Real Estate in Panama

How do I find a place to live in Panama?

We asked expats how they chose their neighborhood and found a place to live. They answered:

"We wanted to live in a safe local neighborhood near the ocean. I listened to my friends who were already here and looked in those areas," explained one person living in Bocas del Toro, Panama.

"I made a visit here in August,stayed in a pretty basic place in el Cangrejo, and felt quite at home. It reminds me of Greenwich Village in NYC. I'll be staying in the same place for a month, plan to begin the Pensionado process with a recommended-by-expats att'y., and then move about 1 1/2 hrs.outside the city, coming back in as needed to complete the paperwork," said one expat in Panama City.

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What is a typical expat home or apartment like in Panama?

"In a highrise, and that was after living in a home, on the ground, in California. Never dreamed I'd be going vertical again. But it has safety advantages, especially in a building that has a good, stable reputation," said one expat who made the move to Panama City.

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What is the average cost of housing in Panama?

If you are thinking about moving to Panama, cost of living in probably a key consideration. Expats commented about the cost of housing:

"Panama prices are still low but not like advertised by different websites. The retirement (jubilado) discount is interesting but not fully discounted as advertised, it's not 25% on the total electric bill, it's 25% of the of a portion of the electricity used so far away from 25% of total bill. Hotels are discounted by 25% but from their highest price so if a hotel is showing a special price of $100/night, you won't get 25% off $100, you will get 25% of their regular price that maybe around $150 so you better use their special rare and not applying your jubilado discount. For restaurants, the 25% discount worth it but it's not 25% off the total bill, it's 15 to 25% on portion of the bill but still worth it. Condo/house purchase or rental are cheaper. Food is not cheaper then the USA and even higher so if you buy locally food, you will save but limited on your choice. If you buy some food products from the USA, you will pay full price....higher then the USA. Panama is hot and Humid besides if you live in the mountains but there are negative aspects to it. My wife and I live in Panama and we like it so this message is not to sugar coat Panama but to be realistic. We like Panama, people are very friendly with no crazy politic discussions. You don't hear about shooting here and there on daily basis, it is safe and quiet place. They use the US currency, it's not to far away from the USA so it's interesting," said one person in Panama City.

"Average home would probably go for 150K to 250K, depending on location and how modern it is. Depends on what you are looking for. Take the time to do your research with various real estate companies. You can pay beaucoup the bucks for waterfront mansions," remarked one foreigner who made the move to Coronado.

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Should I buy or rent a home in Panama?

If you have not spent a lot of time in Panama, you should rent before even thinking about buying. We asked expats there about the buy vs. rent decision:

"We decided to rent. We sold everything we had in the US and want the freedom to move if we are ever inclined to do that. We rent furnished and love not worrying about maintenance or replacement of anything. Buying abroad can be tricky and I would encourage anyone buying to do due diligence. As for us, we are happy renting," said one person in Nueva Gorgona.

"Rent. Not difficult, but a bit seasonal. Purchasing is easy, but selling a home takes a very, very long time, so it's advisable to rent first, always," remarked one foreigner who made the move to Boquete.

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What do I need to know when buying property in Panama?

When we asked expats what advice they would give a foreigner before buying a property in Panama, they said:

"DO your due diligence, engage a realtor who A - speaks English, B-is responsive and pro-active, where EVER you are calling them from. KNOW what you are looking for (we made a LIST of 'must haves' and 'must NOT haves'! We found our DREAM here," explained one expat in San Carlos.

"Use only a well known reputable realtor and have an attorney. If you hire professionals listen to their advice. We bought prior to moving here 2 1/2 years ago, and we bought sight unseen as it was an unusual opportunity. The process went smoothly, no issues. We couldn't be happier with our property and in retrospect we really got a great deal on a great property," explained one person living in Boquete, Panama.

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Are foreigners allowed to own property in Panama?

When we asked expats what advice they would give a foreigner before buying a property in Panama, they said...

"Foreigners have the same property rights as Panamanians, with one exception. Foreigners are not allowed to own property in their own name within 10 kilometers of the border of Costa Rica. Of course, there are still legal ways to have your dream beach house! ROP properties are not included in this rule, since they are not technically "owned" and Titled properties can be held in a Panamanian Corporation or Foundation that is set up properly for this. Another reason to hire a competent attorney," explained one foreigner living in Puerto Armuelles, Chiriqui, Panama.

"Foreigners have the same property rights as Panamanians, with one exception. Foreigners are not allowed to own property in their own name within 10 kilometers of the border of Costa Rica. Of course, there are still legal ways to have your dream beach house! ROP properties are not included in this rule, since they are not technically "owned" and Titled properties can be held in a Panamanian Corporation or Foundation that is set up properly for this. Another reason to hire a competent attorney," said one in Puerto Armuelles.

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What appliances are typically included in a rental?

We asked foreigners in Panama what appliances are typically included in a rental, and, if there is anything else included or not included that a newcomer would not expect. Replies included:

"Rental properties in Panama commonly include kitchen appliances such as refrigerator, oven and stove, common laundry appliances such as washer and dryer, air conditioning units, fans and window screens to keep out insects, and occasionally furnishings, depending on the agreement between the tenant and the landlord. Additionally, it is common practice for landlords to provide households with basic, essential utilities such as water, electricity and internet," explained one person living in Panama.

"We live in Panama City, and rent a furnished 1 bedroom condo, in a nice 35 story high-rise in Bella Vista. Washer/dryer stackable, fridge/freezer combo, gas burner stove top, and stove. Small microwave. This is typical most places we looked at. What we don't have: dishwasher. Most places do not have. We are adding one to our new condo waiting to be built. We also bought an airfryer on Amazon. Very handy. I would pick up a dehumidifier for your unit, if it does not come with one. Will help cut down on mildew. ," remarked one foreigner who made the move to Panama.

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Additional Information about Searching for a Home in Panama:

We asked foreigners in Panama what appliances are typically included in a rental, and, if there is anything else included or not included that a newcomer would not expect. Replies included...

"I would recommend using a reputable agent! Highly recommend Lauretta Bonfiglio with Boquete Land and Realty and also affiliated with Casa Solution. Highly knowledgeable," explained one foreigner living in Boquete, Panama.

"Keller Williams Realty Panama is one of the best countrywide real estate companies in Panama and they are aactive listing on the MLS, called ACOBIR in Panama. Debbie Fishell is an active Keller Williams associate who works primarily in the Chiriqui province," said one in Puerto Armuelles, Chiriqui.

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