Panama is a growing market
At ListGlobally we always want to learn more about our real estate agents and markets. We want to be closer, and also provide them valuable data that they can use on their daily work. Considering that, we've decided to sit down and have a Skype interview with Frank Morrice Arias. He is the General Manager of ServMor Realty.
Come and join us to find our more about this agency and international buyers in Panama.
Working with foreign buyers
ServMor Realty are leaders in the real estate market in Panama and the internationally. They represent one of the largest real estate franchises in the world, and position themselves regionally as the leaders of the franchise, and among the best operations around the world. With a clients base that is more connected to residential properties, they also work on commercial real estate.
Due to their location, ServMor helps investors to settle in Panama. In the last couple of years the country has been growing a lot, and there are some really good opportunities to invest. They are mainly working with Americans, Canadians, Europeans, South America, but they also work with local market.
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Nationalities: Big spenders
ServMor Realty gets a lot of foreign buyers requests. Even companies that are searching to settle in Panama search them to assist in their task of moving countries. International market is really important, and that is why they believe having an international connection and network, as they do with ListGlobally, is very important to increase sales and develop their business.
On the top of the big spenders
ServMor Realty says that they receive lot's of request from Colombia and Venezuela. The reasons are the proximity to Panama, business reasons, and family. They also receive several contacts from buyers coming from USA, Canada, and Europe. In Europe their main big spender are coming from Italy, Spain, and UK. The reason why they receive so many leads is connected to the fact that the amount of multinational companies in Panama is increasing.
When it comes to Chinese buyers, they started working with them since last year. These customers show interest in Panama because it is a way to get into USA. China has put an eye on Panama, and a few months ago they also started a direct flight from Beijing to Panama that is working pretty well. So they expect a growth of these investors in the country.
Why are foreign buyers seeking Panama
Panama is a metropolitan city and people that buy there are mainly people that work for multinational companies, people that want to retire and then people, like those coming from Venezuela, that are also moving there due to any geopolitical constraint.
The main reason for moving to Panama is "Multinational companies". There are international buyers coming to Panama due to working reasons. There was even a case of a company that brought 10.000 families to live in Panama. So, multinationals are a driver to seduce people to live in Panama.
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But investment is not the only reason why people are moving to Panama. US and Canadians are also buying property due to retirement and second homes due to cold weather on the north. When it gets cold in US and Canada people go to their second home on Canada. That happens from late December to April to use their second home. The second home market is also really competitive. There are golf courses around the city, beaches and all those infrastructures makes Panama a really nice option to retire.
“The cost of living is competitive and that attracts lot of retirees into Panama because they can move and live here at fairly simple cost”. Frank Morrice Arias, General Manager at ServMor Realty
Frank also tells us that the retirement visa options that are provided to give benefits and create legal status for retirees to live in Panama must be taken into account when we think about these customers.
Finally, the investment market from countries that see Panama as a stable economy. We are talking about countries like Venezuela, Equador, Argentina, or Brazil. For countries that have a sensible political situation, they see panama as a safe place to invest. The fact that Panama also works with dollar helps investors to seek this country. Dollar is by far more stable than "real" from Brazil for instance.
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Obstacles while working with international buyers
Most of ServMor staff speaks Spanish and English and this fact makes it easier for them to work with international buyers. Language is not a big deal for them, however cultural issues, the legal aspects and all the bureaucracy can slow down the selling process.
For the international buyers that are already thinking that purchasing a property in Panama is a hassle, Frank says that as long as a foreign buyer has a real estate agency handling the purchase they will be fine even though there its different time-frames to consider but that can be done by the professionals.
For example, because of money laundry, Panama has adapted its laws. For a foreigner to open a bank account it needs to go through a process and you cannot purchase a house if you don’t have a bank account. When it comes to financing it starts usually at 70% but it can go up to 90%.
Advices to work with foreign buyers
ServMor Realty works often with international buyers. People are coming to Panama due to several reasons and they actively receive leads from international buyers.
Frank Morrice Arias, says that education and training regarding international buyers is important because they expect a certain level of service that is higher than when compared with local. They need a higher level of service, and quick response to emails is critical when working with foreign buyers
How can ListGlobally help ServMor to improve their business
It is a great tool because you promote proactively our properties around the world. ListGlobally it’s critical to the development of the company.
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About ServMor
Leaders in the real estate market, both in Panama and the international market, and a trajectory that started in 2000. Formerly known as Semusa Realty, they are characterized by its formality, effectiveness and great recognition. For more than 12 years, they represented one of the largest real estate franchises in the world.
They operate in a location of high tourist and commercial traffic at the main entrance of C.C. Multicentro on Av. Balboa, Panama City. They have the largest team of real estate consultants and a qualified and updated organization on real estate issues and with a high level of innovation, dynamism and cutting-edge tools, committed to provide quality service, create lifelong relationships with their clients, with assertive advice and a proactive marketing program in various media to expose as much as possible the represented inventory.
Active members of REALTORS®, PANAMCHAM, Venezuelan Business Club and the Spanish Chamber of Commerce in Panama. They are also part of ACOBIR, being the company with the largest inventory represented and as many property closings since the creation of the Multiple Listing Service (MLS) in 2012, obtaining annual awards, the most recent one being the Company with Higher Sales Volume and Largest Number of Closed Units, both in 2017.
As main strengths to work with international buyers, Frank Morrice Arias states:
- They have great experience and reputation
- They provide really good facilities and location which is comfortable for buyers
- They provide complete services to their agents to make sure they have all the tools and knowledge to succeed.
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Follow the latest news on ServMor Realty here:
About Frank Morrice Arias
Since 2001 is the General Manager of Servmor Realty (before Semusa Realty) what has allowed a vast experience in the field at different stages of business development and real estate market in Panama.
One of his greatest achievements has been consistently receiving on behalf of the company an award from one of the largest real estate networks as one of the most productive companies worldwide (2005 to 2011) and in the same period has been the # 1 office in Central America. In all these years has had the opportunity to participate in various conferences to continually educate and be a leader in the field of Real Estate and has been invited to participate as a speaker in various international seminars.
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