The republic of Panama is in Central America and is situated on the isthmus connecting North and South America. Panama was colonized by Spain and therefore it has a Spanish influence. Just like any other country, having property in Panama is a big deal to the residents and foreigners. There are a lot of properties in Panama of all kinds. The panama real estate industry has been expanding for the last decade because of the increasing number of people who find panama a retirement haven. There are several types of property being sold and bought in panama with beachfront real estate in panama experiencing the biggest growth in investments.
The first type of property in panama is titled property. This type of property is very similar to that of “fee-simple” titles in America. The public registry of panama is highly sophisticated and has a department that manages the registration of titled properties in the whole country. Titled property is the most common and preferred type because it is easily verifiable in the registry. The panama real estate companies always recommend titled property to their clients and they have a variety of such property everywhere in the country.
This type of property is also common because it provides investment security because private property such as beachfront real estate in panama has a guarantee in the constitution of Panama. Titled property can also be used to generate revenue and this makes it attractive to clients. Securing and purchasing titled property in panama is relatively simple hence its popularity. Titled properties can also be used to acquire mortgaged loans because banks will register liens against the title as collateral on the loan.
The second type of property in Panama is possession rights property. This type of property is similar to the “squatter’s rights” in North America. This is property owned by the government of panama and is occupied or used by a Panamanian individual or organization in a designated period of time. The right to possess such property is granted to the possessors through a process of certification issued by governmental organizations who own the property.
The panama real estate agents do not have control of such property but they can help clients in locating such property and in acquiring certification of possession. Most rights of possession could become titled by purchasing the property from the government. However, titling of possession is prohibited in certain areas such as certain coastal areas and therefore beachfront real estate in panama is not able to sell such property.
The last type of property in panama is concession property. This is similar to lease arrangement in most countries. This type of property is also owned by the government. It grants concession to individuals or organizations to use for a specific purpose such as building a hotel or real estate and therefore panama real estate companies can also purchase such property for real estate purposes. Concession property is normally situated in coastal areas or other governmentally protected areas where titles are not permitted by law. Companies specializing in beachfront real estate in panama have a lot of clients both local and international for concession property in panama.