
The cost of building a house in Panama depends where you go. You go to a Panamanian and you can have can a 150 square meter built house, finished with plumbing, electricity and cesspit for about US $65,000. This is for a standard house. Three bedroom, two baths, standard type. (150 square meters is about 1,600 square feet.) The same house in the US would cost you $200,000 to $250,000 to build.
You have to pay extra fees for your tiles and other finishing items. The price I just quoted is for a basic build, finished, US $65,000.
There is not much difference between the American standard US $200,000 home to the US $65,000 Panamanian home. You can choose a granite top if you like. To give you an idea of the cost here, I put a granite top in for $300. That is for the whole granite top and the labor.
The Panamanian $65,000 home and the US $200,000 home virtually have the same type of finishes. The only difference is that the Panamanian builders have a nasty habit of not putting anything on the floors first when they build. That is alright if it is a new build but it’s not if they’re doing renovation. They don’t put anything on the floor so you get stuff on the floors. You have to clean it up because they don’t clean it up.
You have to make sure you get a good builder, like the one I found. He has an excellent rate and I saw his work. He has built two small urbanizations. He’s built eight or more houses in the country. He showed me one house that he built for $65,000 and it was absolutely finished perfectly. Everything’s straight and beautifully done. He has even done a double phase cesspit for your waste water, double filter, electric panels in, nicely done.
(A cesspit is where your bad water goes. It is a septic tank. They call it fosa negra here. "Fosa" means "hole," so it is like a black hole.)
(Children practicing baseball in neighborhood in Santa Fé de Veraguas, Panama, pictured.)