How much is it to build a house in Coronado, Panama?

If you buy the land, the price to build a house in Coronado, Panama depends on the size of the house, how many bedrooms it has, and the finishings you want. Building a house in Coronado, Panama costs between US $50,000 to $100,000 for a regular house that is 100 square meters (about 1,100 square feet). The cost to build is about $500 to $1,000 per meter ($46 to $92 per square foot) to build a house in Coronado and you still have to buy the land, which can be more expensive than...

If you buy the land, the price to build a house in Coronado, Panama depends on the size of the house, how many bedrooms it has, and the finishings you want. Building a house in Coronado, Panama costs between US $50,000 to $100,000 for a regular house that is 100 square meters (about 1,100 square feet). The cost to build is about $500 to $1,000 per meter ($46 to $92 per square foot) to build a house in Coronado and you still have to buy the land, which can be more expensive than the actual construction.

For example, if you wanted to build a 200 square meter house (2,152 square feet), it would cost between $100,000 to $200,000. The difference in the cost varies depending on the finishings, such as granite counter tops, fixtures, water faucets, lighting, just to name a few. As for the land, the cost depends on how close it is to the beach. On average, lots are about $100,000 per 200 square meters (which is a tiny lot). The beach is a 10-minute walk away.

If you want to build a bigger house that would require a bigger lot, for example, 1,000 square meters, these lots are not on the market on the beachfront. The big houses are already built and the beachfront lots are no longer available. If there are available lots, these are smaller, usually 200 square meters. The biggest lot you can get on the beach is 500 square meters. I am not sure about the price, but it would probably be around $200,000.

The cost to build a house in Coronado is probably $500 per square meter (about $46 per square foot). For a high-end house, it is closer to $800 or $900 per square meter ($74 to $83 per square foot) and that would be pretty close to North American standards. There are a couple of developers who are from North America, who build homes here at a higher standard than some of the average homes. They are charging higher but you get better quality all throughout the house.

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The cost to build a house in Coronado is probably $500 per square meter (about $46 per square foot). For a high-end house, it is closer to $800 or $900 per square meter ($74 to $83 per square foot) and that would be pretty close to North American standards. There are a couple of developers who are from North America, who build homes here at a higher standard than some of the average homes. They are charging higher but you get better quality all throughout the house.

 

The houses that cost $500 per square meter would be made of cheaper flooring, cheaper appliances, taps, windows, etc. When you start getting into $800 or $900 a square meter range, you are talking about high-end appliances, better flooring, real cabinets and cupboards that are built in. They have better designs and more modern or more North American standard designs with larger kitchens and more cabinets, whereas most Panamanians have small kitchens with minimal cabinets.

 

Almost all the flooring here is tile because nothing else would stand up. So you have tile on top of cement because you can’t have wood flooring or carpets. You can pay about $6 per square meter of tile to $25 a square meter per tile (56 cents to about $2.33 per foot). There are different thicknesses of tiles and different qualities, or different textures on the surface and that is why there is a price range. Some are made in Mexico and some are from Spain. Some have rubber patterns on them and some have just plain tile.

 

(Coastal living architecture and decor expressed naturally in Coronado, Panama, pictured.)

If you are going to build at the low-end, the cost will be around US $75 a square foot to build a house in Coronado, Panama. If you go below that, you're not going to get anything a typical American would like. You would pay about $120 a square foot for a nicely finished home. Our charges are around $100 for our standard finishes.

 

For a low-end construction of $75 per square foot, there are different materials that are usually being used.  For...

If you are going to build at the low-end, the cost will be around US $75 a square foot to build a house in Coronado, Panama. If you go below that, you're not going to get anything a typical American would like. You would pay about $120 a square foot for a nicely finished home. Our charges are around $100 for our standard finishes.

 

For a low-end construction of $75 per square foot, there are different materials that are usually being used.  For instance, we use 6-inch structured blocks. When you go down to the $75, you're going to get the little thin walls. You're going to have the roofs that don’t have the proper tile on them. You're not going to have insulation. If you can go a little bit more to that $100 per square foot, you're going to get to a standard that you're going to find more fitting to what you came from.

 

If you pick somebody to build an American home, it would probably cost around $90 per square foot. If you went to a better builder, for example, Toll Brothers in the States, I would say the $120 per square foot is going to get you what you expect here. I don't see you paying more unless you're going to be buying the best granites in the world, or gold taps.  At $120 a square foot, you're going to be looking at a fairly good finished home.

 

Well, the last houses I built in Punta Gorda, Florida were $180 per square foot and that was eight years ago. Now, I think things have changed. You probably can't say they have gone up a lot because I know there's been a lot of downward pressure on construction cost in the States. The same home that would cost you a $100 per square foot to build in Coronado, Panama would cost $180 per square foot where I was living in Florida. By the way, we were doing hollowed core doors for $180. These are solid Cedar doors and we've got granite work tops, which are all double edged for $100 a square foot. 

 

The land is also less expensive in Coronado. 7,000 feet is a fifth of an acre and would cost you about $36,000 here in Coronado, in a developed community with underground electric, underground cable TV, your and own water source. All the roads are done with black tarmac so it is a fine quality development. If you were to buy raw land in a less developed area, it would cost you a lot less, probably around $10,000 to $12,000 but of course, it would not be in a development with a gated community. 

 

In the development with a gated community, we have a common area. In our development, we just installed a new pool that’s 110 feet by 40 feet and built to American standards. It’s a fine swimming pool; absolutely beautiful.

 

Typically, in Florida, where I came from, the HOA fees would be $700 to $1,000 a month for what you get here in Coronado where you have a fully guarded home 24/7, common areas, a swimming pool, etc. In Coronado, you also get your water, all your storage and your trash picked up every day for $200 a month.

 

In Panama, as of right now, if you buy a brand new house under $250,000, you get a 10 year property tax exemption. If it's under $100,000, which is going to be unlikely, you get a tax exemption of 20 years.  So what that means is if the improvements on your house, or the cost of your house to build, or whatever you put as the sale price is less than $250,000, you do not pay any taxes. There is a land tax, which you pay separately, but what we do is we sell our lots at $29,999 because you don't pay taxes on your land for life if it is under $30,000.  As a result, you get the land for life and you've got a 10 or 20-year property tax exemption on your house. That can save you a lot of money here in Coronado.  

 

(Cabana and pool in Azura Development, Coronado, Panama, pictured.)

Most people choose not to build a house in Coronado, Panama because like anything else when you’re going to a foreign country, there’s a lot of red tape that would frustrate you if you don’t know the process. If you do choose to build something, you’ll want to hire someone who knows how to do it or otherwise find and buy something that’s already built.

 

The cost of building a house is roughly the same amount as what it would...

Most people choose not to build a house in Coronado, Panama because like anything else when you’re going to a foreign country, there’s a lot of red tape that would frustrate you if you don’t know the process. If you do choose to build something, you’ll want to hire someone who knows how to do it or otherwise find and buy something that’s already built.

 

The cost of building a house is roughly the same amount as what it would cost to purchase it already built. It depends on what your land costs, how big it is, and the quality of construction. In all honesty, most of my clients choose not to do that because it’s so much easier to buy something. Especially in an apartment complex, people who come down here thinking they will only live in a house inevitably still tend to buy a condo just because it’s easier. The lifestyle is so easy.

 

When you think of apartments in the US, you think apartments are something that college kids and poor people live in. Apartments in Panama are like New York City. It’s the ‘shi-shi’ place to live in. You have somebody who takes care of every single aspect of your life. Living the apartment lifestyle all of a sudden gives you so much free time because you’re not doing anything else but living your life. You do not have to do all those little things like coordinating the gardener, coordinating the guy that paints your house, and coordinating the repairs. You have somebody else who does that.

 

(Luxury condos of Casamar, near Coronado Beach, Panama, pictured.)