Panama Real Estate Market in 2023 update

A great number of investors and individuals that are seeking new opportunities of real estate investments internationally, consider Panama as one of the most stable Real Estate market over the years.

As we are going through 2023, it’s essential to gain insight into the current state of the market, emerging trends, and the possible prospects or opportunities that can be seen in the near future.

As we have mentioned before, Panama’s strategic location, robust economy (US dollar based) and favorable business environment have made it an attractive destination for real estate investment. From stunning ocean front and beach front properties to big urban developments, Panama offers a diverse range of options to suit various preferences and lifestyles.

As the world is still emerging from the challenges of the past couple of years, Panama as an economy, stands stable and resilient. The country’s strong economic performance is maintained and driven by sectors such as finance, logistics, tourism, and multinational companies, which all of these has contributed positively to Panama’s real estate market in 2023.

Here are some key points of Panama Real Estate market development in 2023:

Construction sector in Panama grew 9% in 2022

This data was informed by the Minister of Economy and Finances during the inaugural ceremony of ACOBIR expo in 2023, it was also mentioned that is one of the main drivers of the GBP of the country during last year, which in overall benefits all other areas of the country such as employment, tourism, real estate and infrastructure.

The Minister of Economy and Finances also affirms that Panama’s overall economic recovery and stability is one of the strongest in the region, and informs that such growth in construction affects positively the real estate market and the people within this industry, which are connected directly and indirectly with this sector.

New trends on the real estate demand

The president of ACOBIR (Panamanian Association of Real Estate Brokers) informed that while the real estate sector has not reached the levels compared to 2019, there is an 80% reached and the association is working on promoting internationally the real estate projects and Panama benefits in multiple international events.

As for the 2023 market trends, he informed that there is a high growth on demand and construction of buildings offering condos that goes from 60 to 80 square meters in area, 1 and 2 bedrooms. This is a current preference in the real estate market in Panama but also in combination with what the building can offer in amenities such as a coworking spaces, fitness areas and cinema.

Real Estate sector keeps attracting investments from retirees

As known already, Panama is one of the countries on the top list for a second residence and retirement hub. In August of the present year, in an initiative organized by the bi-national council of Panama and United States, will get together real estate professionals from Panama and USA to visit different areas of the country for scouting real estate opportunities both in commercial and residential projects.