot about their operation and what to expect in future dealings.  A 20 minute meeting at their office qualifying their level of professionalism can save hours of frustration wasting time waiting for the typical late broker and being lead to apartments that never fit your defined criteria

Jeff Barton is the Managing Director of Punta Pacifica Realty, the leading sales and property management company with two offices in the exclusive waterfront skyscraper neighborhood of Punta Pacifica. Jeff can be contacted at jeff@puntapacificarealty.com or visit his office on the ground floor of the Aqualina Tower.