News

The Internet is buzzing with news that Panama was named one of the least expensive places to live in the world. Mumbai is the cheapest big city, while Singapore is the most expensive, according to the Economist Intelligence Unit’s latest Worldwide Cost of Living survey.

I always experience mixed reactions to this type of report. On one level, it’s great to see Panama recognized on an international scale, especially if the report helps educate people about the benefits of Panama.

But these studies rarely tell the whole story.

The other day I spent the day on the pool deck at Trump Ocean Club talking with friends visiting from snowy, Grosse Point, Michigan. They brought the article about Panama making the list of inexpensive cities to my attention, as they are considering buying another home in Panama.

Well, if you have ever been to Grosse Point, you know the average home is over 5,000 square feet and my friends live way above the average. Why would they be interested in moving to Panama? So I decided to do my “buyers sales analysis” on them and I asked them a few questions.

For my friends, I learned, it really isn’t about the money — it’s Panama and all this little jewel box of a country has to offer.

My friends told me the thing they like best about Panama is its quick access to everything. Choices for day trips or divergent weekend “getaways” are in abundance. Dinning out is like Miami, Colombia or what Venezuela used to be for discriminating tastes and palates.

I live in Trump and my wife has a business five minutes from Punta Pacifica. I walk to work and she drives to Costa del Este every day.

My discussion with my friends reminded me that there is more to living in Panama than good deals.

I’m not sure if any of my clients who purchased real estate from my company, Punta Pacifica Realty, did so because Panama is so inexpensive — it’s OK with me if they did.

But there is a lot more to the market. Stop by our office or email me for our free Panama Real Estate Buyers Guide and discover why so many people from around the world are attracted to Punta Pacifica. There is still some room for a few more on the pool deck at Trump Ocean Club.

Duncan McGowan is president of Punta Pacifica Realty, a Panama real estate agency focused on Punta Pacifica, the neighborhood of 18 towers perched on the edge of the Pacific Ocean.