News

The year is off to a promising start for the Panama City property market. Many of the factors causing turmoil around the world are benefitting Panama, which remains a safe haven compared to many markets.

We are seeing more North Americans — and, specifically, Canadians —  physically relocating or planning their move to Panama than in my past 15 years here. Many are targeting properties in the $300,000 range to qualify for the Red Carpet Visa, Panama’s version of a golden visa, which provides an easy path to a residency visa for buyers. We’re seeing many buyers take advantage of the ability to apply for the visa remotely to get their residency structured and then coordinate their move.

Q1 Sales Activity  

A few of the most sought-after properties for investment and residency purposes have been Oceana in Santa Maria, Regent in Costa del Este, and the new Wanders and Yoo in downtown. 

In Q1, we also saw the delivery of a couple of highly anticipated new buildings — the already sold-out Seascape Wellness Resort on Ocean Reef and the north tower of Wanders and Yoo, which are raising the bar for amenities and finishes in Panama and are attracting both renters and secondary market buyers. 

Wanders & Yoo in Marbella, Panama

Ocean Reef continues to outperform any other development in the luxury market with the first phase of the resort-style Palms Beach Resort now 75% sold out and the first buildings under construction.  Another unique building soon to start construction, Ocean Terraces has only one residence remaining at $2.535.0000 million.

A few resales on Ocean Reef have come on the market with healthy appreciation from the preconstruction days, such as this 4-bedroom in the prestigious Almar building. Several units have sold in recent weeks in the $1.2M-$1.5M range in Beach Club Residences, the first development to deliver on Ocean Reef’s second island. At this point, resales are still a rarity on Ocean Reef, evidence of the value people are finding in their new homes — people are holding on to them.

Rental News

Rentals continue to be strong in highly amenitized buildings such as the Ocean Club, Regent, and Yoo, which are often the first rental choice for foreigners as they settle into the Panama lifestyle and feel comfortable with the conveniences of these resort-style buildings. Rental prices have increased by 7%-10% in the three popular buildings over the past year, while occupancy for PPR’s 400+ unit portfolio in those buildings is over 90%, our property management team reports.

Ocean Reef Islands – Rentals

The scarcity of top units is becoming a dominant trend. The demand for rentals on both Ocean Reef and in the new Wanders tower is so strong that as soon as we get apartments furnished and ready to rent they get snatched up right away. Part of the demand is attributable to digital nomads, who continue to flock to Panama. They are primarily seeking rental options with enough space to set up a home office and nearby amenities to support their independent lifestyle.   

Around Panama

We are seeing a major uptick in inquiries about beach properties in beach communities as well, especially in the up-and-coming area of Chame, which is a little over an hour outside of the city. Chame is being developed into one of Panama’s newest beach town communities and it is already an attractive alternative for buyers tired of over-run beach markets in other countries. With a new bridge planned over the Panama Canal, we expect to see a surge in interest in the western beach communities in the next year. 

Punta Chame, Panama

Overall we are excited about 2023, as Panama continues to be the recipient of hundreds of new transplants moving from Latin American, North American, and European countries seeking a secure place to invest and to call home.