Real Estate in Panama City, Panama
Last updated on Mar 03, 2023
Summary: The most desirable neighborhoods in Panama City, Panama are Punta Pacifica, Costa del Este, San Francisco, and El Cangrejo. The average cost to buy a nice 2 bedroom home in Panama City is around $200,000 USD, while a nice 3 bedroom home can cost around $300,000 USD. These properties typically include modern amenities such as air conditioning, stainless steel appliances, and granite countertops. Foreigners are allowed to purchase property in Panama City, however, there are certain restrictions. For example, foreigners are not allowed to purchase property within a certain distance of the Panama Canal or within a certain distance of the border. When searching for a home to buy in Panama City, it is important to research the area and the neighborhood. It is also important to work with a reputable real estate agent who is familiar with the area and the local market. Additionally, it is important to get a home inspection to ensure that the property is in good condition.
How do I find a place to live in Panama City?
We asked expats how they chose their neighborhood and found a place to live. They answered:
"We live in Costa del Este because we wanted to be very close to services without being in a noisy city and we also like to walk and Costa del Este is a beautiful place with wide sidewalks and beautiful landscaping," remarked one foreigner who made the move to Panama City.
"I made a visit here in August,stayed in a pretty basic place in el Cangrejo, and felt quite at home. It reminds me of Greenwich Village in NYC. I'll be staying in the same place for a month, plan to begin the Pensionado process with a recommended-by-expats att'y., and then move about 1 1/2 hrs.outside the city, coming back in as needed to complete the paperwork," explained one person living in Panama City, Panama.
"Originally the view was unobstructed. But immediately around our apt. are schools, Atlapa, a large supermarket, a police station, community pool...things that will not get bought out and have a highrise pop up," said one expat in Panama City.
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Kovalenko & Vera is a Panamanian law firm that specializes in immigration law, corporate law, real estate law, banking, contract negotiation, taxes and flag registry. With more than 20 years of professional practice, Kovalenko & Vera builds lasting relationships with our clients to ensure your interests are safeguarded.
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What is a typical expat home or apartment like in Panama City?
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About the Author
Joshua Wood, LPC is one of the Founders of Digital Nomad Exchange and serves as Co-President of Expat Exchange. Prior to Expat Exchange and Digital Nomad Exchange, Joshua worked for NBC Cable (MSNBC and CNBC Primetime). Joshua has a BA from Syracuse and a Master's in Clinical and Counseling Psychology from Fairleigh Dickinson University. Mr. Wood is also a licensed counselor and psychotherapist.
Some of Joshua's articles include Pros and Cons of Living in Portugal, 10 Best Places to Live in Ireland and Pros and Cons of Living in Uruguay. Connect with Joshua on LinkedIn.
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