Frequently Asked Questions
1- Q: What does it cost to build a house?
A: Construction prices at the moment are being quoted as low as $125/square foot for the type of construction quality expected at Los Islotes.
2- Q: Are there building restrictions?
A: Los Islotes is being designed in the Spanish colonial style. This means white stucco exterior walls and red clay tile roofs, for example. Los Islotes Architectural Guidelines provide further details of construction expectations and establish a set of required measures and standards for the design of all buildings within the community.
3- Q: When must I begin building my house?
A: Building must begin within three years of water, wastewater, and electricity reaching your lot. Construction must be completed within 18 months from the start date.
4- Q: How much are HOA fees expected to be?
A: HOA fees will begin once water, wastewater, and electricity reach your lot, and they are estimated to be $150 per month.
5- Q: Are there any Covenants, Codes, and Restrictions (CC&R’s)?
A: Yes. Every owner is provided with a copy of these prior to title transfer.
6- Q: Where are the nearest medical facilities?
A: The largest hospital is located in Santiago, 96 kilometers from Los Islotes. The clinic in Mariato, 42 kilometers away, can handle small emergencies and basic care.
7- Q: Where is the closest airport?
A: Santiago, 96 kilometers from Los Islotes, has an airport, available for use by private planes. Panama City’s main international airport, Tocumen Airport, is 368 kilometers from Los Islotes.
8- Q: Where is the nearest grocery store?
A: You’ll find U.S.-standard groceries in Santiago, 96 kilometers away. Mariato, 42 kilometers from Los Islotes, has three convenience stores where you can shop for basic supplies, including meat and vegetables.
9- Q: Can you recommend a builder?
A: We can provide a list of builders available to build at Los Islotes.
10- Q: Will I have to pay property tax?
A: Property Taxes:
As of January 1 2019 the following tax rates for primary family residences will apply:
1. 0% for homes valued under $120,000.00
2. 0.5% for homes valued between $120,000 and $700,000
3. 0.7% for homes valued over $700,000.00
The following rates apply to weekend or holiday homes, investment, rental, commercial or industrial properties:
1. 0% – less than $30,000
2. 0.6% for properties valued between $30,000 to $250,000
3. 0.8% fo properties valued between $250,000 to $500,000
4. 1.0% for properties valued over $500,000.00