Panama’s Real Estate Market Post-Pandemic: Trends to Watch in 2023

Like many other regions, Panama’s real estate market experienced significant shifts during the COVID-19 pandemic.

The events of the past few years have left an interesting mark in the real estate market in Panama.

As mentioned in previous articles regarding Panama Real estate market during the pandemic, the country was arguably one of the most efficient and fast-acting in Latin America when dealing with the pandemic in terms of the vaccine distribution, but also in restrictions as well.

Such restrictions, especially in Panama City, has influenced many families (potential buyers) to take different decisions when it comes to lifestyle, work and of course how and where they want to live.

As we explore 2023 and the following years after the pandemic, we will present in this article what we have noticed in the current trends and patterns that can be seen in the real estate market, from the buyer’s expectations for their potential purchase, to the new real estate projects and what kind of amenities includes.

1. Hybrid working and home offices spaces

In the wake of the events of 2020, there has been a notable shift in the way people view their homes.

People now recognize the importance of adaptable living spaces, and in those terms, the need of a designated office space at their home. The experience of remote work during lockdowns in Panama has led to a demand for functional and relatively comfortable workspaces inside the people’s houses or apartments, with the purpose of having increased productivity and flexibility when they are doing remote work.

This trend has been noticed by some real estate developments, where they prioritize the new apartments and houses designs to have an office space. At the end, real estate developers find ways to adapt their offerings to the lifestyles of the potential customers.

2. Improved Social Areas and Amenities

Being confined in small spaces during the pandemic also created a different lifestyle for many people in Panama. By doing all kinds of tasks, chores and works without going out of their apartments or houses, for sure it has made an impact for many families.

In the new real estate projects seen in Panama City, it can also be noticed the urge to create enhanced social areas where not only a pool and a gym are necessary, but also lounges and co-working spaces as well, with the sole purpose to adapt to these new needs of many citizens.

Most of recent buildings developments in Panama City also includes retail spaces available for buying-renting at the entrance of the lobby, this create a potential to have a closed community by having retail options (such as groceries or medicines) for those residents within the building.

3. Balconies

Balconies have gained more demand in Panama’s apartment designs, not only for the view, but also for the importance of having access to fresh air. The pandemic crisis made for many people to appreciate the value of outdoor spaces, allowing residents to enjoy fresh air and outdoor living while maintaining social distancing.

Balconies offer a private space, providing a connection to the outside and have a sense of relief from the indoors areas of the apartments.

The desire for a balcony its not only a current trend, but also a key factor when selecting an apartment to live, this reflects to the shift towards healthier and more balanced living, where residents can relax with the outdoor views and the troplical climate that Panama has.

Panama’s diverse real estate market offers a myriad of opportunities for those looking to buy. It is important to stay informed, explore all the options, and understand the potential of the properties you are seeking as a buyer, but also to be clear on what are the trends and factors which are driving all the buyers to make different decisions when acquiring real estate.