Here in Panama, groceries and gasoline prices are similar with the prices in the US, while medical services are much less. When expats retire in Panama, they may apply for the Descuento de Jubilado through the Pensionado Program. It is a discount privilege for people who have retired here and they do not necessarily have to be 55 years old and over. If they can show that they have at least a lifetime awards letter from either social security, 401K program dividends, or a disability that is lifetime, they can also apply for the Descuento de Jubilado. The descuento saves you a tremendous amount of money, which makes up for the things that you spend on a little bit more. The descuento allows you discounts on hospital services and in other places. For instance, if you want to stay in a hotel in Panama, you'll get a discount of 30% or more. For airlines, you will get 25% off which is a big amount. The discount is also 25% off when you buy over-the-counter medicines or prescriptions.
Real estate prices are a bit less in Panama compared to other countries. For instance, the place that we are living in right now in Panama is twice the size but it is exactly half the price of our condominium unit in Newport Beach, California, which was US $3,500 per month. Right now, we pay $1,800 per month for our 2,000 square foot apartment here in Panama. It is in a prime location in the most upscale part of Avenida Balboa in Panama City. We are on the 34th floor of this 52-story building and we have superb views of the ocean, the Panama Canal, 100% view of Panama City, the marina, Casco Viejo, the mountains, and the rainforest. We have the perfect view from our apartment. We also have great amenities in the apartment building such as two different pools, a private movie theater, a huge gymnasium, ping-pong, and squash. There are also two social areas where you can have parties.
The beach areas in Coronado, Panama are another very good example. Coronado was the first upscale development at the Pacific beaches here in Panama. As a realtor for 29 years in Newport Beach, California and 4 years here in Panama, I would say those condominiums and single-family homes that we have listed in Coronado, which are quite upscale developments, would be double that amount in the US. When you look at the amenities they have such as golf, gymnasiums, beach views, and so on, they are about half the cost of what you will find in comparable places such as Newport Beach, California, Ventura (which is the most expensive county in the state of California), Beverly Hills, Malibu, Miami, and South Beach, Florida. The prices for all these places in the US would at least be double what you pay in Panama.