Is it cheaper to buy or rent in Panama City now?

Who should buy and who should rent in Panama City?

Right now, renting is cheaper for a foreigner who needs a mortgage and expects to stay less than about 7 years. Buying wins for cash buyers and for people who'll stay a decade or more.

The numbers are closer than in most capitals because Panama City apartments are cheap next to their rents. What tips the balance is the cost of the loan, the condo fees of the building and how long you stay.

Why is it so hard to tell whether buying or renting is cheaper in Panama City?

Because the two sides of the market pull in opposite directions. Resale prices are moderate, rents have climbed, and mortgages for foreigners are expensive.

ACOBIR, the brokers' association, tracks deals closed through its MLS. Resale apartments in Panama City closed at an average $1,726 per m² in the first half of 2026, 1.7% below a year earlier. Signed rents averaged $12.57 per m² a month over the same period, up 8.9%.

Put those two together and a year of rent comes to about 8.7% of the price, or a price of about 11.4 years of rent. The rented and sold apartments aren't the same units, so this isn't an exact yield, but it shows how cheap ownership looks on paper.

Financing pulls the other way. The Superintendency of Banks keeps a 6.5% reference rate, but that's a regulatory benchmark, not what a foreigner is offered. Banco General's 2026 grid for second homes is 8% plus the 1% FECI surcharge, with up to 70% financing over 20 years. Banks issued about $981 million of new home loans from January to August 2026, 13% less than a year earlier.

So prices next to rent say buy, and the cost of credit says rent.

Panama City housing measure	Latest figure	Period	What it means
Resale apartments, closed price (ACOBIR MLS)	$1,726/m²	H1 2026, −1.7% YoY	Resale stock is cheap next to rents
Signed apartment rent (ACOBIR MLS)	$12.57/m²/month	H1 2026, +8.9% YoY	Renting has got more expensive
Annual rent / closed price	~8.7%	H1 2026	Buying deserves a serious look
Foreigner mortgage (Banco General, second home)	8% + 1% FECI	2026 grid, 70%, 20 years	Borrowing is expensive
SBP reference rate	6.5%	2026	A benchmark, not an offer
New home loans	$981M, −13% YoY	Jan–Aug 2026	Banks are cautious

Sources for this table: ACOBIR Xposure MLS (July 2026), Banco General rate grid, SBP, Brax Research on SBP data (2026).

Are Panama City apartments actually cheap compared with rent?

Yes. Across most of the city, a year of rent buys 6% to 8% of the apartment, which is high for a capital city.

Vaca Group's July 2026 study, based on asking prices and rents, found gross yields of 7.35% in Obarrio, 7.08% in Bella Vista, 6.91% in El Cangrejo and 6.84% in San Francisco. PanamaProp's October 2026 map comes out a bit higher in the same areas (8.3% in San Francisco, 8.1% in Obarrio), again on asking figures.

Take actual bedroom medians. In PanamaProp's October 4, 2026 index, a 2-bedroom in San Francisco lists at a median $190,000 and rents for a median $1,250 a month. That's $15,000 of rent a year, or 7.9% of the price: the apartment costs about 12.7 years of rent.

In Punta Pacífica, the median 2-bedroom lists at $456,000 and rents for $2,400. That's 6.3%, or 15.8 years of rent. More expensive per dollar of rent, but still far from cities where homes sell for 25 or 30 times annual rent.

That's why Panama City gives such a close buy-versus-rent contest.

Area and apartment	Median asking price	Median asking rent	Gross yield	Price / annual rent
San Francisco, 1 bedroom	$204,100	$1,200	7.1%	14.2x
San Francisco, 2 bedrooms	$190,000	$1,250	7.9%	12.7x
Obarrio, 2 bedrooms	$247,000	$1,500	7.3%	13.7x
Coco del Mar, 2 bedrooms	$320,000	$1,900	7.1%	14.0x
Costa del Este, 2 bedrooms	$380,900	$2,038	6.4%	15.6x
Punta Pacífica, 2 bedrooms	$456,000	$2,400	6.3%	15.8x

Source for this table: PanamaProp sale and rental listing indexes by zone, October 4, 2026 (medians of asking prices and asking rents, not matched units). Yields are our calculation, before costs.

Is a mortgage payment in Panama City cheaper than rent now?

Yes, the loan payment alone usually is. But for a foreigner the gap is small, and it disappears once the other costs are added.

Take the typical 100 m² apartment in ACOBIR's numbers: $172,600 to buy ($1,726 per m²) or $1,257 a month to rent ($12.57 per m²).

A foreigner can borrow at most 70% at Banco General, so the buyer puts down $51,780 and borrows $120,820. At 9% (8% plus FECI) over 20 years, the payment is about $1,087 a month, $170 less than the rent.

With 40% down, the payment drops to about $932. With 50% down, about $776.

That's why buyers quickly conclude that owning is cheaper. They forget the $51,780 or more they've put in, the closing costs, and the condo fees, insurance and repairs that a tenant never pays directly.

If you're moving here and register the apartment as your main home, FECI normally doesn't apply, so the rate falls to about 8% and the payment to about $1,011; we keep 9% as the base case because that's what a non-resident buying a second home pays.

$172,600 apartment, 9%, 20 years	30% down	40% down	50% down
Cash down payment	$51,780	$69,040	$86,300
Loan	$120,820	$103,560	$86,300
Monthly payment	$1,087	$932	$776
Comparable rent	$1,257	$1,257	$1,257
Payment below rent	$170	$325	$481

Source for this table: our calculation on ACOBIR MLS prices and rents (H1 2026) and Banco General's 2026 second-home terms (8% + 1% FECI, 70% max, 20 years). Before condo fees, tax, insurance and repairs.

Do Panama City condo fees wipe out the mortgage advantage?

Often, yes. Condo fees (the PH's monthly charge) can turn a payment that's below rent into a monthly cost above it.

PanamaProp's April 2026 review puts fees at $1.50 to $2.50 per m² a month in a standard building with amenities and $2.50 to $4.50 in premium towers. ADEMSA's September 2026 sample of 142 listings found most fees between about $1.34 and $2.36 per m² in the main neighborhoods.

A 100 m² apartment at $2 per m² pays $200 a month.

Go back to the $172,600 example. The $1,087 payment plus $200 of fees is $1,287, already $30 above the $1,257 rent, before tax, insurance and repairs.

So the building matters as much as the price. Two apartments at the same price can cost the owner very different amounts if one charges $150 a month and the other $450. A $300 monthly difference is $36,000 over 10 years.

Before you offer, ask for the PH's budget, its reserve fund and a paz y salvo (proof the unit has no unpaid fees): under Panama's PH law, unpaid fees follow the unit to the new owner.

Does Panama property tax make renting much cheaper?

No. Panama's property tax is too low to decide the question on its own, as long as the apartment is your registered main home.

The DGI's brackets for a registered main home (vivienda principal or patrimonio familiar) are 0% up to $120,000 of value, 0.5% from $120,000 to $700,000 and 0.7% above that. On the $172,600 example, that's about $263 a year, or $22 a month.

Any other property, including one you rent out or a second home, uses a different schedule: 0% up to $30,000, 0.6% from $30,000 to $250,000, 0.8% from $250,000 to $500,000 and 1% above. The same apartment would then pay about $856 a year.

Some older buildings still carry a property-tax exemption on improvements (mejoras) granted before 2019, but a new home bought in 2026 doesn't get a new 20-year exemption automatically. Check the registry entry of the unit.

Condo fees and mortgage interest deserve much more attention than property tax.

Are the upfront costs of buying in Panama City the bigger problem?

Yes, if you might sell within a few years. Buying and selling costs are the main reason short-stay buyers lose to renters.

On the buyer's side, a cash purchase costs about 1.5% to 3% of the price (lawyer at 1% to 1.5%, notary $300 to $800, Public Registry $200 to $500). With a loan, add the appraisal, bank fees, mortgage registration and the insurance the bank requires. We use 3.5% for a financed purchase, or $6,041 on $172,600.

Selling costs more. The seller normally pays the agent's 3% to 5% commission plus 7% ITBMS, the 2% transfer tax (ITBI) and a capital-gains advance of 3% of the price, which can be reduced to 10% of the real gain. At 5% commission and a flat price, the agent and the ITBI alone cost about $12,686.

So a round trip on a $172,600 apartment costs about $18,700, close to 11% of the price. A renter puts down one month's deposit (the standard set by MIVIOT) and the first month's rent.

Over 3 years, that 11% is hard to recover. Over 10 years, it's much easier to absorb.

Cost	Typical renter	Typical owner
Cash at the start	One month's deposit + first rent	Down payment (30%+ with a loan) + 1.5%–3.5% closing costs
Loan costs	None	Appraisal, bank fees, insurance, 1% FECI on a second home
Condo fees	Built into the rent	$1.50–$4.50 per m² a month, paid directly
Major building repairs	Landlord's problem	Owner's share of special assessments
Property tax	None directly	0% to 0.5% on a registered main home, more otherwise
Cost of leaving	Notice period, deposit back	Commission 3%–5% + ITBMS, 2% ITBI, capital-gains tax

Sources for this table: Panama Properties and Panama Property Experts on closing costs (2026), MIVIOT on lease deposits (2026), DGI on ITBI and property tax.

Are rents rising enough to make buying more attractive today?

Yes. Rents have risen faster than prices, which makes owning more competitive than it was a few years ago.

ACOBIR's MLS put signed apartment rents at $12.57 per m² in the first half of 2026, up from $11.54 a year earlier (+8.9%). Juan Díaz reached $14.17 per m², San Francisco $12.73 and Bella Vista $12.18.

Asking rents moved faster. Encuentra24 listings analyzed by Global Property Guide averaged $14.70 per m² in June 2026, up 13.5% in a year. Those are ads, not signed leases, so we keep the two figures apart.

A 90 m² apartment at the $12.57 signed average costs about $1,130 a month. At the $14.70 asking average, it's about $1,323.

Inflation was 2.8% over the 12 months to September 2026 (INEC), so rents are rising well above prices in general. In our holding-period model, we only assume rents rise 3% a year from here, close to inflation, to avoid flattering the buyer.

Is Panama City's property market rising fast enough that renters risk being left behind?

No. Prices are flat, not running away from buyers.

Sales of new homes tracked by 4S Real Estate fell from 4,737 units in 2024 to 2,866 in 2025, down 39.5% (La Prensa, July 2026). The first quarter of 2026 was better, with 1,292 homes sold, about 45% of the 2025 total in three months.

Closed resale prices barely moved. ACOBIR's average slipped 1.7% between the first halves of 2025 and 2026, and is only 6.2% above the first half of 2021, about 1.2% a year.

Areas diverge. MLS closings put Juan Díaz at $2,587 per m² in the first half of 2026, up from $2,110, and San Francisco at $1,759, up 4.3%. Bella Vista fell to $1,405 from $1,687. These are small samples, so read them as direction, not precise prices.

Credit isn't booming either: new home loans were down 13% from January to August 2026.

So there's no reason to buy out of fear of missing out. Renting for a year while you learn the buildings costs you little in this market.

How much below asking can you negotiate in Panama City right now?

On resale apartments, expect around 6% below the last asking price, and more on units that have sat unsold for months. With developers, the room is in extras and payment terms as much as in price.

ACOBIR's MLS apartments sold for about 6% below their last asking price in the first half of 2026, after an average 224 days on the market. Asking prices are high to begin with: TuLugar's listings sit around $2,244 per m² in the district of Panamá in October 2026, well above the $1,726 that resales close at (the listing pool also includes new towers).

Developers still have a lot to sell. Panama Equity counted 15,499 new units for sale in Panama City in May 2026, 11% fewer than a year earlier but still a big stock, and some towers with unsold finished units are cutting prices or offering deals.

What to do with that: ask how long the unit has been listed and what the last units in the same tower sold for; aim for 6% to 10% below asking on a resale listed for over six months; ask a developer to pay closing costs, include furniture or parking, or carry the loan until delivery; and get the bank's appraisal before you sign, since banks lend on what really sells.

The $180,000 to $300,000 bracket is the exception. Vaca Group counts only three to five months of new-home inventory there, so expect less room.

Is buying a new apartment getting cheaper in Panama?

A little, thanks to Law 546, but new apartments are still the hardest place to make buying beat renting.

The old exemption from the 2% transfer tax (ITBI) on first sales of new homes expired at the end of 2025. Law 546, in force since September 1, 2026, brought part of it back: on the first sale of a new home, the first $120,000 is exempt whatever the price. Between $120,000 and $200,000, the part above $120,000 pays one reduced rate of 0.5% to 1.8% depending on the price; above $200,000, the part above $120,000 pays the normal 2%.

On a $250,000 new unit, the ITBI falls from $5,000 to $2,600, a $2,400 saving. The law doesn't require you to live in it, but the sale must be signed within 24 months of the occupancy permit (30 months during the transition).

The seller normally pays the ITBI, so the saving lands with the developer. Ask for it in the price.

The bigger issue is the new-build premium. Panama Equity's Q1 2026 broker benchmarks put new builds in San Francisco around $3,500 per m², against $1,900 for resale. Rents don't rise in the same proportion, so a new unit pays far less rent per dollar invested. If you want new, renting one is often the cheaper way to live in it.

Where in Panama City does renting look better than buying?

In the premium areas, where prices carry a bigger prestige markup than rents do. Costa del Este and Punta Pacífica stand out, and Marbella even more on asking figures.

Vaca Group's July 2026 study puts gross yields at 5.98% in Punta Pacífica and 5.84% in Costa del Este, against more than 7% in several central areas. PanamaProp's October 2026 map shows the same direction (7.0% and 7.1%, against 8.1% to 8.3% in Obarrio and San Francisco), with Marbella the lowest at 4.8%.

A lower yield means the tenant gets an expensive apartment for relatively little rent. At 5.84%, a year of rent is about one-seventeenth of the value. At 7.35%, it's closer to one-fourteenth.

That matters for anyone who wants a large, high-end apartment but isn't sure they'll still be in Panama City in ten years.

Renting a premium apartment gets you the lifestyle without paying the premium price.

Panama City area	Gross yield (Vaca Group, July 2026)	Gross yield (PanamaProp, Oct. 2026)	What that suggests	Current tilt
Marbella	not published	4.8%	Very high price next to rent	Rent
Costa del Este	5.84%	7.1%	High price next to rent	Rent
Punta Pacífica	5.98%	7.0%	Tenant gets an expensive unit cheaply	Rent
El Cangrejo	6.91%	7.7%	Closer call	Mixed
San Francisco	6.84%	8.3%	Rent high next to price	Buy gets interesting
Bella Vista	7.08%	not published	Rent high next to price	Buy gets interesting
Obarrio	7.35%	8.1%	Strong rent next to price	Buy gets interesting

Sources for this table: Vaca Group residential market study Q3 2026 and PanamaProp price-per-m² map, October 18, 2026. Both are gross yields on asking prices and rents, from different samples: compare rows within a column, not across columns.

Where in Panama City does buying look most attractive?

Obarrio, San Francisco, Bella Vista and well-run older resale buildings give buyers the best numbers in central Panama City.

Obarrio's gross yield is about 7.35% in Vaca Group's study and 8.1% in PanamaProp's. San Francisco comes out at 6.84% and 8.3% respectively, and Bella Vista at 7.08% for Vaca Group.

San Francisco also has closed-deal data. ACOBIR's resale closings averaged $1,759 per m² there in the first half of 2026, while signed rents reached $12.73 per m² a month. A year of rent is about 8.7% of the closing price.

Bella Vista looks even better on the same basis ($12.18 rent against $1,405 closed, about 10.4%), but closed prices there fell 16.7% in a year on a small sample. Cheap can also mean older buildings that are harder to resell.

The cheapest apartment isn't automatically the best buy. Panama City has plenty of older towers with big units, aging elevators and condo budgets that can jump.

A $180,000 apartment in a well-run building with $180 monthly fees can be a far better buy than a $170,000 unit that needs major repairs and charges $400.

In resale, the building often matters more than saving another $100 per m².

Can buying in Panama City get you residency that renting can't?

Yes, and for some foreigners that settles the question. Three residency routes reward owning property, and one changed in September 2026.

The Qualified Investor visa (Executive Decree 17 of 2026, in force since September 16, 2026) gives permanent residency for real estate of at least $300,000 in a first sale of a new home, or $500,000 in a resale. Any mortgage is deducted from the value that counts, and the lower of price paid and market value is used, so you can't finance your way to the threshold. You must keep the investment five years, and there's a $5,000 fee plus a $5,000 repatriation deposit.

Friendly Nations is easier on cash: citizens of eligible countries can qualify with a property of at least $200,000, which can be financed. You get two years of provisional residency, then permanent residency.

Pensionado lowers the pension you need from $1,000 to $750 a month if you own a property worth more than $100,000 in your own name.

A renter can still get Pensionado with the full $1,000 pension, or use routes that don't involve property. But if you need the investor route anyway, the comparison is no longer buy versus rent: it's which $300,000 new unit or $500,000 resale you'd be happy to live in, or rent out, for five years.

Does buying in Panama City work better for foreigners who pay cash?

Yes, by a wide margin. Cash removes the 9% loan, which is the main thing that makes renting cheaper.

Foreigners who borrow are usually asked for 25% to 35% down: Banco General and Caja de Ahorros finance up to 70%, Davibank up to 75% for non-residents below $500,000. On a $300,000 apartment, 30% down is $90,000 before closing costs.

A cash owner of the $172,600 example pays about $294 a month: $200 of condo fees, $22 of property tax and about $72 for insurance and upkeep (0.5% of the price a year).

Then count what the money could earn elsewhere. At 4% a year, $178,600 (price plus 3.5% costs) would bring about $595 a month. Fees plus that lost return come to about $890, still well below the $1,257 rent.

In our model, a cash buyer is slightly behind the renter after 3 years if prices stay flat (about $3,500), but about $9,800 ahead after 5 years and $56,500 ahead after 10.

The catch: a lot of money sits in one apartment in one city, and you can't get it back quickly. If you'd need that cash in an emergency, rent.

What does a realistic Panama City buy-versus-rent example look like?

For a financed foreigner, owning costs about $124 a month more than renting in the first year, before counting the cash put down.

Take the $172,600 apartment that rents for $1,257 a month.

With 30% down, the buyer puts in $51,780 and borrows $120,820. At 9% over 20 years, the payment is about $1,087.

Add $200 of condo fees, $22 of property tax and $72 for insurance and upkeep, and the monthly cost reaches about $1,381.

The owner does have one advantage the monthly figure hides: part of the payment pays off the loan. In the first month, only about $181 of the $1,087 goes to principal; the other $906 is interest.

The renter has the opposite advantage: the $51,780 down payment and about $6,000 of closing costs stay invested.

Who wins then depends on how long you stay and what prices do, which the next three sections work through.

Illustrative $172,600 apartment (100 m²)	Approx. amount
Monthly rent (ACOBIR signed average)	$1,257
30% down payment	$51,780
Closing costs (3.5% with a loan)	$6,041
Loan payment at 9%, 20 years	$1,087/month
Condo fees ($2/m²)	$200/month
Property tax (registered main home)	$22/month
Insurance and upkeep (0.5% a year)	$72/month
Total owner cost	$1,381/month
Difference with rent	+$124/month for the owner
Principal repaid in month 1	$181

Source for this table: our calculation on ACOBIR MLS (H1 2026), Banco General 2026 terms, PanamaProp condo fees (April 2026) and DGI property-tax brackets.

Is buying in Panama City worth it if we stay only three years?

No. For a three-year stay, rent.

In our model, a financed buyer of the $172,600 apartment is about $22,200 behind the renter after 3 years if prices stay flat, and still about $8,600 behind if prices rise 3% a year. A cash buyer roughly breaks even.

Take a bigger example. A $250,000 apartment rising 3% a year would be worth about $273,000 after three years, a $23,000 gain on paper.

Then subtract the costs: about $8,750 to buy (3.5%) and about $20,000 to sell (5% commission plus ITBMS and the 2% ITBI), plus about $1,400 of capital-gains tax. The gain is gone, before counting the interest.

Early loan payments are mostly interest, so very little of the loan has been paid off by year three.

You can still win over three years by buying well below market value or catching a strong price rise. We wouldn't plan a move around either.

Can you rent out your Panama City apartment if you leave?

Yes, and that softens the risk of buying, but the rent won't cover a 9% loan.

On a long lease, the $172,600 apartment brings about 8.7% gross. After a month of vacancy, condo fees, property tax at the non-primary rate and upkeep, it nets about 5.6% if you manage it yourself and 4.5% with a manager (8% to 12% of the rent). After a 15% income tax, that's about 4.8% and 3.8%. A single apartment with no other Panama income can fall in the 0% tax band, but don't count on it.

Panama taxes rental income at source, so the rent is taxable in Panama even if you live abroad. Leases over six months are exempt from ITBMS.

Airbnb is riskier. In the district of Panamá, renting for under 45 days without ATP permission can bring fines of $5,000 to $50,000 (article 21 of Law 80 of 2012), and many buildings' PH rules ban short stays. Bills 301 and 713 would change the tax on short rentals, but neither was law on October 20, 2026.

So check the building's PH rules in writing before you buy, and run the numbers on a long lease, not on Airbnb.

Does buying start to make sense after five to seven years?

For cash buyers, yes. For financed buyers, only if you buy well or prices rise.

By then, closing costs are spread over more years, more of the loan has been repaid and any price rise has had time to add up. The renter has paid five to seven years of rising rent.

In our model, a financed buyer is still behind after 5 years unless prices rise about 2.9% a year, and after 7 years unless they rise about 1.8% a year. Closed prices rose about 1.2% a year over the last five years, so at that pace the buyer is still about $12,800 behind at 5 years and $6,700 behind at 7.

A cash buyer is ahead at both points even with flat prices: about $9,800 at 5 years and $26,000 at 7.

At a 7% gross yield, seven years of rent equals about 49% of the property's value, before rent increases. That's why time works for the buyer here: renting the same home indefinitely gets expensive.

At five years, we'd still rent with a loan. At seven, we'd run the numbers on the specific apartment and building rather than assume renting wins.

Years in the apartment	9% loan, prices flat	9% loan, prices +1.2%/yr	9% loan, prices +3%/yr	Cash, prices flat
3	−$22,200	−$16,500	−$8,600	−$3,500
5	−$21,900	−$12,800	+$700	+$9,800
7	−$19,100	−$6,700	+$12,800	+$26,000
10	−$9,300	+$8,200	+$37,200	+$56,500
15	+$27,200	+$52,800	+$99,300	+$127,200

Owner's wealth minus renter's wealth at the end of each period. Source: our model on a $172,600 apartment renting for $1,257 (ACOBIR MLS, H1 2026); 30% down, 9% over 20 years; condo fees $200 and upkeep 0.5% a year; 3.5% to buy; 5% commission + 7% ITBMS, 2% ITBI and 10% tax on the gain to sell; rent and fees +3% a year; the renter invests the down payment and any monthly saving at 4% a year. +1.2% a year is ACOBIR's average pace over 2021–2026.

Does buying clearly beat renting if we stay in Panama City for ten years?

For a good apartment in a well-run building, usually yes. At ten years, a financed buyer breaks even if prices rise just 0.6% a year.

Closing costs matter less over a decade, the loan balance falls faster, and even a modest price rise adds up. At the recent 1.2% a year, our financed buyer ends about $8,200 ahead after ten years and about $52,800 ahead after fifteen. A cash buyer is about $56,500 ahead after ten years with flat prices.

A $250,000 property rising only 2% a year would be worth about $305,000 after ten years. At 3%, about $336,000. These are illustrations, not forecasts.

Over ten years, the risk moves from the city's market to your building.

A badly maintained tower, sharp fee increases, a big special assessment or weak resale demand can turn a cheap purchase into a bad one.

For a ten-year buyer, we'd spend less time guessing whether prices rise 2% or 4% next year, and more time on the building's finances, maintenance history, reserve fund and resale record.

Expected time in Panama City	Better default with a 9% loan	Better default paying cash	Why
Under 3 years	Rent	Rent	A round trip costs about 11% of the price
3–5 years	Rent	Close call	Too little time to absorb buying and selling costs
5–7 years	Rent, unless prices rise 2%–3% a year	Buy	Cash avoids the 9% loan
7–10 years	Close call: run the numbers	Buy	Rising rent works against the tenant
10+ years	Buy a well-run building	Buy	Break-even needs only 0.6% a year price growth

What would we do if we were moving to Panama City now?

With a mortgage, we'd rent for anything under about seven years. Paying cash, or staying ten years or more, we'd buy, carefully.

The case for buying is real. Closed prices are about $1,726 per m² while signed rents are $12.57 per m² a month, so a year of rent is about 8.7% of the price. Central areas like Obarrio and San Francisco yield around 7% to 8% gross even on asking figures.

The case against is the loan. At 9% for a foreigner, the payment on a typical apartment is $170 below rent, but condo fees, tax and upkeep push the owner about $124 a month above it, and buying and selling eat about 11% of the price.

In practice: rent first for six to twelve months, learn which buildings are well run, and buy when you know you're staying. Aim at resale units in San Francisco, Obarrio or Bella Vista with fees around $2 per m² or less, negotiate at least 6% off the asking price, and leave the premium towers of Punta Pacífica and Costa del Este to rent.

If you need residency through property, the answer changes: you'll be buying anyway, so pick the building first and the visa threshold second.