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 100 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, hotels (including a InterContinental, Hilton, Waldorf Astoria, Trump, 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 was purchasing apartments under constructions in areas such as Punta Pacifica, Balboa Avenue and Costa del Este that were mainly promoted in real estate fairs, media campaigns and the internet and prices were very 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 1.3 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 office and condominium towers, is starting to resemble downtown Manhattan or Singapore with its stunning skylines that can be much more appreciated at nights.
High-class restaurants, first class hotels, great shopping and top restaurants, are here for all tastes and pockets. Entertainment is varied, the latest movies, concerts featuring foreign and local performers of all genres, every kind of sporting event – football, basketball, and baseball, 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.
Luxury towers, residential houses of up to USD 1 million, huge luxury hotel projects, as well as front-line shopping centers, Metro Subway, highways and the Panama Canal Expansions are currently under construction or almost ready in the next years, have changed the view of Panama City, turning it into a cosmopolitan and international city.
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 Not Expensive and Easy to Purchase
Panama City has become a cosmopolitan modern metropolis – there are many 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 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 Yacht Club Tower, Infinity Tower, PH Costanera, The Sands Apartaments & Mall, 43 Green View, Bay View, JADE TOWER, Allure At The Park 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 fronts 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 and SL 55. You can also find luxurious apartments for sale in projects such as Parkcity, P.H. River and Park Obarrio 53.
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 Sea Point and Ocean Front Paitilla.
Punta Pacifica, next to Paitilla, is a brand new area 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 Dupont Towers, Grand Tower, Q Tower, PH Aqualina, Oasis on the Bay, Loft 41 and Ocean Aire. Also, you can find an iconic building with the form of a sailboat, the Trump Ocean Club. 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 condo could be purchased here in prices ranging between USD 150,000 and USD 250,000 such as P&L Park, San Francisco Bay 600, Ph The Cosmopolitan, PH Tee One and Firenze Tower Loft. We can also find very affordable projects under construction, such as South Coast Tower, Living 73 and P.H. Astre. 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 43 Green View which is under construction, PH Altamira Residences, El Botánico, Bella Vista 45st, Lemon Tower, Dynasty and Van Gogh.
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: Boulevard Valle Dorado, Pacific Park Towers and DORADO II.
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 highway Corredor Sur. There you can find residential projects under constructions such as The Regent, Arcadia and FIJI. This area also has iconic buildings and skyscrapers such as Lumiere, Mirador, Pearl at the Sea, PH Elevation, Costa del Este Country Club 100 and 200 and Imperial Tower, among others. There are also projects destined for business and office such as Times Square Center.Town Center Office Suites and the new branch of the Punta Pacifica 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, 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 new project 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.
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, Greenhouse 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, Albatross luxurious amenities in 40 Floors with 67 Apartments
Legendary golfer Jack Nicklaus founder of Nicklaus Design designed the Santa Maria 18 holes golf course, that crosses the residential areas, parks and lakes of the Santa Maria Golf and Country Club.
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 Lifestyle 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.
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.
Regarding investment in this area, the Office of the Casco Antiguo presents the following dispositions:
Type of buildings to conserve and restore those:
1. Of great value, because they are less than 1850.
2. That has grand expressions of the architecture of the time.
3. That conserves the important architectural elements.
4. That have little architectural value, but that are of great value, because they reflect the characteristics of the site (environment)
5. 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).
Titling Panama Rights of Possession Property: The Titling Process is the official administrative procedure to acquire and register ownership Title on a Rights of Possession Property.
Island Properties cannot be titled according to the Constitution of the Republic of Panama (only main land can be titled). If you find Titled Properties on an Island, it is because this is an old Title, which was originally registered before the restriction in the Constitution was approved. On beachfront Properties, a setback of 22 meters is required, due to the high tide.
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 in to 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.
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 immigration & residence program
- Title insurance
- Home owners insurance
- Bank mortgage financing
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.