Panama City Real Estate
Panama City is the capital city of the Republic of Panama and by far its largest and most modern city.
Panama City is situated on the Pacific Coast at the entrance of the Panama Canal. Panama City is the political and administrative center of the country as well as a hub for international banking and commerce, with the most modern and successful International Banking Center in Latin America, offering investors over 80 Banks from more than 32 countries around the world. The city also has a sophisticated technical infrastructure and fiber optics, high-end retail shopping, casinos, restaurants, and luxury hotels (including InterContinental, Hilton, Waldorf Astoria, JW Marriott, and Hardrock Hotel among others).
The real estate boom in Panama City started in 2006, when the real estate market was composed by buyers mainly from the United States, Canada, Venezuela and Spain. The majority were purchasing apartments under construction in areas, such as Punta Pacifica, Balboa Avenue and Costa del Este. These projects were mainly promoted in real estate fairs, media campaigns and the internet; prices were highly competitive.
Today, the real estate market is still undervalued, however as it has happened in countries like Costa Rica, Mexico and Ireland, prices have been rising as more people discover the advantages Panama has to offer. As a potential real estate investor, there are several areas to consider where you will find maximum growth opportunities.
With a population of more than 1.5 million, Panama City is a “first world” urban center with a major building boom. The skyline of Panama City, with its projected 250 high-rise offices and condominium towers, is starting to resemble downtown Manhattan or Singapore, with its stunning skylines that can be much more appreciated at night.
High-class restaurants, first class hotels, great shopping, and top restaurants are here for all tastes and pockets. Entertainment is varied: the latest movies, cultural festivals, concerts featuring foreign and local performers of all genres, as well as nearly every kind of sporting event – football, basketball, boxing, and baseball, which is arguably the most popular sport. Shopping options range from local markets to multi-million-dollar super malls and luxury goods. In some of the most prestigious malls in Panama, you can also find new hotels for shoppers who prefer to accommodate in city hotels and continue shopping at the same time.
A wave of captivating developments has breathed new life into Panama City’s urban fabric. Luxury towers, exquisite residential homes priced over $1 million USD, world-class hotel projects, prestigious front-line shopping centers, convenient Metro Subway accessibility, well-connected highways and the awe-inspiring expansions of the world-renowned Panama Canal have redefined the city’s identity into a vibrant cosmopolitan center and international hub. These monumental endeavors have not only reshaped Panama City’s landscape but have also elevated its global standing, making it an enticing and lucrative investment opportunity for astute international investors. Not only has it become appealing for international investors, but it is also a desirable destination for foreigners searching for a new home or contemplating retirement.
Real estate developers, private investors and international real estate companies from the United States, South America and Europe have initiated the construction of iconic real estate projects in the city.
Real Estate in Panama Is Easy to Purchase and Not Expensive
Panama City has become a cosmopolitan modern metropolis – there are many high-rise buildings overlooking the ocean and the Bay of Panama. Exclusive residential areas like Marbella, Paitilla, Coco del Mar, Punta Pacifica 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.
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, children’s playgrounds and more.
You can find amazing bayfront, high-class-condominium buildings in Balboa Avenue, very close to shopping centers and boutiques, malls, banks, restaurants, supermarkets, etc…, such as the Costanera, Armonía, Nuovo Armani, Yacht Club Tower, Infinity Tower, and Prestige, just to mention a few, that have available luxurious apartments ready to occupy. Also, during 2013, new apartment buildings celebrated their grand openings, such as the famous apartment building created by Philippe Starck, Yoo Panama, an iconic 60 story building with loft style apartments and penthouses with amazing bay front and city views. There’s also an iconic office building ready for occupation by the name Bicsa Financial center, with a very modern architecture next door to the Hilton Hotel already positioned as one of the most demanding office buildings in this area.
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 in P.H. Twist Tower, SFC Tower, SL 55 and Panama Business Tower. You can also find luxurious apartments for sale in projects, such as Park City Tower, Urbana Tower, and Nostrum.
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, such as the The Towers Punta Paitilla, Deluxe Residences and Ocean Front.
Punta Pacifica, next to Paitilla, is an area where opulent 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 Dupont Towers, Ocean Two, Grand Tower, Q Tower, Oasis on the Bay, and Oceanaire. 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.
The district of San Francisco is vibrant with different restaurants, bars, shops, boutiques and offers excellent housing value. This district is perhaps 2-3 miles from the city center. A condo could be purchased here in prices ranging between USD 180,000 and USD 450,000, such as PH Aurora, Torre Mondrian, LOV, and Riviera del Golf. We can also find modern, and upscale projects, such as The Towers Residences, Living 73, and Loft 6750. This area has a richly verdant, multi-sport park called Parque Omar. 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 Wanders & Yoo which is brand new, as well as Luxor 400, Velure, and Van Gogh.
Another area that is becoming trendier due to its fantastic sea-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, international cuisine restaurants, supermarkets and some of the best schools in Panama City. Here we can find amazing projects, such as Coco Place, Victory Towers, Vita, and Dovle Selva.
Closer to the shopping and commercial center, El Dorado, we find Plaza Edison, a space up in a hill where 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: Pacific Park Towers, Vivendi Green and Elmare 500/600.
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. Just look at these projects, here.
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 Corredor Sur highway. There you can find residential projects under construction, such as Arcadia del Este, Regalia, Paramount and Nogal. This area also has iconic buildings and skyscrapers, such as Ten Tower, PH Top Towers, Costa del Este Country Club and Riverside, among others. There are also projects destined for businesses and offices, such as Times Square Center, Town Center Office Suites and the new branch of the Pacifica Salud Hospital with doctor’s office for rent or sale in the Doctor Offices HPP development. Costa del Este is characterized by its luxury and modern buildings, a high-end sophisticated community with unique skyscrapers, the answer for a vibrant lifestyle for Panama. The perfect balance between technology and luxury residential design creates exceptional environments. Also, in Costa del Este we find proximity to exclusive schools of Panama, supermarkets, and several businesses. Specially designed for those who enjoy the pleasure of living in front of the ocean.
Santa María Golf & Country Club– A private residential golf community located alongside the prestigious Costa del Este neighborhood of Panama City. The Nicklaus Design golf 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.
Santa Maria is the new high-end, upscale community development in Panama, where luxury living meets the beauty of lush, green golf courses, with lakes and parks surrounding your home. Residences, such as The Reserve, Oceana Residences & Skyhomes, Guayacan, and Celeste take you to a new dimension of exclusive luxury lifestyle, these apartments have been created to generate an environment ideal for relaxation and personal growth.
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. 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. Gated communities, such as El Doral, Costa Sur Village, and Sunset Coast are 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 as well as everything available to you in the nearby area of Costa del Este.
Casco Viejo – the Panamanian government incentives for the restoration of the historic Casco Viejo district, have encouraged investment in this iconic area. This area reminiscent of New Orleans or SoHo years ago abounds with graceful, historic buildings that have been given new life thanks to years of renovation. With room for even more improvement in the coming years. Already, world-class restaurants, ateliers, apartments, and boutique hotels 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 be appreciated in the years to come.
Regarding investment in this area, the Office of the Casco Antiguo presents the following dispositions:
Type of buildings to conserve and restore those:
- Of great value, because they are less than 1850.
- That have grand expressions of the architecture of the time.
- That conserve the important architectural elements.
- That have little architectural value, but that are of great value, because they reflect the characteristics of the site (environment)
- After 1940, that have little architectural value or of the site and may be rehabilitated and have rights to the tax incentives
Preferential mortgage loans for the restoration, destined to:
A.1 Purchase of a building,
A.2 to the financing of the total or partial rehabilitation/restoration of a building, or
A.3 the construction of a building, on a barren land, and
A.4 the mortgage loans of the current lessees to finance the purchase of the buildings it occupies (article 9).
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 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.
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.
BusinessPanama Real Estate provides a One Stop Shop solution offering you the following services:
- Real estate agents to find a condo, home or property.
- Incorporation of companies, LLCs, trusts, and foundations
- Bank account opening
- Applying for visas and residence permits for expats.
- Bank mortgage financing
- Legal services for any other matters
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