There is no such thing as a gringo price, but there is an ignorance price.
No seller cares what passport you carry, what your native language is, or what your native culture is. They simply want to sell at the highest possible price.
Look, I was born and raised in a small town (less than 20,000 residents) in rural New York State in the US. We were surrounded by beautiful countryside. If someone who looked rich rolled in from New York City, fell in love with land we owned, appeared to be an otherwise ignorant “foreigner”, and asked us how much we wanted for our land, we would very likely have doubled or tripled the normal price. Why not? It was worth an effort. Our attitude was simple. If you were stupid enough to give us three times the value of our land, we were smart enough to take your money.
In Panama (and everywhere), do not be ashamed to be ignorant. The property you love may fit your budget, but that does not mean you have to pay more than it is worth. Here is a suggestion, if you ever feel like “jumping on” a property you think is beautiful and affordable. Once you hear the price, just say, “Thank you. I will consider that. I do not know the price of (land/homes/condos, etc.) here, so I have more research to do. After that, if this seems like a good deal, I will get back to you.”
If the seller has quoted you a ridiculously high price, he or she is now aware that you are very likely going to discover that quickly and they will lose a sale.
Who knows? The offering price may fall…quickly. Fine, but you still do not make an agreement.
You go out and see other properties and talk to other people who live in the area. But in any case, you are far, far less likely to buy at a ridiculously high price.
Forget gringo price. Think ignorance price. Protect yourself. Use common sense.
