In 2nd Home Journal, Ellen Newbury writes, "International Markets Heat Up - Boomers Fuel Second Home Buys Abroad.
Americans are driving the second home market, and redefining it in the process. Baby-boomers continue to expand the market with their increased buying power. And they have begun to turn their attention more seriously to locales outside the U.S.
The move toward international second homes comes is no surprise to the analysts who have tracked boomers for decades. Globalization and the internet have made it easy for these adventuresome Americans to look beyond U.S. borders for investment and recreation. Boomers are being romanced by international hot spots, and they’re looking to invest in the attractive global real estate markets.
The National Association of Realtors® (NAR) confirms the phenomena. “We have seen this trend in Americans buying vacation homes abroad,” says Jeff Hornberger, International Market Development Manager for the NAR.
Hornberger says the NAR expects no slow down in the international second home market in the near future. “The foreign second home market will continue to explode in the coming years. It is not a temporary trend. The most popular destinations for Americans seem to be in Latin America, as this is where the dollar exchange is the best. Especially in Panama where the U.S. dollar is the local currency!
Panama, the third largest country in Latin America, is emerging as a popular second home destination. “The secret is ‘out’ for Panama, and Americans, especially retirees, are expected to move there in droves in coming years,” says Hornberger.
Comprised of 480 miles of terrain linking Costa Rica with Columbia, Panama is arguably the hottest investment opportunity in Central America. Scott Harris has 16 years of real estate experience, and works in sales and marketing for Red Frog Beach in Panama. Harris says, “Panama is one of the hottest international markets and Americans and other foreigners are snapping up property like crazy.”
Jaime Figueroa Navarro is President of Panama All In One, Inc. Navarro says that he has seen the trend in the booming second home market extend into his country. “…we’re experiencing robust growth…many baby boomers are looking to live here as there are many advantages not available stateside…for example, the purchase of a new home or condo comes along with a 20-year homeowner’s tax exemption.”
The local currency is the U.S. dollar, making transactions easier for Americans, as well as removing the component of currency fluctuation and potential investment devaluation.
Navarro feels that now is the time to invest in Panama. He says there are many bargains on the market and the potential returns on investments loom large. “…this is where there is the largest business opportunity for the growing number of investors and promoters. In Panama now, the rule of thumb is, if you build a quality home, it ’s sold…this trend will continue for the foreseeable future.”
Some information in this article is used by permission of Publisher, 2ndhome net
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