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:
"One of the best ways to find a place to live in Panama City is to use online resources such as websites like Encuentra24.com, PanamaRealEstate.com, and PanamaLiving.com. These websites offer a variety of listings for apartments, houses, and condos in Panama City. Additionally, you can also search for rental properties on popular real estate websites such as Zillow and Trulia. Additionally, you can also contact a local real estate agent or property management company to help you find a place to live in Panama City," said one person in Panama City.
"You will find that Albrook is much nicer than Panama City, but close enough to the City for recreation and business. After almost 30 years in Panama, I chose Albrook for my place to live about 14 years ago. It is not included in any of the relocation tours, although it should be in my opinion. If you are interested in finding out about Albrook, please send me a private message. I also have a very nice room for rent in my house and can send you info on that also if you are interested," remarked one foreigner who made the move to Panama City.
"I made a visit here in August,stayed in a pretty basic place in el Cangrejo, and felt quite at home. It reminds me of Greenwich Village in NYC. I'll be staying in the same place for a month, plan to begin the Pensionado process with a recommended-by-expats att'y., and then move about 1 1/2 hrs.outside the city, coming back in as needed to complete the paperwork," explained one person living in Panama City, Panama.
"We live in Costa del Este because we wanted to be very close to services without being in a noisy city and we also like to walk and Costa del Este is a beautiful place with wide sidewalks and beautiful landscaping," said one expat in Panama City.
"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," remarked one member in Panama City.
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Kovalenko & Vera is a Panamanian law firm that specializes in immigration law, corporate law, real estate law, banking, contract negotiation, taxes and flag registry. With more than 20 years of professional practice, Kovalenko & Vera builds lasting relationships with our clients to ensure your interests are safeguarded.
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Kovalenko & Vera is a Panamanian law firm that specializes in immigration law, corporate law, real estate law, banking, contract negotiation, taxes and flag registry. With more than 20 years of professional practice, Kovalenko & Vera builds lasting relationships with our clients to ensure your interests are safeguarded.
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Click connect to have our partner contact you via e-mail and/or phone.
What is a typical expat home or apartment like in Panama City?
"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.
Kovalenko & Vera is a Panamanian law firm that specializes in immigration law, corporate law, real estate law, banking, contract negotiation, taxes and flag registry. With more than 20 years of professional practice, Kovalenko & Vera builds lasting relationships with our clients to ensure your interests are safeguarded.
Click connect to have our partner contact you via e-mail and/or phone.
Kovalenko & Vera is a Panamanian law firm that specializes in immigration law, corporate law, real estate law, banking, contract negotiation, taxes and flag registry. With more than 20 years of professional practice, Kovalenko & Vera builds lasting relationships with our clients to ensure your interests are safeguarded.
Click connect to have our partner contact you via e-mail and/or phone.
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," explained one person living in Panama City, Panama.
"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," said one expat in 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," said one expat in 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," remarked one foreigner who made the move to Panama City.
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," said one person in Panama City.
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," said one expat in Panama City.
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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