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.