• Average asking price $1,253,665
  • % + or - average Caribbean property price -81%
  • Property price range $159,000 - $6,500,000
  • Average price per sq ft $280
  • Annual tourist arrivals 2.3 million
  • % change in annual tourist arrivals +4.7%

Overview – The Panama Real Estate Market

Thanks to a business-friendly environment, a strategic location at the crossroads of North and South America, a US Dollar=based economy and the recently expanded canal, Panama has been one of the fastest growing economies in the world over the last decade. Annual growth averaged 7.2% between 2001 and 2013, 6.1% in 2014, 5.8% and 5.4% in 2015 and 2016, rising to 5.5% in 2017.

While growth has slowed somewhat since 2013, the economy is still forecast to grow 5.5% in 2018 and remains one of Latin America’s fastest growing economies. Economic growth has made Panama a very happy place. The country’s citizens were recently ranked first in a global survey of well-being and contentedness.

While the country’s breathtaking beaches, 1,800 islands and islets and vast rainforest are still considered off the beaten track and ripe for exploration, the capital, Panama City, is a vibrant, diverse city of over 880,000 people. With a low cost of living, low crime rate and good quality healthcare, it offers a very high standard of living. This mix of urban energy and laid back beach life has made Panama a popular tourist destination which attracts over 2 million visitors per year.

Much like Central American neighbors Costa Rica, Belize and Nicaragua, as tourism has grown, so too has Panama’s real estate market.

Contemporary developments of apartments and condos have sprung up in and around Panama City and luxury homes for sale are available in beachfront communities and private island resorts – ideal for a second home or investment property.

Popular areas include Altos del Maria, Bocas del Toro, Contadora, El Valle de Anton, Isla Palenque, Rio Mar and Panama City.

 

Search our Panama Real Estate Listings

As specialists in luxury property in the Caribbean and Central America, we can introduce you to a wide selection of the finest residential property, land for sale and commercial real estate in Panama.

Our agents on the ground can offer unrivaled local insight into the market and the most desirable investment opportunities.

To discover your perfect property in Panama, search our Panama real estate listings.

 

Areas – Panama City

Panama City

Discover Panama City – Read our Guide to Panama City Real Estate.

Punta Pacifica

Discover Punta Pacifica – Read our Guide to Punta Pacifica Real Estate.

Punta Paitilla

Discover Punta Paitilla – Read our Guide to Punta Paitilla Real Estate.

Santa María

Discover Santa María – Read our Guide to Santa María Real Estate.

 

Areas – Pearl Islands

Pearl Islands

Discover Pearl Islands – Read our Guide to Pearl Islands Real Estate.

Contadora

Discover Contadora – Read our Guide to Contadora Real Estate.

 

Areas – Other

Altos del Maria

Discover Altos del Maria – Read our Guide to Altos del Maria Real Estate.

Bocas del Toro

Discover Bocas del Toro – Read our Guide to Bocas del Toro Real Estate.

Buenaventura

Discover Buenaventura – Read our Guide to Buenaventura Real Estate.

Chiriqui

Discover Chiriquí – Read our Guide to Chiriqui Real Estate.

Cocle

Discover Cocle – Read our Guide to Cocle Real Estate.

Colon

Discover Colon – Read our Guide to Colon Real Estate.

Coronado

Discover Coronado – Read our Guide to Coronado Real Estate.

El Valle

Discover El Valle – Read our Guide to El Valle Real Estate.

Farallón

Discover Farallón – Read our Guide to Farallón Real Estate.

Los Santos

Discover Los Santos – Read our Guide to Los Santos Real Estate.

Panama Oeste

Discover Panama Oeste – Read our Guide to Panama Oeste Real Estate.

Pedasí

Discover Pedasí – Read our Guide to Pedasí Real Estate.

Playa Blanca

Discover Playa Blanca – Read our Guide to Playa Blanca Real Estate.

Río Hato

Discover Río Hato – Read our Guide to Río Hato Real Estate.

 

Buying Property in Panama

There are no restrictions on foreign buyers acquiring real estate in Panama. Foreign buyers enjoy the same rights as Panamanian citizens.

Once you have made an offer on a property and that offer has been accepted, you will need to pay a deposit. You should ensure that thorough due diligence is conducted. Both you and the seller will then need to review and sign a Purchase and Sale Agreement. Upon signing, title will be transferred and the balance of the payment should be paid.

The seller is responsible for paying a transfer tax of 2% of the updated registered value (registered value + 5% per year of ownership) of the property or the purchase price (whichever is higher).

There is an annual property tax which varies according to the assessed value of the property, as follows: ~$30,000: 0%, $30-50,000: 1.75%, $50-75,000: 1.95%, $75,000+: 2.1%. Some properties are exempt from property tax.

Panama actively encourages retirees and expats to move to Panama and offers a range of visa options with highly attractive incentives for investors and retirees with guaranteed income.

 

Panama – Land for Sale

Purchasing a lot of land provides you with a blank canvas and the opportunity to build your dream home in Panama.

Whether you are looking for beachfront land or a centrally located plot, we offer various lots of land for sale in Panama.

For larger parcels of land for commercial development, please see our commercial real estate listings.

 

Saving on Your Purchase

You could save money when investing in Panama real estate by using a foreign exchange expert to get the best rate for your property purchase. We have partnered with Halo Financial, a specialist in foreign exchange, to help you get the best exchange rates when making one-off or regular international payments for a property purchase in Panama. To see how you could save money, read more: Foreign Exchange.

 

Getting There

There are direct flights to Panama’s Tocumen International Airport from various cities in North, Central and South America.

From North America, you can fly direct to Panama City from cities including Miami (American Airlines), Atlanta (Delta), New York, Boston, Toronto and Los Angeles (Copa).

From Europe, fly with Air France, Iberia or KLM.

Tocumen International Airport, which was recently expanded and renovated, is centrally located just 24km outside of Panama City.

Atlanta to Panama: 4 hours 05 mins
Boston to Panama: 5 hours 40 mins
Los Angeles to Panama: 6 hours 45 mins
Madrid to Panama: 10 hours 25 mins
Miami to Panama: 3 hours 00 mins
Toronto to Panama: 6 hours 50 mins

Local weather

19° Precipitacion0.08%
Tue 18° | 22°
Wed 18° | 22°
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Fri 17° | 22°
Sat 18° | 22°
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Mon 18° | 21°

Local time

2:23PM Monday 19th Feb 2018 (EST)
Tue 18° | 22°
Wed 18° | 22°
Thu 18° | 22°
Fri 17° | 22°
Sat 18° | 22°
Sun 18° | 21°
Mon 18° | 21°

Fast facts

  • Population 3,929,141
  • Capital Panama City
  • Language Spanish
  • Currency Balboa
  • Time zone GMT-5 | ET