Panama Real Estate

Panama Real Estate

A vast majority of expats are purchasing apartments under constructions in areas such as Punta Pacifica, Balboa Avenue, Costa del Este, El Cangrejo, San Francisco, Punta Paitilla and San Francisco; beach front properties between Coronado and Buenaventura; island properties in Bocas del Toro and mountain properties in Boquete.

On 2021 and 2023, Panama was again named by Forbes as No. 3 country to retire in the world. During the past several years, a welcoming climate, controlled crime rates, excellent incentives for retirees, reasonable prices, together with the natural beauty and ethnic diversity that is Panama, all appeal to people from North and South America and Europe who are looking for a different option for retirement.

The process of purchasing real estate in Panama is very similar to the way it is managed in other countries. Most properties have titles or can be titled, traditional mortgages are available, and Panama has foreign investor protection laws that guarantee the standard rights of land ownership.  Records of all titled properties are accessible at the public registry of Panama, which has online access. 

Investment Incentives

Because more visitors and tourists are arriving in Panama coupled with the fact that more people are making Panama their first choice to live and setup home, this has all led to a shortfall in the housing market. So new accommodation is very sort after and is in high demand. Property is a very good investment here in Panama and around 50 km of Panama City and the Canal.

Panama City has become a cosmopolitan modern metropolis – there are many rise buildings overlooking the ocean and the Bay of Panama. Residential areas like Marbella, Paitilla, Coco del Mar, Punta Pacifica, Costa del Este, Santa Maria and San Francisco offer a good range of apartments and condominiums for sale. Suburban residential areas in the former Canal Zone like Amador Heights, Balboa, Albrook and Clayton offer large and attractive single-family homes and condominiums.

Casco Viejo is the oldest city on the Pacific Coast of the Americas that has become a desirable place for real estate investment, encouraged by the Panamanian government Casco Viejo investment incentives for the restoration of the historic Casco Viejo district.

U.S. style shopping malls featuring entertainment facilities, hotels, convention centers and the Subway Line. Single family homes and condominiums are also available in attractive suburbs in Altos de Panama, El Dorado and in the Panama Canal Riviera. Other new options being developed in the city are lofts, villas and condo hotels where owners and guests can share the amenities and social areas adding more variety to the already attractive offer for living or investing.

Panama City combines a variety of world-class attractions and activities nearby. For example, its accessible rainforest from any part of the city, its International Banking Center, its cosmopolitan lifestyle, its cultural and historical attractions, the nightlife and its proximity to the best beaches, among others.

Outside Panama City, there are beautiful real estate properties located in popular destinations including, Chiriqui, Boquete, El Valle, and Altos de Maria. Known mostly for their cooler climates, incredible flora and quiet peaceful atmosphere, real estate in the highlands of Panama are ideal for those interested in retiring abroad.  

Another popular destination for Panama real estate is Bocas del Toro. This well-known touristic destination in Panama is most known for its crystal-clear waters, rich Antillean culture, unique over-the-water architecture, laidback tropical atmosphere, among others. In recent times, Bocas del Toro has become a booming center for South American, European and American Expats and tourists.

Trendy Locations in Panama City

There are many residential districts in and around Panama City. Beautiful condos with fantastic ocean views are available in a price range that suits every budget. Many have pools, spas, gyms and children play areas.

You can find amazing bayfront high class condominium buildings in Balboa Avenue, very closer to shopping and boutiques, malls, banks, restaurants, supermarkets, etc., such as the Nuovo, Costanera, Hyde, just to mention a few, that have available luxurious apartments ready to occupy.  

El Cangrejo is a traditional neighborhood in Panama City showing great new trendy projects like Van Gogh, Mondrian, Sky High, More and others.

Bordering Marbella is a residential and commercial district called Obarrio with trendy restaurants, clothing shops and high-end boutiques. This is a favored embassy area. You can find available office space for rent and sale, such as the Hyde.

Closer to Marbella is a luxury residential district called Punta Paitilla. This is an extremely dense area of high-rise condos even by NYC or Singapore standards. We can find luxurious projects under construction such as the Point, The Towers and Villa Marina.

Punta Pacifica, next to Paitilla, is a new area for Panama real estate, where ultra- luxury condominiums are sprouting from the ground with average units in the 1000 to 4000 square foot range. This is where ultra-modern buildings such as the Ocean Reef projects, Dupont towers, Grnad Tower, Ocean Drive, Aqualina, Oasis.. Also, you can find an iconic building with the form of a sailboat, the JW Marriott. You might be unimpressed by this fact, but remember that the size, quality and conveniences of these properties will often equate to a property worth about 4 to 15 times this amount in the USA. We recommend checking the locations before you buy, as in all big cities some areas have advantages and disadvantages that are not immediately apparent to a newcomer. Check our Panama real estate for current listings or please contact our Panama City office for real estate advice and we will be happy to help you find the right property for your new life.

The district of San Francisco is more “middle-class” and offers excellent housing value. This district is perhaps 2-3 miles from the city center and is considerably quieter. A newer three bedroom condo with say 1500 square feet, with a modest ocean view, could be purchased here in prices ranging between USD 150,000 and USD 250,000 such as the Towers 50, San Francisco Bay. We can also find very affordable projects under construction, such as Park Loft, South Coast tower and Firenze.  This area has a wonderful walking and jogging park. Also strategically placed is the Smart Business Center in the heart of San Francisco, with office spaces for commerce near numerous existing commercial activities.

Bella Vista is hosting some wonderful projects like Costanera.

Another area that it’s becoming trendier due to its fantastic beach-front location is Coco del Mar, which is located closer to the Atlapa Convention Center and the Corredor Sur highway. It’s also minutes away from shopping centers such as Multiplaza and Multicentro, international cuisine restaurants, supermarkets and some of the best schools in Panama City. Here we can find amazing beach-front projects such as Windrose, Panorama, Dal Mare and Ocean Tower. 

Closer the shopping and commercial center, El Dorado, we find Plaza Edison, a space up in a hill were we can find beautiful apartments with spectacular views and closer to a plaza were you can find public entity offices. Some of the projects that are built in this area are: Sky Point, EL Mare, Pacific Park Towers. 

Panama Pacifico – Just over the Bridge of the Americas, 20 minutes from the City, this major 4,000 acre new development has a variety of uses, including corporate headquarters, residential communities, offices, logistics facilities, a championship golf course, hotels, retail, top schools, health care and other amenities, not to mention many tax incentives for businesses. Check our Panama City real estate listings for an overview of available properties in this area.

Costa del Este – An upscale real estate development in Panama City. One US style residential area called Costa del Este has hundreds of homes and ocean-view condos in prices ranging between USD 300,000 and USD 950,000. It is located just outside the city, en route to the Tocumen International Airport and closer to the highway Corredor Sur. There you can find residential projects under constructions such as Park Lane Santa Maria, Brise Marina. This area also has iconic skyscrapers such as Lumiere, mirador, Pear, Elevation and others. There are also commercial offices in Times Square, Town Center and the new branch of Punta Pacifica hospital HPP development.

Costa del Este is characterized by its luxury and modern buildings, a high end sophisticated community with unique skyscrapers, such as Maui, a new concept in vertical homes, the answer for modern and vibrant lifestyle for Panama. The perfect balance between technology and luxury residential design that creates exceptional environments. Also in Costa del Este we find the Matisse, a luxury tower with premium location, near exclusive schools of Panama, supermarkets, and the south corridor. Specially designed for those who enjoy the pleasure of living in front of the ocean.

Santa María Golf Community – A private residential golf community located alongside the prestigious Costa del Este neighborhood of Panama City. The Nicklaus Design course will offer players a premier golf experience. Potential real estate buyers will enjoy an array of resort-style amenities, including a grand country club with its world-class athletic facilities. The Reserve is one of the most exclusive gated communities and Solana is a fantastic high rise that overlooks the golf course.

Santa Maria is the new high end, upscale community development in Panama, where luxury living meets the green of beautiful golf courses, with lakes and parks surrounding your home, Legacy takes you to a new dimension of exclusive luxury lifestyle, these apartments have been created to generate an environment ideal for relaxation and personal growth. Enjoy with style, Residences luxurious amenities.

Clayton – Located northwest of Balboa, Panama, with the Panama Canal located nearby. It used to be a US residential base for high ranking military officers. It is now used for residential housing, schools, and the headquarters of the “Ciudad del Saber” (City of Knowledge).

One of the top gated communities in Clayton is Embassy Club community – the most comprehensive residential complex in the city of Panama, created for those who love nature. It has a Spanish Colonial style, in which architecture is intertwined with lush green landscape and consists of approximately 35% of plant areas and protected species. Enjoy Embassy Club Lifestyle center, a residential club ever built in our country. When you purchase your residence or apartment you can enjoy amenities such as a Residential Spa & Fitness Center, Cafe, Ballroom, Owner ‘s lounge, Game Room, Pools, Tennis Courts, Putting Green among others.

Costa Sur – consists of 44 hectares divided into 6 residential gated communities with 2 urban concepts for conservative and modern tastes. It will be home to 705 families, in addition to a shopping center to meet their needs at the end of the master plan. Costa Linda is located at the exclusive zone of Costa Sur, just minutes away from an ample variety of commercial facilities, such as supermarkets, department stores and shopping malls. Costa Sur village with every facilities you can think of…. 

Casco Viejo – The Panamanian government incentives for the restoration of the historic Casco Viejo district encourage investment here. This area reminiscent of New Orleans or SoHo years ago abounds with shells of graceful buildings that are crying out for renovation. Already restaurants, ateliers, and apartments are tucked into the graceful squares between the museums, National Theatre and the Presidential Palace: even the dungeons beside the “French” Plaza house a restaurant and jazz club. An investment here will enable you to live in history and the buildings can only appreciate in the years to come. 

Santa Familia is a good example. There are still opportunities to purchase large properties on the former US military bases, set among wide avenues, green lawns and coconut palms; many have been converted into small hotels, apartments and palatial homes. The locations are a stone’s throw from a rain forest but well-positioned close to the national airport and intercity bus terminal. Check our properties currently available in Panama City or please click here to contact us.

Suburban areas are increasing in popularity in the West Panama Province, particularly due to the new bridge over the Canal, Centennial Bridge (Puente Centenario) that opens up the areas of Arraijan, Chorrera and the shores of Lake Gatun for development.

Outside Panama City, excellent properties are available for developers and individuals. The more remote the location the more reasonable the cost but be aware that you may be far from utilities or roads.

Beaches near Panama City

One hour or so along the InterAmerican Highway, there are Pacific beaches where small beach communities abound; above them higher mountain locations combine cooler temperatures with ocean views. Retreats in mountain sites like El Valle and Altos de Santa Maria are very popular with expatriates while the up-market resorts of Punta Barco, Vistamar, Casamar, Santa Clara, Playa Blanca, Buenaventura and Coronado with its elegant beach properties and golf course appeals both to expatriates and Panama city weekenders. Foreign investors also are buying properties and homes in other beach developments in San Carlos, Corona, Santa Clara and San Jose. Check our properties currently available in the Coronado & the Beaches or please click here to contact us.

Punta Chame is the first developed beach on the pacific side, with new beach front developments such as Playa Caracol a lot of investors look into this area due to its proximity to the Panama City, we hold great business opportunity on a beach front Lot for sale

JW Marriott Buenaventura Resort: Just 1.5 hours from Panama City, Buenaventura is Panama’s most upscale beach resort community. At the heart of this community is the JW Marriott Buenaventura Hotel, an upscale beach resort with gourmet cuisine, an expansive seaside pool, tropical gardens, spa, and a Jack Nicklaus Champion Golf Course.

Coronado: is a coastal city and resort located about an hour from Panama City. It is a vacation town visited yearly by thousands of national and international tourists. Coronado was Panama’s first resort development, and for this reason has several years of advantage over other surrounding beach towns. The town has full scale supermarkets, pharmacies, restaurants, ranging from low cost fondas and fast-food restaurants to beachside bistros, medical and veterinary clinics, a hospital, gardening centers, hardware stores, banks, apparel shops, outdoor markets, a shopping plaza and a new shopping mall.

Punta Caelo is a luxury gated community in Coronado. The area of the development is 18 hectares. There are a number of options of apartments, townhouses. The project also includes beach club, sports club and wellness center with all possible amenities. Additional plus is that Punta Caelo is located in Coronado, and it has all necessary infrastructure so one rarely has to visit Panama City without any specific need.

Gorgona: is 79 km west from Panama City on the Pan American Highway (about one hour drive). It is located between the towns of Chame and Coronado, 5 minute drive from either town. Gorgona is the closest beach to Panama City. Its beaches and proximity to the city have attracted interest from developers. Gorgona has 4.2 km long beach with white / black sand and turquoise waters.

San Carlos is a township and city head of the district of San Carlos in the province of West Panama, Republic of Panama. The town is the largest trade and economic movement in the district.

El Palmar possesses one of the best surfing beaches, El Palmar Beach, in the area, and a fish market. The beach has surfing waves that kids and adults use to learn how to surf, with its very own surfing school right in front of the beach, many tourists and locales come every Sunday for their weekly surf lesson. In this beach we have the only high rise with beach front apartments near this surfing spot, El Palmar Residences with its privileged position with an amazing offer of beach view apartments

Islands

The real estate in Bocas del Toro offers beautiful Caribbean beach property. Here the islands are surrounded by palm-fringed golden sands and turquoise waters where the rain forest meets the ocean. Here families shop by boat, enjoy water sports and the natural beauty of this wonderful location – better yet it is still affordable. Whether you are looking for a small lot or a small hotel we can help you find it. Most buyers are Americans, Canadians and Europeans. Check out our current listings in Bocas real estate here, but keep in mind that we keep many unlisted properties, so it’s always recommended to contact us.

The Pearl Islands, now famous because of the Survivor reality show, the Veraguas Islands including the Coiba paradise, declared National Marine Park, and the Parida Islands, off the Pacific coast of Chiriqui; all offer incredible opportunities for purchasing land to develop hotel & residential resorts, marinas & golf clubs in island dream locations, now available for purchase by foreign investors under the new Law. We repeat that most properties that we have in these areas are unlisted properties, so it’s always recommended to contact us. 

Mountans and Highlands

Chiriquí is the furthest most western province of Panama bordering Costa Rica. One feels that magic happens here as rainbows arch over the region. Horses freely roam the fincas or farmlands below the majestic mountains. Sublime landscape surrounds you as you climb higher up to the mountain town of Boquete. Sunlight reflects on the streams, rivers and waterfalls running through the canyons. The highlands are adorned with rainforests, volcanic peaks, coffee plantations, orchid farms and a flower-filled towns which truly seem to be enchanted. Lush green mountainsides flank the vibrant town of Boquete, which is host to the largest expat community in Panama. AARP magazine named Boquete the fourth best place to retire in the world or the number one destination in Latin America. The assessment was based upon their criteria for the cost of living, natural beauty, access to health care, and ideal climate.

A very special place on our highlands is Bambito, where you can find the eco-friendly hotel and condo development, Casa Grande Bambito, with luxury suites and condos for sale, surrounded with nature, trails, mountains and wild animals.

In the cool Chiriqui highlands, the jewel in the crown is Boquete, voted one of the top four best retirement destinations in the Western Hemisphere by well-known international magazines. Due partly to its beauty and temperate climate, buying real estate in Boquete is the choice for many foreign retirees and there is a growing community of expatriates. However, at the same time, it remains a special local community of some of the friendliest people you will ever meet. The cost of living is very reasonable here as there is no need for heating or air conditioning and the local vegetables and fruit not only taste great but are incredibly cheap. Your choice can be a lot in a modern development or a more remote finca or coffee farm. Imagine sitting beside a crystal clear stream, enjoying glorious views toward the green hillsides and cloud forests dominated by the extinct volcano, Volcan Baru, and drinking one of the best cups of coffee you have ever tasted. That is the taste of Boquete! An investment here has tangible residual benefits! 

Other nearby areas like Volcan, Potrerillos and Caldera are attracting major investor interest. We will be pleased to show you our Volcan, Boquete and Chiriqui real estate properties and others nearby in this beautiful region, including the Chiriqui beaches, but keep in mind that we keep many unlisted properties, so it’s always recommended to contact us.

The Pacific Coast of Chiriqui offers secluded beaches of black or white sand including island property. Developments are beginning at Barqueta, Boca Chica and Puerto Armuelles. 

Rincon Beach was conceived and designed to become a “World Destination” for leisure and investment, at the crossroads of North and South America; located one hour south of David, Panama. The 1,000 acre property’s center point is a 300 acre gently sloped cove rising from a secluded calm water bay off the Pacific Ocean.   The name “Pearl of the Pacific” was given by the current property owner. The planned marina village will become the center piece of the project including retail, commercial, residential, and hotel developments as well as a world-class marina facility. Additional themed residential based communities will include an equestrian center, golf, beach, and estate home developments.

Rincon is perfectly located for leisure and sporting activities.  There are numerous world class activities within an hour’s drive from our location. From sport fishing at the Hannibal Bank, to touring local rainforests in the Serranía de Tabasará (central mountain range) at 4,000 feet above sea level, there is something for everyone.

During the last 2 years, many 2nd home investors and retirees have purchased in the beautiful beaches of the provinces of Chiriqui, Veraguas and Los Santos. The best known areas are Boca Chica, Lajas and Barqueta in Chiriqui; Torio, Cebaco Island, Bahia Honda and Santa Catalina in Veraguas; and Venao and Cambutal in Los Santos. Most properties that we have in these areas are unlisted properties, so it’s always recommended to contact us.

During the last 2 years, many 2nd home investors and retirees have purchased in the beautiful beaches of the provinces of Chiriqui, Veraguas and Los Santos. The best known areas are Boca Chica, Lajas and Barqueta in Chiriqui; Torio, Cebaco Island, Bahia Honda and Santa Catalina in Veraguas; and Pedasi and Cambutal in Los Santos. Most properties that we have in these areas are unlisted properties, so it’s always recommended to contact us.

Benefits

Benefits of investing in real estate in Panama include:

• US dollar-based economy
• Low inflation and zero foreign exchange risk
• Equal treatment of foreign and local citizens
• Property tax exemptions apply to all new construction
• Fourth time ranked number one for retirement living
• Panama is safe
• Panama has the lowest inflation rate and the most stable economy in Latin America
• Has world-class sport fishing, diving and sailing
• Has no hurricanes or major earthquakes
• Tourism investments have exemptions from import duties, income, land, real estate construction materials and equipment, taxes etc.

Property Taxes in Panama

The law has recently improved to begin a new tax rate as of 2019 creating two type of properties conditions

Primary property or Family Patrimony

Secondary Properties, Commercial or Industrial

The tax properties applicable in this case will be as follow:

Rental Income Taxes in Panama

If you receive rental return on your property, you will be liable for income tax up to a maximum of 25% (on returns greater than USD 250,000). However, if you invest in one of the special “tourism zones,” you may be exempt from income tax for 15 years.

Transfer Tax

Real estate transfer taxes in Panama are paid by the seller and are 2% of either the updated registered value of the property or the sale price–whichever is higher. If the property is bought by a corporation, it is customary for the shares of the company to be sold (instead of the property), thus eliminating the need to pay transfer tax.

With all these dreams to turn into reality, we would be remiss if we did not include a few words of caution to help you hold on to your dream. The acquisition of real estate abroad requires careful and professional advice. Panama does not have a multiple listing service for realtors and in many areas unlicensed and unqualified individuals will approach you to sell you property, or they may sell thru the internet. If you use a licensed realtor you have some protection if your purchase is found to be untitled or in contentious ownership, for example some family owned properties cannot be sold unless all parties agree.

A reputable, licensed realtor like BusinessPanama Real Estate research the property before it is offered for sale. It is always wise to ask to see a copy of the real estate license. The realtor must be able to give you the finca number of the property (every property has one regardless of type or size).

BusinessPanama Lawyers will protect your interests and carry out due diligence on the property and check your contract of purchase. It is important to ensure the property is titled with a registered plan. Your lawyers can confirm that your survey matches the registered boundaries even within a development. When purchasing in a development, you should check that the master plan has been approved and utilities and roads are guaranteed. Be aware that there is land offered for sale in Panama that is held by right of possession only. 

When purchasing an existing building (or having a home built) your lawyer should check that the building permits and occupancy permits have been granted. Without title to your land, plus all permits, and registration of the mejoras (construction of improvements) on improved land, you will be unable to obtain approval for the tax exemption on your property.

Title insurance is available through a prestigious US company with a history of insuring the validity and authenticity of land titles in the United States and Panama. We have title insurance lawyers to help you. For more information about title insurance, please click here to contact us.

In BusinessPanama Real Estate, we have licensed real estate agents, lawyers, insurance specialists, mortgage brokers, investment advisors and other professionals to assist you on all your real estate needs.

We can help you with:

• • Locating properties in Panama City, Beaches, Islands or Mountains
  • Forming a company to own your property 
  • Legal services to purchase the property 

• • Applying for your residence program 
  • Title insurance 
  • Home owners insurance 
  • Bank mortgage financing
  • Others

If you are a developer or promoter, the BusinessPanama team of agents, lawyers, advisors and experts will provide you a variety of services from the pre-purchase of the property to all phases of development including structuring, subdivision, financing, contractual, design, environmental, construction, permitting, pre-sale and sale.

For more information, please click here to contact us.