Panama Real Estate Prices and Cost of Living: Common Questions Answered

From the cost of a desired ocean front condo to the day-to-day expenses of living in the city, there’s a lot to consider in Panama.

In this blog post, we analized and provide answers into some of the commonly asked questions surrounding Panama’s real estate prices and the overall cost of living, particularly in 2024 and the future.

We clarify several points, provide insights, and provide you with the knowledge you need to navigate the exciting terrain of Panama’s housing market and lifestyle expenses, crucial information that you will need if you’re a prospective investor, or an expatriate looking to make Panama your new home.

Let’s dive in into these common questions:

Is real estate expensive in Panama?

In 2024, Panama still offers a very competitive real estate prices compared to other countries, particularly when considering location, stunning views and all the amenities that comes with getting a property in the country.

Is it worth buying a property in Panama?

While real worth is subjective for each person. Panama is considered to be a valuable market thanks to its stability, overall safety and dollarized economy. If well located, easy access and including amenities, a property in Panama can be a good investment with sustainable growth.

Where is the cheapest place in Panama to live?

When living in Panama City, cheapest alternatives often includes apartments located further from the city center, but with access to the main avenues and metro lines. When considering the whole country, smaller cities in the interior of the country provide great alternatives of condos and houses in low prices.

How much is the average apartment in Panama?

In Panama City rental prices can go from $700 to $1400 for 1 to 3 bedroom apartments or higher, depending of the apartment type, location and amenities. For property prices, price per sqm can go from $2000 to $2600 or even $3000 if the property is new, luxury or in great location.

Do you pay property taxes in Panama?

When owning a property in Panama, you will need to pay property taxes annually (or in 3 quotas every 4 months). The tax amount can vary depending on the property value, but you can also obtain exemptions and discounts depending of your type of property and way of payment.

Please see this article for more information on Property Taxes in Panama.

Is it expensive to live in Panama?

Panama is generally considered to be more affordable than many Western countries, making it an attractive destination for many. However, living costs can vary depending on the region and one’s lifestyle choices.

On the other hand, for some Latin American neighbors, they can consider that Panama is expensive to live, one of the reasons can be that Panama’s economy is a US-dollar based economy, which can often make it seem more expensive.

Is food cheap in Panama?

Groceries and dining in Panama really depends onf the lifestyle choices of the person living in the country. There are some supermarkets that offers local and affordable products, while others often offer imported products from North America, Europe and Asia at a higher price.

Same comparison happens when dining in restaurants in Panama. There are a number of alternatives when going out dining, from regular to fancier restaurants, so prices can vary depending of each choices.