In the News from Panama

Panama City Property Report: Punta Pacifica is the 2022 Hot Spot

Property sales have been climbing in Panama City in recent months, as international buyers increasingly look for new opportunities. PPR has recorded several high-profile sales, as interest continues to rise in the wake of continued turmoil in markets.

With the exception of one bulk sale in 2021, Punta Pacifica Realty’s sales are up overall from a year ago, says PPR president Duncan McGowan. The biggest increase has been in Punta Pacifica, the neighborhood of waterfront skyscrapers, where sales volumes are significantly higher than a year ago. Prices in Punta Pacifica are up about 10% from a year ago, he says.

While Punta Pacifica has been the bellwether of the local market for years, the recent market has proven perfect for the area’s main attributes. The luxury towers offer comfortable apartments with spectacular views and top-level amenities, in a market with a long-term track record.

“Punta Pacifica is a proven market and an established international neighborhood,” McGowan says. “Buyers know what they’re getting.”

The results are partially skewed by PPR’s competitive advantage in the market. PPR has been the premier sales, rental, and property management agency in Punta Pacifica for years, with long relationships with landlords, sellers, and developers.

“We literally hold the keys to Punta Pacifica,” McGowan says. “Buyers know they can easily see a wide range of properties with us without the normal hassles of trying to coordinate appointments with different owners.”

The increase in the volume of transactions and higher prices is led by a combination of end-users moving to Panama, investors looking to get their money out of the United States, and international buyers looking for their Plan B, McGowan says.

Recent examples of PPR sales include a spectacular 400-square-meter, three-bedroom with a den in Aquamare, always one of the most popular towers in Punta Pacifica. The apartment has recently been renovated by one of Panama’s top designers and features a large balcony that really brings home outdoor and indoor living.

As always, The Ocean Club, the iconic sail-shaped tower formerly known as the Trump Ocean, continues to receive the most interest. In the last month, PPR has handled the sale of three two-bedroom apartments in the waterfront tower, as well as one of the popular bayloft units, which are also popular as rentals. 

Several other Punta Pacifica towers have posted multiple sales in the first half of 2022, including the new Pacific Point Tower, which is selling fast. Last month PPR sold two incredible 3-bedrooms, as well as an ultra-luxury two-story penthouse for over $2MM.

“We’re seeing a lot of people exploring their Plan B or considering the idea of making Panama their long-term home,” McGowan says. “Punta Pacifica is the perfect spot to enjoy everything Panama City has to offer.”