In Coronado, Panama, you can buy one-bedroom, one to one-and-a-half bathroom apartment right on the beach for about US $200,000.
As a real estate professional, I advise my clients to have an exit strategy. So when they’re buying something, I want them to consider what’s going to happen to help them sell it if that needs to happen, whether it’s one year, five years, or 20 years down the road.
Just like you heard so many times, location is most important thing to consider when buying a home. The closer you are to the beach, the easier it’s going to be to sell. Being beachfront is not what everyone wants. But if you want to look at an exit strategy, having the proximity to the ocean and the ocean view will definitely help you when it’s time to sell.
You’re going to pay anywhere between $200,000 to 400,000 depending upon the size and the number of amenities that you get in your beachfront or ocean view apartment.
For $400,000, you could get a condo with approximately 1,500 to 1,600 square feet (about 140 to square meters), two to three bedrooms and two to three bathrooms. For amenities, you’re going to have 24-hour security, swimming pools and social areas. You’re going to have a gym, sauna, game room, and party room; everything you really need not just to live, but to really live well.
For properties off the beach, you can choose from properties that have an ocean view and those that don’t. Still in close proximity to the beach with an ocean view, with a 10-minute walk or 10-minute golf cart drive to the beach, you’re going to be right about in that same ballpark price, but you might get some more amenities. For example, you might be in the middle of a golf course. For people who play golf, that’s going to be ideal.
When you go a little bit further away, let’s say you just have a slice of ocean view or you have no ocean view, you can definitely get more space or you can pay a little bit less. For that same $400,000 without an ocean view, all of sudden you’re talking about 3,000-square feet (about 280 square meters), three or four bedrooms, perhaps a house instead of an apartment.
What we found, though, is that for many people who come and are looking at Panama as a retirement location, condos are the preferred place to stay because you can lock and leave. You don’t have to worry about anything. If you’re living part time in one country and part time in Panama, you just give the keys to your property manager, lock it, and don’t worry about it again until you’ve come back.
For $250,000, you would have several options. You could get an apartment, one or two bedrooms, with an ocean view. You could get a duplex with a couple of bedrooms. You could get a nicer apartment, maybe something with different amenities such as being on the golf course.
(Image of the entrance for Punta Vela Luxury Apartments, Playa Coronado, Panama, currently in re-construction stage, pictured.)