For people around the world, the pandemic will forever change the way they work. Working from home is the new reality for many people, who may go to the office only a couple of times a week, if at all.
The same is true in Panama, where more than 150 multinational companies have established their regional headquarters. Now, more than ever, there is a great demand for apartments with the type of attributes that make working from home a pleasant experience.
For savvy investors, this is an opportunity to target unique rental properties that will help people ease the transition.
▶️ Which are the most wanted apartments in these times?
In the last few weeks, we have seen many renters looking for larger units to accommodate their new work habits. But not all apartments suit their needs. They need more room, but many executives are on budgets and can’t afford much larger apartments.
In general, two bedroom apartments are most in demand, offering single executives or couples an extra room that can be converted into an office.
▶️ How are the Rental Rates of these apartments?
Rental rates for a two bedroom range from $1,300 to $1,600, depending on the building. In a building like The Ocean Club, the most iconic building in Panama City, rents for a two bedroom are typically in the low $2,000s.
▶️ Which are the most popular neighborhoods to target this new trend?
- Punta Pacifica and Costa del Este, where many multinational executives choose to live are my the most sought after.
- Avenida Balboa is also a good location.
- And if you love exclusivity, Ocean Reef Islands is for you. They are the unique man-made islands in Latin America.
All three locations offer easy access to banks, restaurants and business services.
When clients ask me about investing in rental properties, I always suggest that instead of focusing on low prices, they choose a building that can be differentiated from the pack.
The top buildings, with special features, will always be in demand, even in slow markets. They can offer the lifestyle and security that is essential for people who will be spending most of their day working from home.
Excellent amenities are crucial, including high-end gyms, restaurants and a fully-equipped business center.
For example, one of the reasons The Ocean Club (TOC) is so popular in Panama is that everything you need is inside the building.
You can work and live very efficiently, especially now, when we all need to live in our selected bubbles. TOC also has office facilities, which means you can expand into a traditional office space, if necessary.
Interested in learning more? I’ll be happy to answer any questions on the latest trends in the market and Punta Pacifica Realty exclusive deals. Contact me now :