As Panama’s real estate reopens after the pandemic, the luxury market continues to be the hottest sector, with buyers worried about the supply of top units. In the first quarter, Punta Pacifica Realty saw the bulk of sales in the more than $1 million categories, a trend that is continuing as business slowly starts to return to normal.
Buyers are looking for larger apartments in quality buildings with top amenities, and they remain willing to pay market rates when unique apartments hit the market. While reports show overall prices in Panama are depressed, which is to be expected, high-quality apartments continue to hold their value.
For example, a few weeks ago, we told our clients about a 4-bedroom lower penthouse in the Aqualina tower. Part of the Punta Pacifica Realty Trophy Property Program, the penthouse checked all the boxes with an open, modern floor plan, a custom-designed interior decorated with original art, and a landscaped terrace with a private pool and stunning views of the city and Panama Bay. We had several inquiries when the penthouse was posted and it sold within five (5) days.
We currently have a 400-square-meter, a one-of-a-kind fully remodeled apartment in Aquamare, one of the city’s top towers, with stunning ocean and city views and a massive balcony, priced at $1.1 million. Within days of the posting, we started to receive inquiries, with clients recognizing the quality and value.
We can see that buyers are doing their homework. The top units have always held their value more than the bargain-basement units and that’s never been more true in Panama, where there are many units available in sub-par buildings in the wake of the pandemic.
In the first quarter of 2021, PPR made a record six sales of more than $1 million, and all were in top projects. Three penthouses sold, including a top-floor penthouse in Seascape on Ocean Reef Islands, a unit on the 64th floor of the JW Ocean Club, and a lower, 4-bedroom penthouse with private pool and landscaped terrace in Aqualina, a unit which was part of Punta Pacifica Realty’s Trophy Property Program.
There are many factors driving the interest in luxury properties. For investors who saw big gains in the stock market last year, rolling over profits into Panama real estate makes perfect sense as a way to diversify and take advantage of the different cycles.
As we’ve documented in earlier articles, FOMO — Fear of Missing Out — is also a clear motivator in the market. Savvy investors see the low prices and depressed market conditions and want to make their move before the market fully restarts. They know the best deals are often found during distressing times, and they don’t want to miss out.
Interested in learning more? Contact us now for the latest data and information on the Panama real estate market.
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