In the News from Panama

Panama Agency Warns About Property Scams

The Panamanian Association of Real Estate Brokers and Promoters (Acobir) is urging property buyers to be extra diligent in hiring reputable real estate agents, after reports of scammers posing as developers.

The Panama real estate market has been steadily growing in the first half of the year, the organization says. And that has brought disreputable players trying to take advantage of shoppers who may not have proper representation.

Here at Punta Pacifica Realty, it is disturbing to hear that people exploring Panama real estate are seeing the bad side of the market. In general, Panama is one of the safest and easiest international markets to do business. But we also appreciate that ACOBIR has issued a warning to remind people to be extra careful and make sure they are dealing with an experienced real estate professional. 

“We make a call to the community in general for the correct hiring of ideal real estate brokers, who have the license to practice this profession,” the president of the guild, Francisco Cheng, said in El Capital Financero. The agent should have a license number, which can be verified on the Ministry of Commerce website. “With this information, the buyer ensures that he is being attended by a suitable professional,” Cheng said.

We believe you should also ask more of your real estate agent to make sure they are not only reputable but have the experience and skills to properly assist you in the transaction. You should ask tough questions. How long have they worked in the market? Do they have references? Can they speak with authority and insight into the market?

At PPR, we know there are many levels to providing the service necessary to complete a deal to the satisfaction of all parties. That means being able to provide legal assistance, create accurate documentation and provide the service to ensure every aspect is done correctly and efficiently. We pride ourselves on being able to answer all your questions and are more than willing to share our credentials and prove our value.