3 Aspects that Increase the Value of an Apartment in Panama

In each country you can find several features that define whether an apartment or a residential property in general has more value than another. Very interesting cases are sometimes noticed where even one property next to another has a significantly higher value.

These features are sometimes very specific, for example one property may have a lower value compared to the other due to lack of remodeling, or due to a bad smell due to its proximity to an industrial sector.

But there are patterns that can often be identified and that help to better understand the specific area, country or city, and the reasons why some properties are more valued than others.

Panama City is a very particular place, the real estate sector is very dynamic, the vast majority is made up of higher offers of apartments instead of houses, in addition to being a city with heavy traffic.

The particularity of Panama and its high competition in the construction and real estate sector allow very interesting aspects to be noted with respect to which properties are the most valued.

Next, we present the 3 aspects that we consider are the ones that most influence the value of an apartment in Panama in the current market:

Balcony and uninterrupted views

The offer of apartments that exist in Panama market has increased rapidly in the last 10 years, this brings its pros and cons for the buyer.

The main benefit are that apartment-seekers have a plethora of options to choose from, helping them negotiate terms and prices. The main disadvantage is that today an apartment may have a appealing view, but tomorrow it may be interrupted by a new real estate project being built in front of it.

The risk of losing a good view exists in several of the real estate projects in Panama, and because of this, uninterrupted views are the most sought after. Views of a park or oceanfront are good examples of what is considered an uninterrupted view.

Another very interesting aspect is the increase in demand for apartments with terraces, possibly due to the pandemic, the access to the open air gives apartments in Panama a higher value.

Location within commercial areas

Except for some luxury sectors in Panama, another factor that influences the price of an apartment is the proximity to commercial, business and entertainment areas.

A particular case (but not the only one) is the district of San Francisco, which is easily accessible through various highways and avenues, as well as being close to malls, shopping centers, schools, and Parque Omar (the largest park in the city), the apartments in this sector have a relatively high value compared to other areas.

Other areas with higher demand apartments are Av. Balboa, Punta Pacifica, Punta Paitilla and Costa del Este, all due to their proximity to entertainment centers and commercial areas.

Building years of construction

Due to the high dynamism of the real estate market in the capital, many new real estate projects arise more frequently, this generates an interesting effect on the prices of older apartments.

Currently in Panama you can find new apartment projects that are offered at $2,400 to $3,000 per square meter. However, buildings of very little age (less than 10 years) in the same area sometimes can be found with prices below $2,000 per m2.

This aspect can play a lot in favor of a buyer if he takes the time to get to know the areas of Panama and the real estate market, as it gives him more options with a wide range of prices when looking for the ideal apartment.

We consider that these 3 aspects are the ones with the greatest influence on the prices of apartments in the capital. Keeping these factors in mind when looking for a property will allow you to quickly analyze if the price is worth it or even if one of the apartments you visit is selling at a certain discount.