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In the News from Panama

Hurricane Season Turns Property Buyers to Panama

The run of horrific hurricanes battering Florida is once again sending prospective home buyers to Panama, a well-known hurricane-free zone.

In the wake of hurricanes Helene and Milton, Punta Pacifica Realty has seen a significant increase in queries, as second-home buyers and investors explore alternatives, says PPR managing director Jeff Barton. Prospective buyers are asking about storm patterns, as much as building amenities, he says.

“We’ve seen this over and over again,” Barton says. “After yet another violent storm, people see the precarious nature of living in a hurricane zone.”

This year, many of the queries are focused on Playa Caracol, the stretch of white sand in west Panama, a 70-minute drive from the capital. With several high-profile projects in development, the area is the buzz of the Panama property market, offering buyers to get in on the ground floor of a booming region, which also happens to be far removed from any hurricane activity.

“There are not that many beach areas in Latin America that are not affected by hurricanes,” Barton says. “ Playa Caracol checks all the books, and it allows people to buy without the fear of a horrific storm hanging over their property.”

Owning property in a hurricane zone is always a roll of the dice. But the situation is getting worse in Florida. Scientists confirm that the frequency and severity of storms in Florida is getting worse. And, at the same time, insurance costs are skyrocketing, as well as homeowner association fees.

According to a recent New York Times article, Florida condos have become a “nightmare” for owners. Many homeowners are shocked by the fees, as condo association costs skyrocket. New regulations are forcing buildings to upgrade and ensure their safety against storms and natural disasters.

Panama is a natural option, offering many of the benefits of Florida living, without the costs or omnipresent fear of storms.