Average House Price in Panama: What points are considered for pricing?
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by Olga
- May 14, 2020
- Real Estate
- 0
Although Panama is a small country compared to others in the region, it has a great diversity of residential properties to meet any kind of buyer taste. In the city, you can find whatever you need, from a 1-bedroom apartment or studio to 4 bedrooms luxury properties or more, so the house price range can be very wide.
The current real estate market in Panama offer a huge variety of apartments depending on the buyer’s needs, for example, there were 100 square meters apartments that some developers offered them with one bedroom and a huge living or studio space area, while recently you can see more units with the same area but built with 2 or 3 bedrooms instead.
This shows how well the real estate market is developed in Panama, many developers and constructions companies are eager to adapt their offerings according to the markets needs at the moment, and this is great for any real estate investor, since there are multiple choices of apartments and houses in Panama, from different locations, qualities, floor plan structures, and different prices.
What is the average price of a home in Panama?
This really depends of the type of home you are planning to buy, there are 3-bedroom apartments in the metropolitan area of the city that can currently go from $190.000 to $300.000 or more, this depends on the location, quality and/or year of the building. If you are planning to buy a house instead in Panama City, the price can go higher than the apartments.
The starting price of house prices in a proper safe area in Panama City can be around $300.000 for a 3-bedroom, but in reality it depends of a great number of factors, it is normal to see in the market houses valued at $400.000, $500.000 or much more.
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What determines the price of a home in Panama?
- First and most important is location, you can see as much as double the price in some cases just because of where the property is located.
- The view, considering Panama City has many skyscrapers, the balcony view can be a decision maker in terms of buying a home. In the case of beach houses, beachfront properties share a similar quality.
- The year of construction, while many buildings in prestigious locations are well taken care of, this is not always the case in other buildings.
- The quality, and this can be both the quality of the home or of the building, where in many cases the reputation of the developer is taken into consideration.
- Ease of access: this is a factor that is considered more recently particularly because of the metro stations, apartments and new projects built near metro stations are considered more valuable now.
Average Home Price in Panama City:
Since there are apartments and houses with different sizes and locations, we will show the current researched prices per square meter (sqm), and we divide it per popular locations:
Average Home Price in Punta Pacifica and Punta Paitilla:
Punta Pacifica and Punta Paitilla are some of the best locations in the city due to the centric location and amount of luxury buildings in the area, also it is located near two luxury shopping malls: Multiplaza Pacific and the recently built Pacific Center. Prices in the area now are listed between $2000 to $2900 per sqm and prices range due to the year of building, view and amenities included in each project.
Average Price in San Francisco:
San Francisco is a location of high demand and it is one of the districts with a lot of commercial, financial activities and tourism as well. Prices can range from $1500 to $2700 per sqm depending on factors such as closeness to Parque Omar, bay view or year of the building. In Coco del Mar prices can go higher with starting prices of $2100 since most residential projects are recent.
Average Home Price in El Cangrejo:
El Cangrejo is a popular área due to its restaurants, nightlife, cafes, and tourism overall, it has the famous Via Argentina road and the metro station Via Argentina right on it. There is a wide number of residential units both old and new, so the price range per sqm goes from $1800 to $2800, depending if these units are old or new, the view and the amenities offered in these buildings.
Average Home Price in Costa del Este:
Since Costa del Este is an area of newer developments you can see prices from $2300 to $3000 per sqm, the location is one of the most demanded in the city and many multinational companies hold their headquarters in this area.
Home Price in Santa Maria:
As explained before, Santa Maria is one of the most valued and exclusive locations in Panama, the price per square meter starts at $2800. This residential community contains unique luxury properties with open views and a golf club.
Home Price in Cinta Costera:
All residential complex located near Avenida Balboa are usually very high valued, due to its great view and closeness to Cinta Costera, many restaurants and the financial district. Depending on the quality of the building, apartment prices per sqm can vary greatly from $2000 to $3200 depending of the year and quality of the building.
If you are interested in knowing more about real estate properties in these areas, please check our properties listing or you can contact us so we can provide you multiple options of residential and commercial properties offered in Panama.
