Panama City Condos and Houses for Sale: Prices and Foreigner Rules

Punta Pacifica, Punta Paitilla and Costa del Este are the main modern waterfront and business districts, with high-rise condos and shopping malls. El Cangrejo and Bella Vista are older, central and walkable, with restaurants and embassies. Casco Viejo, the colonial old town and a UNESCO World Heritage Site, has restored buildings, boutique hotels and rooftop bars, and it commands high prices for small spaces. Clayton and Albrook, on former US Canal Zone land, are green, quiet and family friendly, with Albrook hosting the main bus terminal and mall.

Panama's Metro has expanded, and Tocumen airport has made the city a hub for Latin America. The Panama Canal is on the western side.

Panama allows foreign buyers to own property with the same rights as citizens, and title is registered at the Public Registry. Exceptions include land near borders and some coastal strips, and some islands use a different land title type, so due diligence on titled versus possessory land is essential. Buyers typically pay a transfer tax (around 2% of the higher of price or registered value), registration and legal fees, with the notary involved. Panama has several residency options, including a Friendly Nations visa and an investment-based residency for qualifying real estate purchases above a set threshold. The details change, so confirm with a Panamanian lawyer.

Read our Panama buying guide, Panama financing page and Panama market analysis for further information.

The city uses the US dollar as legal tender alongside the balboa, which removes currency risk for dollar earners. English is widely spoken in business, and the healthcare system includes private hospitals with international accreditation. Summers are hot and humid with a rainy season from May to November, so ask about waterproofing, balcony drainage and air conditioning in any building. Traffic can be heavy, and proximity to the Metro or the Cinta Costera can save time.

Buyers should also consider that Panama City's headline price per m² of €2,274 is lower than comparable capitals' coastal towers, but service charges can make up for that difference in the best-equipped buildings.

• Oversupply: parts of the city built many towers; compare rents with price before buying for yield.
• Tax exemptions: new buildings may get property tax exemptions for a period; ask for the certificate.
• Maintenance fees: luxury towers have high HOA fees.
• Humidity: air conditioning and mould control matter.

The Pacific beach communities outside the city provide alternatives, such as Chame, Nueva Gorgona, San Carlos and Río Hato. Further afield are Pedasí on the Azuero peninsula and the highland town of Boquete. Visit the Panama hub or use the mortgage calculator.