Punta Pacifica Realty (PPR) completed a record number of rentals in August, as demand soars from people relocating from the U.S., Canada, and Colombia.
In total, PPR’s rental team assisted in 42 rentals, the highest monthly total in the firm’s history. Several factors contributed to the surge in rentals, according to the PPR property management team, the largest in Panama City. But many of the renters from the Americas say they were simply looking to escape the problems in their home countries.
“In many cases, people are moving as a result of political frustrations back home,” said PPR managing director Jeff Barton. “People see Panama as a safe haven to escape all the turmoil and tension.”
In addition to the growth of international renters, the other factors driving the rental market included the growth of digital nomads, fueled by Panama’s generous visa policy, which allows people with remote jobs to easily establish Panama as their base. In August, there was also an in-flow of families moving to Panama City to start the school year.
Multinational corporations also continued to expand their operations, as Panama’s economy continues to grow. More executives have been moving to Panama or they are moving up to larger homes as they move their families to the city.
“Our long-term relationships with companies like Caterpillar and Proctor & Gamble are really paying dividends for our property management clients,” said Eddie Montes, PPR’s general manager. “These are highly desirable tenants and perfect matches for clients with units in the top buildings.”
The most popular buildings were The Ocean Club, the Regent in Costa del Este, and the Yoo Panama, which offer expats all the benefits of the Panama City lifestyle.
Newly delivered rental offerings on Ocean Reef Islands are also proving very popular, giving renters an unprecedented opportunity to live on islands minutes from downtown.
“The Ocean Reef properties are spectacular and the chance to live in one of these special homes without spending $1 million is very enticing, especially to young families,” Barton says.
The record numbers also reflect the continued growth and popularity of PPR’s approach to property management, which stresses customer service and security. The staff has continued to expand in recent years and a VIP concierge was added last year to aid clients with multiple properties. PPR’s 45-day executive stay program at the Yoo has also been popular and led to several long-term rentals.
As Panama reopened in the last year, the market has continued to gain momentum. Properties managed by PPR are now 90% occupied and rates are rising in the most popular buildings.