eXp Realty Opens Operations in Panama

eXp World Holdings said eXp Realty expanded into Panama under the eXp Panama banner. The company said it then operated in 17 countries and territories with more than 59,000 agents. Michael Valdes, president of eXp Global, called the opening a step in the Caribbean and Latin America region and pointed to foreign investment, housing demand, and a resilient property market.

Luis Pimentel was named director of eXp Panama. He has more than 20 years in real estate, is a past president of the Panamanian Association of Real Estate Brokers and Developers, and has served on the board of the National Association of Realtors as an international member. Pimentel said the model would change how agents work with buyers and sellers in the country.

Panama was described as the first of three markets targeted for the third quarter of 2021, with Germany and Japan planned later in the year. Puerto Rico, Brazil, Italy, Colombia, Spain, Israel, and Hong Kong were already operating. Agents can earn equity in the parent for production and can work on the cloud platform rather than a traditional office.