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RealtyCast Global #13: Panama Real Estate Insights and Investment Opportunities with Eric Van Hoorde

RealtyCast Global #13: Panama Real Estate Insights and Investment Opportunities with Eric Van Hoorde

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Welcome to episode #13 of RealtyCast Global – a global connection to all things real estate, hosted by Hugh Gilliam, president of Global Property Pros.

The Panama real estate market is a treasure trove of opportunities for investors, expats, and retirees alike. In this episode of RealtyCast Global, host Hugh invites Eric Van Hoorde, the past president of FIABCI Panama and owner of Van Hoorde Realty, to share his expert insights on the dynamic landscape of Panama’s property market. Through an engaging discussion, Eric uncovers the various facets of real estate investment, living conditions, and the promising prospects that Panama offers.

The episode kicks off with an exploration of the post-COVID real estate market in Panama. Eric elaborates on the significant changes and trends that have emerged, particularly in the commercial property sector. He highlights how the pandemic has influenced inventory absorption, making Panama an attractive destination for multinational companies. Government incentives play a crucial role in this scenario, enticing businesses to set up operations in the country, thereby bolstering the local economy.

Residential investments in Panama real estate are another focal point of the discussion. Eric identifies key neighborhoods like the financial district, Costa del Este, and Santa Maria as prime locations for high-return investments. These areas are particularly appealing to investors due to their proximity to multinational companies and essential amenities. The conversation also touches upon the growing interest in beach and mountain regions among expats and retirees. Remote work trends have further amplified the allure of these areas, offering a blend of tranquility and connectivity.

For those considering a move to Panama or purchasing Panama real estate, the episode provides a comprehensive guide on purchasing property as a foreigner. Eric explains that foreigners enjoy the same rights as locals, allowing them to buy property without needing a visa. The Permanent Residence for Qualified Investors visa is also discussed, highlighting its benefits for those investing $300,000 or more. This visa option is a gateway to residency, making it easier for investors to establish a presence in Panama.

Educational options for expatriate families are another critical aspect covered in the episode. Eric outlines the variety of schooling choices available, from American and Panamanian school calendars to international schools that cater to expatriate children. This diversity ensures a seamless transition for families moving to Panama, providing them with the necessary support to adapt to their new environment.

The luxury Panama real estate market takes center stage with the introduction of the Bioma project in Costa del Este. Eric delves into the details of this high-demand development, featuring amenity-packed apartments with terraces, high ceilings, and facilities like a two-star Michelin restaurant and a heliport. The rapid sales of Bioma, with 70% of units sold within ten months, underscore its investment potential. Practical considerations such as maintenance fees and the absence of selling restrictions for non-residents are also discussed, making it clear that Bioma represents a lucrative opportunity for investors.

Security and convenience are paramount in Panama’s residential neighborhoods. Eric compares gated communities in Panama to those in Miami, emphasizing the presence of security guards, gated entrances, and surveillance cameras. These measures ensure a safe living environment, giving residents peace of mind. Additionally, the abundance of shopping and entertainment options in suburban areas, including large modern shopping malls and essential services like clinics and drugstores, make these neighborhoods self-sufficient and highly desirable.

Panama’s climate is another attractive feature for potential residents. The country experiences a distinct rainy season from August to November and dry, summer-like months from December to March. This tropical climate, coupled with Panama’s vibrant culture and lifestyle, makes it an appealing destination for people from all walks of life.

As the episode concludes, Hugh reflects on his friendship with Eric and their shared experiences at International Real Estate Federation meetings. He expresses his gratitude for Eric’s invaluable insights and looks forward to future discussions on the evolving Panama real estate market.

In summary, this episode of RealtyCast Global offers a deep dive into the myriad opportunities and benefits of investing in the Panama real estate market. From government incentives and prime investment locations to luxury properties and expatriate living, Eric Van Hoorde provides a wealth of knowledge for anyone considering Panama as their next investment or residential destination. Tune in to gain a comprehensive understanding of what makes the Panama real estate market a standout choice in the global real estate landscape.

Listeners of this episode are treated to a masterclass in Panama real estate acquisition, an enlightening experience that provides clarity on the strategic approach to navigating this market. With the expert guidance of Arnulfo Arias, potential investors are equipped with the knowledge and confidence to stake their claim in the vibrant real estate scene of this strategic Central American nation.

For real estate agents looking to expand their business internationally, expose existing listings to a global pool of buyers, and connect with new clients, check out Global Property Pros.

For Property Buyers & Sellers seeking assistance in the international market, check out RealtyHive’s property marketing solutions.

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About the Guest – Eric Van Hoorde:

Real Estate Consultant for more than 24 years in the Real Estate sector of Panama, with extensive experience both nationally, in unions and in the private sector, and internationally representing Panama.

General Manager and founder of Van Hoorde Realty (Real Estate Consulting Company). President of ACOBIR (Panamanian Association of Real Estate Brokers and Promoters) during the period 2016-2017 and 2017-2018. President of FIABCI Panama during the period 2020-2022. President of FIABCI AMERICAS during the period 2020-2023. He is currently a member of the Board of Directors of FIABCI, International Real Estate Federation based in Paris.

He has participated in constant seminars, receiving distinctions for performance and sales achieved within the sector. At the same time he has been a speaker in constant talks and presentations supporting the Real Estate Sector.

He has a Master’s Degree in Business Administration with an emphasis in Finance, as well as a Bachelor’s degree in Economics and Finance from the University of South Florida. He also has various certifications from the NAR (National Association of Realtors, USA), such as CIPS, ABR, CRS, SRS, such as the distinction of International Realtor of Year 2018, being the only Panamanian to have received this distinction.

Website: https://vanhoorderealty.com/

Phone: +507 66167769

Email: Eric@VanHoordeRealty.com

About the host – Hugh Gilliam:

Hugh Gilliam co-owned a national transportation company, created a land development business, and worked as a general contractor in residential and commercial construction for over two decades. Hugh also co-founded an international distribution company and successfully negotiated and contracted with 135 sales representatives in the United States, Canada, France, Brazil, Japan, and the Netherlands.

Today, Mr. Gilliam is affiliated with RealtyHive, LLC where he serves as Director of International Real Estate and President of Global Property Pros. His duties include involvement in commercial and residential transactions, plus promoting marketing systems and lead generation platforms.

He is also co-founder of the luxury digital magazine, DOORWAYS INTERNATIONAL, powered by RealtyHive, which serves as a platform for Brokers and Buyers throughout 70 countries.

Hugh’s Designations Include:

  • Certified Luxury Home Marketing Specialist
  • Certified Distressed Property Export
  • Certified International Property Specialist
  • Certified International Investment & Immigration Specialist
  • Transnational Referral Certification

Hugh’s Memberships Include:

  • Georgia Association of REALTORS
  • National Association of REALTORS
  • International Real Estate Federation (FIABCI-USA)
  • Asian Real Estate Association of America

International Vacation Homeownership Options

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Want to own an international vacation property? Better question: who doesn’t?! The great thing about vacation properties is that they not only provide you a home base for traveling but that you can even rent them out and make money. See the options for owning a beautiful bungalow in Belize or a quaint cottage in Canada—and benefit in the process.

RealQuick: Types of Vacation Homes

“Timeshare” is usually the word that pops into people’s heads when thinking about vacation homes, but there are plenty of other options. 

Cabins, beach houses, apartments, condos, and even hotel suites at resorts all are vacation homes. Virtually any type of property can be turned into a vacation home! And what’s more, these vacation home options are different than timeshares because you get to make the rules.

What to Do With Your Vacation Home

You can use your vacation home in three main ways: keep it just for yourself, rent it out yourself (such as through Airbnb or VRBO), or hire a third party to manage and rent it.

Keep It for Yourself

A lot of people get a vacation home (such as a cabin or lake house) and keep it as a standalone. They only use the property for their vacation purposes or perhaps allow family and friends to use it.

The Benefits:

  • Have a place to escape to.
  • Avoid paying for or finding accommodations while traveling.
  • It’s a financial asset.
  • The memories of spending repeated time in a vacation spot are priceless!

The Drawbacks:

By keeping it for yourself, the vacation property is only being used when you’re there. As is true with any property, it’s a significant investment. Some people also feel like they can’t travel elsewhere—they feel like they have to get their money’s worth. Not to mention, if you think owning one home is a lot of work, imagine owning two.

Rent It Out Yourself

Turning your vacation home into a vacation rental undoubtedly opens the door for additional revenue. With renting it out yourself, you are responsible for finding renters and managing the property.

The Benefits:

  • All the benefits of owning a vacation home, plus… 
  • Generates income off of a rental property.
  • Pays off the purchase over time.

The Drawbacks:

It’s a lot of work to rent out your place by yourself—many consider it a full-time job. It’s more convenient if you live near your vacation rental property, but nearly impossible if you don’t. You’ll have to do a solid job marketing it to ensure you’re getting your money’s worth. 

It should be added that if you don’t feel comfortable with others staying in your vacation home, this is not the option for you and that’s OK. Adding tons of stress for money won’t be worth it.

Rent It Through a Management Company

beautiful patio

Hiring a third party to manage and rent out your vacation rental eliminates a lot of hassle. With this option, a property management company takes over renting processes and also provides cleaning.

The Benefits:

  • All the benefits of owning and renting out a vacation home, plus…
  • Saves tons of time on cleaning and renting it out.
  • Makes it possible to own an investment property without having to live nearby.

The Drawbacks:

You’ll pay a fee for these services—it depends on location but some averages estimate 8-12% of the monthly value. Many who use management companies find it harder to use their vacation home themselves—at that point, they’re paying a fee and want the difference to be covered with extra renters.

Everyone has an option that works for them when it comes to owning a vacation property. But before you plan on laying poolside or start dreaming about what that added income will do for your finances, you need a vacation home! Look through RealtyHive to find your perfect property abroad.