Real Estate in Panama City, Panama
Last updated on Mar 03, 2023
Summary: The most desirable neighborhoods in Panama City, Panama are Punta Pacifica, Costa del Este, San Francisco, and El Cangrejo. The average cost to buy a nice 2 bedroom home in Panama City is around $200,000 USD, while a nice 3 bedroom home can cost around $300,000 USD. These properties typically include modern amenities such as air conditioning, stainless steel appliances, and granite countertops. Foreigners are allowed to purchase property in Panama City, however, there are certain restrictions. For example, foreigners are not allowed to purchase property within a certain distance of the Panama Canal or within a certain distance of the border. When searching for a home to buy in Panama City, it is important to research the area and the neighborhood. It is also important to work with a reputable real estate agent who is familiar with the area and the local market. Additionally, it is important to get a home inspection to ensure that the property is in good condition.
How do I find a place to live in Panama City?
We asked expats how they chose their neighborhood and found a place to live. They answered:
"Originally the view was unobstructed. But immediately around our apt. are schools, Atlapa, a large supermarket, a police station, community pool...things that will not get bought out and have a highrise pop up," explained one person living in Panama City, Panama.
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What is a typical expat home or apartment like in Panama City?
"Depends which part of Panama City you live. We chose to buy a new high rise Condo, 100 meters = 1076 sq ft. Plenty of space for 2 bedroom and 2.5 bath. We always dreamed of living in a high-rise condo in the US when we downsized, and this place does not disappoint! 24/7 Front Desk Security. They deliver my mail to my door. High end Gym, Pool, Jacuzzi, Game Room, Paddle Ball, Social area, wine lockers, parking garage, storage locker(I bought it, but it was like $6,500 only). Walking distance to shops. And fiber optic internet. Spanish helps and working on it. Although, just try most locals know a little Spanish. And many of the Expats are from other Latin American Countries, and many of them speak English fine," remarked one member in Panama City.
"In a highrise, and that was after living in a home, on the ground, in California. Never dreamed I'd be going vertical again. But it has safety advantages, especially in a building that has a good, stable reputation," explained one expat living in Panama City, Panama.
"Expat homes and apartments in Panama City are typically modern and luxurious. Many of them feature high-end appliances, marble countertops, and spacious balconies with stunning views of the city. Expats can also find homes and apartments with amenities such as swimming pools, gyms, and private gardens. Many of these homes and apartments are located in secure gated communities, providing a safe and comfortable environment for expats to live in," said one person in Panama City.
"Right now, my room is comparable in size to a prison cell, but it's clean, there is WiFi, a TV,a desk, a small fridge, and my own bathroom. (Only window is in the bathroom!) Oh, and a bed! A communal kitchen/lounge is available when wanted. Last night was as noisy as all get-out. Hope it won't be a regular thing-earplugs, perhaps. This area is VERY popular with expats; fortunately I know a few of them, so I have someone to advise and direct me, if I need help," said one expat who made the move to Panama City.
What is the average cost of housing in Panama City?
If you are thinking about moving to Panama City, cost of living in probably a key consideration. Expats commented about the cost of housing:
"Electricity more, especially when fuel prices soar. Cable is same. No ppty taxes, but now have $400 a month maintenance in the bldg, which includes water, garbage, common area items. When I look at check registers from California, I'm reminded that we paid a monthly (smaller) fee, but paid for garbage removal, gardener for back yard, all utilities, cable, phone. Here I can live with a cell phone only," said one expat in Panama City.
Should I buy or rent a home in Panama City?
If you have not spent a lot of time in Panama City, you should rent before even thinking about buying. We asked expats there about the buy vs. rent decision:
"Yes. a condo. Process is kind of sloppy. A bit tricky. Need a good attorney. a lot of patience," said one person in Panama City.
"Buying a home in Panama City can be a great investment. The city is growing rapidly and real estate prices are on the rise. Renting a home in Panama City can also be a great option, as it allows you to experience the city without the commitment of buying. It is important to consider your budget and lifestyle when deciding whether to buy or rent a home in Panama City," remarked one foreigner who made the move to Panama City.
What do I need to know when buying property in Panama City?
When we asked expats what advice they would give a foreigner before buying a property in Panama City, they said:
"1. It is important to research the area you are interested in buying property in, as different neighborhoods have different characteristics and amenities. 2. It is also important to understand the local laws and regulations regarding property ownership, as well as any taxes or fees associated with purchasing property. 3. It is recommended to hire a local lawyer to help you navigate the legal process of buying property in Panama City. 4. It is also important to consider the cost of living in Panama City, as well as the availability of public transportation, healthcare, and other services. 5. Lastly, it is important to understand the local currency and how it affects the cost of living and purchasing property in Panama City," wrote one expat who made the move to Panama City.
Are foreigners allowed to own property in Panama City?
When we asked expats what advice they would give a foreigner before buying a property in Panama City, they said...
"Yes, foreigners are allowed to own property in Panama City. The Panamanian government has established a legal framework that allows foreign individuals and companies to purchase and own real estate in Panama. Foreigners can purchase property in their own name or through a Panamanian corporation. The process of purchasing property in Panama is relatively straightforward and can be completed in a few weeks," explained one person living in Panama City, Panama.
What appliances are typically included in a rental?
We asked foreigners in Panama City what appliances are typically included in a rental, and, if there is anything else included or not included that a newcomer would not expect. Replies included:
"In Panama City, rental properties typically include a refrigerator, stove, oven, and washing machine. Additionally, some properties may include air conditioning units, dishwashers, and microwaves," explained one person living in Panama City, Panama.
Additional Information about Searching for a Home in Panama City:
We asked foreigners in Panama City what appliances are typically included in a rental, and, if there is anything else included or not included that a newcomer would not expect. Replies included...
"Expats can search for homes in Panama City by looking online for real estate listings, contacting local real estate agents, and searching for rental listings on websites such as Airbnb and VRBO. Additionally, expats can look for housing options in local newspapers and magazines, or ask friends and family who have lived in Panama City for recommendations," explained one person living in Panama City, Panama.
About the Author
Joshua Wood, LPC is one of the Founders of Digital Nomad Exchange and serves as Co-President of Expat Exchange. Prior to Expat Exchange and Digital Nomad Exchange, Joshua worked for NBC Cable (MSNBC and CNBC Primetime). Joshua has a BA from Syracuse and a Master's in Clinical and Counseling Psychology from Fairleigh Dickinson University. Mr. Wood is also a licensed counselor and psychotherapist.
Some of Joshua's articles include Pros and Cons of Living in Portugal, 10 Best Places to Live in Ireland and Pros and Cons of Living in Uruguay. Connect with Joshua on LinkedIn.
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