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Many visitors to Panama decide to purchase an apartment to have as a second home and a rental investment. While they spend most of the year at their northern home, a second home in a warm country for the cold winter months has its advantages. However, second home ownership requires expensive upkeep and time dedicated to lease the apartment or home when not being used.
Condo hotels are a new trend for owning a second home, which started in Miami Beach and Fort Lauderdale and became popular in other parts the USA and now are worldwide. Buyers can purchase a luxury vacation home at a world class resort and rent it out when not using it to help offset the purchase price.
A big advantage of condo hotels compared with owning an apartment and trying to publicize its availability is that they are professionally run hotels with well known branding and superior management for better returns.
In the U.S. most condo hotels pool revenue and disburse profits to unit owners rather than tracking daily rentals for individual units. In Panama condo hotels each unit is independently tracked for income and profits.
While new hotels are being built all around Panama, new condo hotels are coming too. The Panama Tourism Authority (ATP) states that foreign visitors to Panama grew between seven and eight percent from 2011 to 2012. A record 2.2 million foreign visitors came to Panama in 2012 while so far in 2013 there has been a 10% increase.
Panama’s first condo hotel is the five stars Playa Blanca Resort on a beautiful beach a 75-minute drive from Panama City, which opened in 2003. The resort is expanding to offer more condo hotel rooms on its 200-acre property. Other condo hotels in Panama City include the Trump Ocean Club and the Megapolis Hard Rock Hotel with 1,500 rooms.
Whether one desires a second home in a luxury resort on the beach or a Panama City condo hotel room consult with a Panama real estate attorney before signing a contract to
purchase a second home here.