What's the price of a home, condo or apartment in Panama?
Bill Hamilton - Bill Hamilton
Prices for property in Panama vary as in any other country. It depends on the location and type of house one is looking for. In Panama City property prices are higher. A nice area with a 3 bed house (as an example) Clayton or Balboa, can be between $300,000 and $500,000. And an apartment in town from a modest one to luxury can vary a great deal. Maybe $150,000 to as high as you like! Probably a reasonable place would cost approx.$200,000 plus.
Out...
Prices for property in Panama vary as in any other country. It depends on the location and type of house one is looking for. In Panama City property prices are higher. A nice area with a 3 bed house (as an example) Clayton or Balboa, can be between $300,000 and $500,000. And an apartment in town from a modest one to luxury can vary a great deal. Maybe $150,000 to as high as you like! Probably a reasonable place would cost approx.$200,000 plus.
Out of town in the provinces there are some nice houses for $85,000 up. In any heavily populated ex pat area you will always pay a lot more.
The cost to buy a home, apartment or condo in Panama depends on the area. If you go to places like Boquete, the prices are escalated. To me, the prices in Boquete are too high and ridiculous.
I’ll give you an example of what my wife and I did. We decided to look for areas that weren’t quite so well known. We explored all over. I found on Encuentra24 (which is a great place to find properties), an advertisement of the house we’re living in now. I looked at it, loved the view, the quietness of it, and how the nearest neighbor is about a kilometer away. We have a Claro signal tower down the road that has good communication for a dongle for my computer for Internet. The Internet is very, very fast here. You can get cable TV if you want but closer to the town. There is no problem with the water and electricity.
The house we found was fairly new but needed quite a bit of work, so we renovated it. We changed it into a two bedroom from a three bedroom to make a huge bedroom. We have a large lounge and terrace and built a covered garage on the side. We paid US $65,000 for the property. The property must be titled when you buy property here. They threw in nearly a hectare of land, about 8,500 square meters, just under a hectare. (There’s about 2.4 acres to a hectare.) I’m pretty pleased with it. I’m planting fruit trees everywhere. We will probably put a pool in later on.
The cost of a pool, with local people doing it, with motor and plumbing is around $3,000 to $4,000, which is a lot cheaper than you get in the other places.
We found a local crew to come in and the cost of labor is actually incredible. I have a double drive with electronic gate to the front. We paid around $800 for the whole lot including the motor. The contractor made the gate himself on site.
The name of the village is Pedregosa, in between two villages, and about 30 minutes drive from from San Francisco, which is a village with one of the oldest churches in Panama. Santiago is a 40 minute drive from here in Colobre. The name of the province is Veraguas. Panama City is three and a half hours away.
We have nice view, very quiet, with lots of cows and birds around, of course. Everyone seems to ride bicycles or horses here. I’m about to buy a horse, which will cost me a princely sum of $200. It’s quite a nice horse. A local called in to introduce himself and I bought some cheese because one of them is a cheese maker. The other guy owns a few fincas (small farms) so he took me on a tour– beautiful places.
We made some friends when we came here on our exploratory visit about six years ago. We met them in Pedasi, which is where we originally wanted to go but the prices have skyrocketed there now, far beyond what they should be. So, we decided on this and we have not looked back. We haven’t regretted it.
We’re located a three and a half hour drive into Panama City. Santiago City has one shopping mall at the moment. It has big supermarkets and they are also building a huge shopping mall, which should be finished in about 8 to 9 months.
Everything you need, you can get here. We drive into Panama City once a month to stock up the freezer which we have in the store room that we made. We get everything there. You can buy most of the items at mini markets there and all the building materials are available here so we really don’t lack for anything.
Posted April 3, 2013
JuliAnne Murphy - Panama Pacifico
Pricing for real estate in Panama depends on where the property is located - not just the location in the country but the location within it's community. If you want something front and center with an ocean view, you'll pay more. City view - less. Ocean front - more. More amenities close by - in the city, probably more. Do you want to live in a suburb of Panama - like Arraijan or San Miguelito, which are each 30 minutes from the city? You'll probably pay less.
Pricing for real estate in Panama depends on where the property is located - not just the location in the country but the location within it's community. If you want something front and center with an ocean view, you'll pay more. City view - less. Ocean front - more. More amenities close by - in the city, probably more. Do you want to live in a suburb of Panama - like Arraijan or San Miguelito, which are each 30 minutes from the city? You'll probably pay less.
It also depends on the level of home or condo you wish to buy. If you want a higher level of amenities or finishes, you'll pay more than if you get a simpler interior finish or a simpler design.
Really, Panama is not much different in this way than anywhere else in the world. It's important to do your homework and list out all the things you want from a community and a home BEFORE you buy anything or even contact a real estate broker.
Posted April 4, 2013
Louis Seldon
The prices of homes in Panama are not cheap like people make it out to be. Comparable houses to what those of you from the US are used to can sell from $400,000 up, and the infrastructures doesn't support it. I tell people to go down for 4 - 6 month & look around. Panama is now like Florida in the cost of houses, not cheap. We were watching houses in Vista Mar on the beaches, first offered at $225,000 that are now much higher.
... The prices of homes in Panama are not cheap like people make it out to be. Comparable houses to what those of you from the US are used to can sell from $400,000 up, and the infrastructures doesn't support it. I tell people to go down for 4 - 6 month & look around. Panama is now like Florida in the cost of houses, not cheap. We were watching houses in Vista Mar on the beaches, first offered at $225,000 that are now much higher.
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Saludos amigos ~~ Lou
Posted April 6, 2013
Yuri Sapozhnikov - Cpanama.com
In Panama the price of a home in a good area will be from $140,000 to $10,000,000.
In Panama the price of a home in a good area will be from $140,000 to $10,000,000.
Posted April 17, 2013
Alan Filliger - Alana la Casa del Arte
The price of a home in Panama will depend on what you want, where you want it and what is your budget. I have seen new homes in Panama offered anywhere from $35,000 to over a million dollars. Generally, homes at the ocean will be more expensive than homes away from the ocean, given the homes are otherwise equal. It can be the cost of the lot that makes the big difference. I decided on a lot and home one block from the ocean and I saved over $300,000 just on the...
The price of a home in Panama will depend on what you want, where you want it and what is your budget. I have seen new homes in Panama offered anywhere from $35,000 to over a million dollars. Generally, homes at the ocean will be more expensive than homes away from the ocean, given the homes are otherwise equal. It can be the cost of the lot that makes the big difference. I decided on a lot and home one block from the ocean and I saved over $300,000 just on the lot.
I figured I could still be a couple of minutes from the ocean by foot and spend more money on the house. The maintenance cost for a home a little away from the ocean can save you thousands of dollars over time.
Bottom line is you can spend not a whole lot for a home or you can spend millions. There is a beautiful community in the mountains with an 18 hole championship golf course, (community dues are about $5,000 per year and includes golf membership) where you can build a mansion and spend whatever you can handle for a great place in a superior location. Panama will have something to fit every budget.
Posted July 24, 2013
Stefany Morrison - Proyectos Cubitá
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The cost to buy a home, apartment or condo in Panama will depend on the area in which you're seeking to purchase. If you are looking to buy in Panama City you can find houses from $50,000 for low income to a million dollars for exclusive gated community projects. But if you travel to the interior of Panama, Chitré is a great option for a place to buy a house or an apartment as this city has been growing very fast in the past years....
The cost to buy a home, apartment or condo in Panama will depend on the area in which you're seeking to purchase. If you are looking to buy in Panama City you can find houses from $50,000 for low income to a million dollars for exclusive gated community projects. But if you travel to the interior of Panama, Chitré is a great option for a place to buy a house or an apartment as this city has been growing very fast in the past years. Chitre is located in Azuero Peninsula. The best option to buy in Chitre is Cubita as it is the premiere Azuero real estate project, complete with a gated residential community consisting of 26 single family homes and four condominium complexes.
In Cubita you will find houses with the highest standard of quality for the half of the price that you can find in Panama City. The Cubitá homes for sale in Chitre have been designed with the vision of preserving the local Spanish colonial architecture while adding a 21st century touch. Also it is an integrated community concept complete with a 100 room luxury hotel and a commercial shopping plaza.
Posted July 29, 2013
James David Audlin - Editores Volcán Barú
My experience is limited to the rural western province of Chiriquí, where I have rented a casita (cottage) and have looked at some homes for sale.
The answer, as is true anywhere in the world, depends on what you are looking for. Here in Chiriquí, especially in the overpriced Boquete area (overpriced because of the high proportion of gringos living there), a lot of U.S. citizens come here and find their money goes a lot farther if they want to build tasteless, gaudy...
The answer, as is true anywhere in the world, depends on what you are looking for. Here in Chiriquí, especially in the overpriced Boquete area (overpriced because of the high proportion of gringos living there), a lot of U.S. citizens come here and find their money goes a lot farther if they want to build tasteless, gaudy...
My experience is limited to the rural western province of Chiriquí, where I have rented a casita (cottage) and have looked at some homes for sale.
The answer, as is true anywhere in the world, depends on what you are looking for. Here in Chiriquí, especially in the overpriced Boquete area (overpriced because of the high proportion of gringos living there), a lot of U.S. citizens come here and find their money goes a lot farther if they want to build tasteless, gaudy McMansions. Labor costs are relatively low here, for instance. If you are satisfied with an ordinary home, and not a Walt Disney castle, a home with basic U.S. standards of electricity and plumbing, it can be done in the mid-tens of thousands, especially if (as I would recommend) you are there every day overseeing workers to make sure the job is done as you wish. Unwatched workers will sometimes skimp on the corners, and tools and materials have a tendency to walk away.
If, like me, you choose to live more like the wonderful people in this beautiful country, instead of being ostentatious about your relative wealth (even a middle-class retiree is far wealthier than most Panamanians), then you can find some lovely homes for surprisingly little money. I rented a beautiful cottage for my first year here - completely furnished and television and internet included - for $300 a month. Simple but very nice homes can be purchased for around $10,000ish, especially if you shop. By that I mean looking around personally yourself. If you go through a real estate agent, the price will be a lot higher. Your best means is word of mouth, and driving around and asking the owners.
The answer, as is true anywhere in the world, depends on what you are looking for. Here in Chiriquí, especially in the overpriced Boquete area (overpriced because of the high proportion of gringos living there), a lot of U.S. citizens come here and find their money goes a lot farther if they want to build tasteless, gaudy McMansions. Labor costs are relatively low here, for instance. If you are satisfied with an ordinary home, and not a Walt Disney castle, a home with basic U.S. standards of electricity and plumbing, it can be done in the mid-tens of thousands, especially if (as I would recommend) you are there every day overseeing workers to make sure the job is done as you wish. Unwatched workers will sometimes skimp on the corners, and tools and materials have a tendency to walk away.
If, like me, you choose to live more like the wonderful people in this beautiful country, instead of being ostentatious about your relative wealth (even a middle-class retiree is far wealthier than most Panamanians), then you can find some lovely homes for surprisingly little money. I rented a beautiful cottage for my first year here - completely furnished and television and internet included - for $300 a month. Simple but very nice homes can be purchased for around $10,000ish, especially if you shop. By that I mean looking around personally yourself. If you go through a real estate agent, the price will be a lot higher. Your best means is word of mouth, and driving around and asking the owners.
Posted August 6, 2013
Lucia Haines - Panama Realtor Inc.
In order to determine the cost to buy a condo, apartment or home in Panama, you would have to consider a broad range of factors. I usually break down these factors into the cost of construction and the cost of land.
The cost of construction for a home with one or two levels, depending on the finishes and the complexity of the building, will vary, but a good rule of thumb is it will cost anywhere from about US $750 to about $900 per square meter ($70 to $84 per square foot) for...
The cost of construction for a home with one or two levels, depending on the finishes and the complexity of the building, will vary, but a good rule of thumb is it will cost anywhere from about US $750 to about $900 per square meter ($70 to $84 per square foot) for...
In order to determine the cost to buy a condo, apartment or home in Panama, you would have to consider a broad range of factors. I usually break down these factors into the cost of construction and the cost of land.
The cost of construction for a home with one or two levels, depending on the finishes and the complexity of the building, will vary, but a good rule of thumb is it will cost anywhere from about US $750 to about $900 per square meter ($70 to $84 per square foot) for nice finishes with imported ceramic tiles (not tiles from China), granite counters, things like that.
Land values in and around Panama City do vary a great amount as well. In the reverted areas, former Panama Canal Zone, (which is generally considered five miles on either side of the Panama Canal, excluding Panama City and Colón and which is now considered as suburbs of Panama City), land values for residential property are usually between about US $350 to about $500 per square meter (about $400,000 to $500,000 for a quarter acre). This for residential land outside of gated communities. Inside gated communities with more infrastructure more amenities and social areas, the price for land can be well above $1,000 per square meter (over $1 million for a quarter acre).
The construction cost for buildings is more complicated as it requires cranes, more equipment, more materials and more time. In good parts of Panama City, you will probably pay $2,000 to $2,300 per square meter ($187 to $234 per square foot) for newer construction. On the oceanfront, you are going to pay quite a bit more; at least $3,500 per square meter ($327 per square foot) and up.
The cost of construction for a home with one or two levels, depending on the finishes and the complexity of the building, will vary, but a good rule of thumb is it will cost anywhere from about US $750 to about $900 per square meter ($70 to $84 per square foot) for nice finishes with imported ceramic tiles (not tiles from China), granite counters, things like that.
Land values in and around Panama City do vary a great amount as well. In the reverted areas, former Panama Canal Zone, (which is generally considered five miles on either side of the Panama Canal, excluding Panama City and Colón and which is now considered as suburbs of Panama City), land values for residential property are usually between about US $350 to about $500 per square meter (about $400,000 to $500,000 for a quarter acre). This for residential land outside of gated communities. Inside gated communities with more infrastructure more amenities and social areas, the price for land can be well above $1,000 per square meter (over $1 million for a quarter acre).
The construction cost for buildings is more complicated as it requires cranes, more equipment, more materials and more time. In good parts of Panama City, you will probably pay $2,000 to $2,300 per square meter ($187 to $234 per square foot) for newer construction. On the oceanfront, you are going to pay quite a bit more; at least $3,500 per square meter ($327 per square foot) and up.
Posted October 28, 2014
Antonio Cheng - Romero Realty
The cost to buy a home in Panama City is from US $1,800 to $3,000 per square meter (about $167 to $278 per square foot ). Condominiums are more expensive than houses here in Panama, if you consider the pricing per square meter. Houses only become more expensive than condominiums because most of the houses here have 2-stories and they have yards. With a budget of $1,800 per square meter, you can get a second-hand condominium unit that is about...
The cost to buy a home in Panama City is from US $1,800 to $3,000 per square meter (about $167 to $278 per square foot ). Condominiums are more expensive than houses here in Panama, if you consider the pricing per square meter. Houses only become more expensive than condominiums because most of the houses here have 2-stories and they have yards. With a budget of $1,800 per square meter, you can get a second-hand condominium unit that is about five years old. The size will be around 80 to 200 square meters (861 to 2,152 square feet) but they are not that new. These condominiums may not be in the best neighborhood, but they are in good neighborhoods, such as El Cangrejo, San Francisco, and El Dorado.
Most of the apartments in Panama City have granite counter tops, the floors are okay, too. Some of them have appliances and some don’t. That mostly depends if the previous owner did some renovations on the apartment or if you got a deal from the promoter.
The apartments that cost $3,000 per square meter are usually the ones in the high-end neighborhoods such as Avenida Balboa (above photo), Costa Del Este, or Punta Pacifica. They are also second-hand apartments, but they are less than ten years old.
Posted November 4, 2014
David Btesh - Pacific Realty / Pacific Developers
Most of the condos in Panama have maintenance, which includes water, Internet, the protection of the security guards, and insurance on the common areas. The price is calculated per meter per month. The price of the condo doesn’t matter. Each homeowner gets everything that everybody else gets. The cost of the actual condo in the more exclusive, high-end areas of Panama City is between $2,350 to about $3,000 per meter for condos from 150 meters to 500...
Most of the condos in Panama have maintenance, which includes water, Internet, the protection of the security guards, and insurance on the common areas. The price is calculated per meter per month. The price of the condo doesn’t matter. Each homeowner gets everything that everybody else gets. The cost of the actual condo in the more exclusive, high-end areas of Panama City is between $2,350 to about $3,000 per meter for condos from 150 meters to 500 meters. My condominiums in this range have a lot of areas for parties, a lot of swimming pools, a jogging court, and weightlifting spots. There are other places where apartments are much smaller, and where the price runs about $3,500 a meter. There are different areas and different sizes. Sometimes the bigger apartments cost less per meter.
Outside of Panama City, it’s much, much cheaper. You can get a 200-meter plot of land with a 70-meter building on it, with a carpark, for $70,000 dollars. That would be on the road between Panama City and Coronado, outside the city of Panama, half an hour to an hour’s drive. On the road to Colon, also, there are many developments. On the road to the airport, there are also a lot of places like that. There are a few expats living in that area, but 90% are Panamanians.
(The Towers at 50th Street, Panama City, Panama, pictured.)
Posted December 11, 2016