Panama Real Estate Market 2022-2023: Common Questions Answered

Panama real estate sector during the year 2022 has shown a decent recovery progress even through the recent economic difficulties around the world. The strains caused by the pandemic in the Panamanian economy are starting to fade, specially in real estate.

Many of the real estate projects during 2020 and 2021 were halted and temporary on hold due to the lockdowns and the supply chain strains, however we have seen many of these developments to move forward this year.

There are a wide variety of projects of different price ranges, both in popular locations and outside the metropolitan area, that are being built with a faster pace than in previous years. There are also infrastructure projects that are on current development and moving forward.

Panama’s public projects current on fast development are the Cinta Costera 3 avenue extension to Amador Causeway, the finishing of the Cruise Terminal, and the metro Line 3, which is the first metro line that goes from the capital to interior cities.

Now in this article we summarize some of the common questions asked regarding the current real estate market in Panama by potential buyers as well as other leads interested in living in Panama and possibly buying a property in the future:

What is the projection of the housing market in Panama in 2022 and 2023?

The current forecast for the real estate market is very optimistic, Francisco Cheng, President of ACOBIR, stated that the first semester of 2022 showed a 20% of increment of sales compared to the previous year (2021), and more than double of growth versus 2020.

How are the prices if real estate in Panama in 2022?

Real estate prices in Panama showed an overall decrease during the last two years, but during the year 2022 the residential real estate demand has been steadily growing, which might in fact increase some of the prices particularly in new projects. The projection for 2023 might show an overall increase in real estate prices in Panama.

Is Panama real estate expensive?

The short answer is yes. For the local buyers, real estate prices have been increasing in the last 10 years as more big developments are seen particularly in the capital. However, for foreign investors, some of the current projects offer lots of benefits that can be considered price-competitive comparing to other countries.

How are the rental prices in Panama in 2022?

There are several offers in the present pool of rental properties in Panama during this year, but prices are maintained on a similar range as in 2019, due to an overall stable demand. However, there are major residential project being developed on the capital that might bring competitive rental prices for the next year.

Is Panama a good place to invest in real estate in 2022?

For sure yes. Panama is considered one of the most stable economies in Latin America, showing a fast recovery progress from 2020, dollarized economy, major financial and transportation hub, as well as having a diversified offer of real estate in the city, interior and the beach communities.

Where is the best place to buy real estate in Panama?

There is not a single best place to have a real estate property, if you are looking for an urban property, there are a lot of great locations in the capital to buy such as Av. Balboa, Costa del Este, Santa María and San Francisco. If you are looking for beach-front properties, there are also great options, Coronado and Buenaventura being on top of the list.