The Real Estate forum is the culmination of AMCHAM’s Real Estate Committee’s effort to promote ethical behavior and transparency of business practices in what has historically been a shady and confusing business in Panama, especially for American investors. Through the annual forum, the Real Estate Committee strives to educate foreign consumers interested in investing in real estate in Panama. In addition, the Real Estate Committee has partnered with the U.S. Embassy to post relevant information regarding investing in real estate in Panama on the Embassy’s website.
AMCHAM Panama’s Real Estate Committee has created and adopted an industry Code of Ethics to which all member realtors must adhere in order to be part of an exclusive referral network. The first stop for learning about investing in real estate in Panama is often the U.S. Embassy’s website where AMCHAM-approved realtors are listed, and it has become a good source of business for real estate brokers who have sworn to abide by AMCHAM’s Real Estate Committee’s Code of Ethics.
The biggest development in Panama’s real estate sector is the implementation of the new Multiple Listing Service (MLS) system which brings unprecedented transparency into real estate dealings in Panama. The system, to be implemented for listings in Panama City and along the Pacific coast by mid-2013, provides real-time, accurate property values, and will, in effect, level the playing field and discourage price gauging and unethical behavior among competitors.
The MLS case is an interesting one, as the system’s creation started with the private lobbying initiative of AMCHAM’s Real Estate Committee and was finally taken up as publicly funded project by ACOBIR, la Asociación Panameña de Corredores y Promotores de Bienes Raíces.
Gail Geerling, AMCHAM Real Estate Committee Chair and event organizer, said, “For the last few years, our Real Estate Committee has publicly warned consumers about concerns regarding the transparency of real estate dealings, the ethical behavior of realtors, new construction developer contract abuses, and other issues that consumers face when they purchase real estate in Panama. This year, for the first time, we are excited to see some significant positive changes in the Real Estate industry in Panama that will protect all consumers in real estate dealings.”
Media Contacts: Kimberly Crocker, 301-3881 ext. 105