Panama Real Estate Market 2024: Trends and Opportunities

From the urban environment of Panama City to the attractive coastal areas, Panama’s real estate market in the year 2024 have potential of being more dynamic that in the past year.

In this article, we explore what factors might be propelling growth, with the current developments on the horizon, some trends and news from the industry, and lastly, what stills characterize Panama as a strong player in the international real estate scene in the upcoming years.

What makes Panama still great for investing in 2024?

Panama over the years, have been a compelling destination for many foreign investors due to a great number of factors, within them the stable government, us dollar economy and of course, the country’s strategic location, which makes it very conveniente to travel back and forth from many parts of the world with the Tocumen Terminal Airport.

But beside these positive points, Panamá also offers a great climate all year round, competitive cost of living, decent infrastructure and overall a good quality of life thanks to the cosmopolitan lifestyle in Panama City and the availability of modern amenities such as diverse restaurants, as well as entertainment and commercial venues.

The ongoing transit of foreign travelers and investors through Panama, keeps increasing the demand of more businesses solutions, not only in real estate, but in hospitality, entertainment, shopping and dining sectors.

The government works at its best to continue promoting the country with better tax and legal conditions than neighboring countries, to keep encouraging foreign companies to set base in the country and to optimize their financial positions.

Real Estate and Economic Development in 2024

From the end of 2023 and the beginning of 2024, Panama has pushed forward several new construction developments in residential real estate across the main cities and communities.

Several new real estate projects in high demand areas such as San Francisco, Bella Vista and Costa del Este have started their construction project with delivery dates from 2 to 4 years.

According to statistics from Encuentra24, in several high demand areas of the city, apartment sales prices have a slight increase compared to the prior years (from 2020 until the present). On the other hand, rental fees have increase substantially in 2024, when compared to 2022 and 2023.

Panama still is betting on infrastructure, pushing through the new road projects to the interior cities, the direct road from Cinta Costera to Causeway of Amador, finalizing the development of the Cruise Terminal (already in operation) and the Metro Line 3, which estimates to be finished completely in 2026.

Improving the economic outlook will indeed be a big focus for Panama the new government, since the elections will be celebrated in middle of this year.

Real estate trends and opportunities in Panama

2024 is a year that comes with turbulent times not only in North America’s market, but also around the world, due to the international conflicts. Panama has showed historically to be a stable country, supported by a sustainable growth in the real estate and construction sector, but also with a strong maritime and logistical economy thanks to the Panama Canal.

This gives to Panama a great balance when it comes to real estate investing. Current developers have come with new concepts and modern solutions when introducing new projects, focusing not only in a single great project, but also supporting the growth of quality lifestyle in the current communities in Panama City and nearby beach towns.

If you are interested in knowing more about real estate opportunities either in Panama City or in beach front communities, please do not hesitate in contacting us.