Panama City Real Estate
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.
Now days, 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 one million, 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 and fast food outlets, 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 – baseball 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.
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 companies, 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.
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.
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 Attrium Tower and Design Center. You can also find luxurious apartments for sale in projects such as Obarrio 53, River Park, El Diplomatico, The Palm, Miyaki and Galeria Uno.
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 Punta Paitilla and Deluxe Residences.
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 and Marina. 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 Premium Tower, San Francisco Bay 400 and 500, Bella Mar South and Bella Mar North. We can also find very affordable projects under construction, such as P&L Park Loft, South Coast Tower and Firenze Tower. This area has a wonderful walking and jogging park.
Bella Vista is hosting some wonderful projects like The Palace which is under construction, Belle View Tower, Vista Balboa, Colores de Bella Vista and Allure Business Center.
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: Vivendi Towers 400, El Mare, Pacific Park Towers and PH Oceania.
As you might imagine, there are many other quality residential districts 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, and Brisa Marina. This area also has iconic buildings and skyscrapers such as Vitri Tower, Acqua 1, 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.
There are also many exclusive residential districts in the old Panama Canal Zone that reverted to Panama in year 2000. Many excellent gated developments with homes and lots are available in Clayton, Ancon, Albrook, and Cardenas, many with 2000 square meters of land, with prices ranging approximately USD 250,000 and beyond for a single family home on a one quarter acre lot for those planning to perform upgrades to their homes. In this area we can find gated residential projects such as Los Senderos de Camino de Cruses and Embassy Club in Clayton and Tucan Country Club & Resort in Cocoli, closer the former Howard Air Force Base in the Panama Canal Riviera. Several projects with spectacular ocean and city views are ready to occupy in the Amador Causeway, located in the Pacific entrance of the Panama Canal, such as “Las Brisas”. This is considered a "hot trendy area”, with restaurants with local and international cuisine, a tax-free zone, beautiful view of the Panama City and the Panama Canal, a marina and yacht clubs, bars, discos, among other amenities.
One often overlooked jewel of Panama City is the Casco Viejo. With many remnants of French and Spanish colonial architecture; some properties are gradually being rescued and have become restaurants, bars, studios and small hotels in an area that could well become another New York City Soho. The Presidential Palace and the National Theater are located there as well. Also, a monument to the French community who made the first attempt to build The Panama Canal. Purchase and restoration of properties in this area receive incentives from the government such as of tax exemptions and discounted mortgages. Even your rent is tax exempted. More and more, this area is becoming one of the most popular, trendy and bohemian parts of the city.
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|Most photos are courtesy of IPAT and Alfredo Maíquez|