Real Estate Price Ranges

To Purchase: An average 3 bed 2 bath condo unit with 1600 sq. ft in Panama City (PTY) will cost around $200,000-$250,000. It can cost you as little or as much as you want it to be to live in Panama, within extremely broad ranges. Price ranges for PTY apartments or condominiums from $65,000 to $1,000,000+.

To Rent: An average range for a comfortable 2 bd. 2 ba. apartment of 1200 sq. ft. is $1250 per month. The extreme broad range to rent a capital city apartment can be from $800 per month to $5000+ per month.

The cost varies so much depending upon such factors as:

  • Location. Within compact Panama City there are diverse neighborhoods where costs can change dramatically from one neighborhood to the other.
  • Standard of Living:   Amenities may include views of the ocean, pool, fitness center, garage parking, event center, putting green, security/ doorman, and so forth.
  • Safety factors, as within all cities whether in Panama or in the U.S. or Canada.

Panama City (PTY): Currently, there is an oversupply situation in Panama City, so it is a bargain market for buyers. When the US housing market fell in 2008, the demand for second homes or homes overseas dried up. During the real estate boom between 2005-2008, apartment prices were between $185 and $350 per sq. ft. Now you can find condos at $150 sq. ft and up.

You can find properties available under $150,000 for a 2 bedroom 2 bathroom 1000 sq.ft. unit in a high rise building with a terrace, common pool, gym and social area and parking. If you’re willing to accept housing at local standards, you can actually find smaller and older apartments in Panama City at less than $100,000. The design layout and quality of appliances, counters, cabinets and floor coverings may not be up to stateside standards; but remodeling is always a possibility.

If you’re searching for a bit more space, a 3 bedroom 3 bathroom unit with 1600 sq. ft. will cost $200,000–$250,000.

If it’s luxury you’re wanting with a bay view and skyline view with floor to ceiling windows and amenities like pool, parking, fitness center, sauna, putting green, play area, events room and security, then you’re looking at $385,000 and up. Four hundred thousand will buy a luxury 3 bd. 3 ba unit 2300 sq. ft. with all the above mentioned amenities. Of course there are new luxurious units going up above the half a million dollar mark into the million dollar range as well.

Some newer construction units qualify for a property tax exemption for up to 15 years. Otherwise, mid-range property taxes average around $1200 per year.

In the Casco Viejo or Old Town neighborhood, a 2 bedroom 2 bath condo (about 1200 sq. ft. ) sells for around $365,000 and up.

Looking to rent in Old Town? In Casco Viejo, rental units range from $1500 to $2500 and up monthly.

Coronado.  About an hour drive from Panama City are several beach towns.  A new 2 bedroom 2 bath condominium in the  Coronado Bay mid-rise about 1200 sq. ft. will be priced around $250,000.  Pool, gym, sauna, and ocean views are available.  HOA fees around $150 monthly.

Pedasi in the Azuero Peninsula.  You can find a beautiful single family home 3 bedoom 2 bath in Pedasi area with a pool for $247,000.  The broad range of prices is $100,000 to more than half a million dollars and up. 

Real Estate Warning: There is no Multiple Listing Service (known in the US as the MLS system). That means that a property can be on the market with different real estate agents at different prices. There are local prices and there are gringo (foreigner) prices. Make sure you do your homework.

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