Summary
A normal apartment in Panama City costs about $200,000 to $300,000. Listings sit around $2,244/m² across the district (TuLugar, October 2026), while resale apartments that actually closed through the ACOBIR MLS averaged $1,726/m² in the first half of 2026.
That gap is the first thing to understand. Asking prices include brand-new towers and optimistic sellers; MLS closings are mostly resale. MLS apartments sold for about 6% below their last asking price and took about 224 days to close.
Prices are not rising right now. ACOBIR's closed price per m² slipped 1.7% from the first half of 2025 to the first half of 2026 and is only 6.2% above the first half of 2021.
Neighborhood premiums are real but smaller than most buyers expect. On PanamaProp's October 4, 2026 asking medians, Punta Pacífica ($2,521/m²) costs about 31% more than San Francisco ($1,920/m²) and Costa del Este ($2,750/m²) about 43% more.
The typical 1-bedroom listing costs $179,000 in El Cangrejo, $193,390 in Obarrio and $204,100 in San Francisco, against about $300,000 in Punta Pacífica and $306,000 in Costa del Este.
The building matters as much as the address. PanamaProp's 2026 building study found a 49% gap per m² between two towers in El Cangrejo, Van Gogh and Aranjuez.
New construction carries a big premium. Panama Equity's Q1 2026 broker benchmarks put new builds in San Francisco at about $3,500/m² against $1,900/m² for resale, so $250,000 buys about 139 m² at $1,800/m² but only 83 m² at $3,000/m².
There are a lot of unsold new apartments: 15,499 units in May 2026, and new-home sales fell 39.5% in 2025. That gives buyers room to negotiate, especially above $300,000.
The $180,000-$300,000 bracket is where demand is. Vaca Group counts about 62 new-home sales a month there and only three to five months of inventory, so expect less negotiation in that range.
Law 546 and the investor visa now shape prices at two thresholds. A first sale of a new home pays no transfer tax on the first $120,000 since September 1, 2026, and the Qualified Investor visa needs $300,000 in a new unit or $500,000 in a resale since September 16, 2026.
Condo fees of $1.50-$2.50/m² a month in a standard tower ($150-$250 for 100 m²) and $2.50-$4.50 in premium buildings can change which apartment is really cheaper.
Financing is expensive for foreigners. Banco General's second-home rate is 8% plus the 1% FECI surcharge, with 70% maximum financing over 20 years: about $1,575 a month on a $175,000 loan, FECI included.
For a serious first search, $250,000 is the most useful budget: real choice in San Francisco, El Cangrejo and Obarrio, and room for an older unit in Punta Paitilla ($2,149/m²).
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Message a proWhat do Panama City apartments list for, and what do they actually sell for?
The median asking price is about $2,244/m² for apartments in the district of Panamá, based on 14,959 listings tracked by TuLugar in October 2026. Its median 2-bedroom listing is $250,000.
Vaca Group's July 2026 market study lands in the same place: about $2,200/m² and a median apartment price of $265,000.
What people actually pay is lower. Resale apartments that closed through the ACOBIR MLS in the first half of 2026 averaged $1,726/m². Don't read the difference as a discount: the MLS sample is mostly older resale stock, while the listing pool includes new towers. The negotiated discount itself is smaller (see below).
At the $2,244/m² listing median, 75 m² comes to about $168,000 and 100 m² to about $224,000. The table shows how fast the total moves with the price per m².
| Apartment size | At $1,700/m² | At $2,200/m² | At $2,700/m² | At $3,500/m² |
|---|---|---|---|---|
| 50 m² | $85,000 | $110,000 | $135,000 | $175,000 |
| 75 m² | $127,500 | $165,000 | $202,500 | $262,500 |
| 100 m² | $170,000 | $220,000 | $270,000 | $350,000 |
| 125 m² | $212,500 | $275,000 | $337,500 | $437,500 |
| 150 m² | $255,000 | $330,000 | $405,000 | $525,000 |
Why can two Panama City apartments in the same neighborhood have completely different prices?
Two apartments in the same Panama City neighborhood can easily differ by 50% per square meter, because the building often matters as much as the address.
PanamaProp's 2026 building-level study shows it clearly. In El Cangrejo, Van Gogh had a median asking price around $2,886/m², while Aranjuez was around $1,941/m². That is a 49% gap inside the same neighborhood.
Punta Pacífica is the same story: Grand was around $2,965/m² and Peninsula around $1,929/m², a 54% gap. In San Francisco, plenty of older towers sit below $2,000/m² while new projects list well above the neighborhood median.
Age explains part of it. Newer buildings come with modern layouts, new elevators, better common areas and no renovation work for a while. Views, floor height, parking, maintenance and amenities add another layer.
So use neighborhood medians as a first filter only. Once you pick an area, compare building by building, and ask for the price per m² of the last units sold in the same tower.
Which Panama City neighborhoods are actually expensive today?
Costa del Este, Coco del Mar and Marbella are the most expensive areas per m² right now, while San Francisco, El Cangrejo and Obarrio still sit close to $2,000/m².
PanamaProp's October 4, 2026 index (deduplicated asking prices) puts San Francisco at $1,920/m², El Cangrejo at $1,978, Obarrio at $2,026 and Punta Paitilla at $2,149. Punta Pacífica is at $2,521, Coco del Mar at $2,726 and Costa del Este at $2,750.
Marbella tops the list at $3,481/m², but its typical listings are small units in new towers: the median 1-bedroom there is $255,138, cheaper than in Punta Pacífica. A high price per m² does not always mean a high ticket.
Bedroom medians tell the same story from the buyer's side: about $180,000-$205,000 for a 1-bedroom in the central neighborhoods, about $300,000 in Punta Pacífica and Costa del Este. Bella Vista and Casco Viejo have no median in this index.
| Neighborhood | Median asking price/m² | 100 m² equivalent | Median 1-bed listing | Median 2-bed listing |
|---|---|---|---|---|
| San Francisco | $1,920 | $192,000 | $204,100 | $190,000 |
| El Cangrejo | $1,978 | $198,000 | $179,000 | $219,146 |
| Obarrio | $2,026 | $203,000 | $193,390 | $247,000 |
| Punta Paitilla | $2,149 | $215,000 | $266,475 | $265,755 |
| Punta Pacífica | $2,521 | $252,000 | $300,000 | $456,000 |
| Coco del Mar | $2,726 | $273,000 | $237,500 | $320,000 |
| Costa del Este | $2,750 | $275,000 | $306,000 | $380,900 |
| Marbella | $3,481 | $348,000 | $255,138 | $270,750 |
Is $150,000 enough to buy an apartment in Panama City?
Yes, but only just. $150,000 is below the median 1-bedroom listing in every neighborhood in PanamaProp's October 2026 index, so you are buying either a small unit or an older building.
The cheapest median 1-bedroom is El Cangrejo's at $179,000. PanamaProp still describes $100,000-$150,000 as a realistic entry range there, with similar older-building options in Obarrio, Betania and other established central areas.
New construction changes the math. Small new units can fit under $150,000 while costing $3,000/m² or more, so the low total hides a high price per m².
Older resale stock gives you more space. Buildings from the 1990s and 2000s often sit around $1,500-$2,000/m², which puts 75-100 m² within reach.
One new detail helps at this budget: since September 1, 2026, Law 546 removes the 2% transfer tax on the first $120,000 of a first sale of a new home. The seller normally pays that tax, so ask the developer whether the price already reflects the saving.
What can $200,000, $300,000 or $500,000 buy in Panama City?
Around $200,000 already gets you real choice in Panama City, $300,000 covers most of the mainstream market, and $500,000 opens up much of Punta Pacífica and Costa del Este.
The $180,000-$300,000 range is where buyers are. Vaca Group's 2026 study calls it the most active new-housing segment, with about 62 sales a month, up roughly 30% on a year earlier, and only three to five months of inventory versus about 7.7 months for new housing overall.
At $200,000 you can look at the median 1-bedroom in San Francisco, El Cangrejo or Obarrio. At $300,000, 2-bedroom units and better buildings come into range. At $500,000, the median 2-bedroom in Punta Pacífica ($456,000) is within budget.
Add buyer closing costs of about 1.5%-3% of the price for a cash purchase (lawyer, notary, Public Registry), more with a mortgage.
| Total budget | What we would realistically expect |
|---|---|
| $100k-$150k | Compact new apartment or older resale, often outside the priciest buildings |
| $150k-$200k | Central resale options and the median 1-bedroom in El Cangrejo or Obarrio |
| $200k-$300k | Broadest mainstream choice across central Panama City |
| $300k-$500k | Larger central units plus a growing choice of premium buildings |
| $500k-$800k | Serious access to Punta Pacífica, Costa del Este and luxury stock |
| $1m+ | High-end ocean-view, trophy and ultra-premium apartments |
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Do Law 546 and the $300,000 investor visa change which apartment you should buy?
Yes, at two price points. Two rules that took effect in September 2026 push buyers toward specific prices, and sellers know it.
Law 546, in force since September 1, 2026, cuts the 2% transfer tax (ITBI) 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 a single reduced rate of 0.5%-1.8%; above $200,000, it pays the normal 2%, so the saving is a fixed $2,400. The sale must be signed within 24 months of the occupancy permit.
The Qualified Investor visa changed on September 16, 2026 (Executive Decree 17/2026): permanent residence for $300,000 in a first sale of a new home, or $500,000 in a resale property, kept for five years, with any mortgage deducted from the value that counts. Friendly Nations residence needs $200,000 in property, and Pensionado drops the pension requirement to $750 a month if you own a property worth over $100,000.
What to do with that: be suspicious of units priced at exactly $300,000 or $200,000. Divide the price by the m² and compare with the neighborhood median in the table above. If a 100 m² unit in El Cangrejo asks $300,000, that is $3,000/m² against a $1,978 median: you would be paying about $100,000 for the visa label.
If you don't need the visa, the same money often buys more space in a resale building just below the threshold.
Are older apartments in Panama City much cheaper?
Yes. Older Panama City apartments are much cheaper per square meter, and the gap is bigger than most buyers expect.
Panama Equity's Q1 2026 broker benchmarks put new builds and resale side by side. In San Francisco, new units ask about $3,500/m² against $1,900/m² for resale; in Punta Pacífica, $4,300 against $2,200. These are unmatched averages (different towers, sizes and views), so read them as orders of magnitude, not a precise premium.
A $250,000 budget shows the trade-off. At $1,800/m² it buys about 139 m². At $3,000/m², the same money buys about 83 m².
Older apartments can come with renovations, old air-conditioning, dated kitchens or future elevator and facade work, so the extra space is not free. Ask for the building's reserve fund and the last two years of PH meeting minutes before you offer.
| Area | New build asking $/m² | Resale asking $/m² |
|---|---|---|
| El Cangrejo | $2,800 | $1,770 |
| San Francisco | $3,500 | $1,900 |
| Punta Pacífica | $4,300 | $2,200 |
| Avenida Balboa | $3,300 | $2,400 |
| Costa del Este | $3,800 | $2,500 |
| Santa María | $3,800 | $2,900 |
| Casco Viejo | $4,300 | $3,800 |
Are small apartments in Panama City actually good value?
Small Panama City apartments lower the entry price, but they usually cost more per square meter than larger resale units.
Development costs explain much of it. Every apartment needs a kitchen, a bathroom, electrical systems and a share of the lobby and lifts, whether it measures 40 m² or 140 m². Developers also know buyers shop by total price.
You see it in the new inventory. Compact new units often list at $2,500-$3,000/m² or more, while older, larger apartments in the same areas sit closer to $1,700-$2,200/m².
For a buyer with $130,000, a small new unit may be the only way into a modern central tower. With $200,000-$250,000, older units suddenly offer far more space per dollar.
Don't call a 40 m² apartment cheap because its total is low. Check the price per m² first.
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Message a proHow much more do Punta Pacífica and Costa del Este cost?
On PanamaProp's October 4, 2026 asking medians, Punta Pacífica costs about 31% more per m² than San Francisco and Costa del Este about 43% more.
In numbers: Costa del Este at $2,750/m² and Punta Pacífica at $2,521/m², against $1,920/m² in San Francisco, $1,978 in El Cangrejo and $2,026 in Obarrio.
On a 150 m² apartment, that comes to about $288,000 in San Francisco, $378,000 in Punta Pacífica and $413,000 in Costa del Este: a premium of roughly $90,000 to $125,000.
Building choice can widen or narrow the gap. PanamaProp's 2026 building study had The Point in Paitilla near $2,964/m², Grand in Punta Pacífica near $2,965/m² and Acqua I in Costa del Este around $2,914/m², well above older towers in the same areas.
So the coastal neighborhoods carry a clear premium, but you don't need a seven-figure budget to get in.
| Area | Median asking $/m² | 100 m² | 150 m² | 200 m² |
|---|---|---|---|---|
| San Francisco | $1,920 | $192k | $288k | $384k |
| El Cangrejo | $1,978 | $198k | $297k | $396k |
| Obarrio | $2,026 | $203k | $304k | $405k |
| Punta Paitilla | $2,149 | $215k | $322k | $430k |
| Punta Pacífica | $2,521 | $252k | $378k | $504k |
| Costa del Este | $2,750 | $275k | $413k | $550k |
How expensive can a luxury apartment in Panama City get?
A luxury apartment in Panama City can easily pass $1 million, but that is a small market next to the typical $200,000-$300,000 apartment.
With oceanfront units, big floor plans, penthouses and flagship towers, the citywide median stops being useful. Vaca Group puts new premium stock in Punta Pacífica, Santa María and Costa del Este at roughly $3,400-$4,200/m², and Panama Equity's Q1 2026 new-build benchmark is about $4,300/m² in Punta Pacífica and Casco Viejo.
At $4,000/m², a 200 m² apartment costs $800,000. A 300 m² unit reaches $1.2 million before any premium for a penthouse, an open ocean view, a private terrace or a branded residence.
This is also where sellers wait longest. Vaca Group estimates six to nine months of inventory between $300,000 and $500,000, and slower sales above that, so luxury is where your offer has the most room.
Are Panama City asking prices higher than what buyers really pay?
Yes. Apartments sold through the ACOBIR MLS in the first half of 2026 closed about 6% below their last asking price, on average, after about 224 days on the market.
That figure covers 85 apartment sales across the MLS, so it is a guide, not a rule for every building. It is also measured against the last asking price: units that were cut along the way had already come down before the final 6%.
Panama has no public registry of sale prices, so the ACOBIR MLS is the best closed-sale data available. PanamaProp, TuLugar and Vaca Group all work from asking prices.
In practice: if several similar units in one tower ask around $2,000/m² and another asks $2,600/m², the seller needs a good reason. A listing clearly below its building and neighborhood deserves a fast visit.
Are Panama City towers cutting prices to clear unsold units?
Some are, and the numbers explain why. Panama City had 15,499 unsold new homes in May 2026 (Panama Equity, citing Galería Inmobiliaria), 11% fewer than a year earlier but still a large stock.
Sales of new homes tracked by 4S Real Estate fell from 4,737 in 2024 to 2,866 in 2025, down 39.5%, with 1,292 in the first quarter of 2026. Foreign buyers were over 45% of that demand.
Credit is tighter too. New residential mortgage lending fell about 13% from January to August 2026 compared with a year earlier (SBP data via Brax Research), and preferential-rate loans fell 34% in January-April 2026.
What to negotiate on a finished, unsold unit: ask how long it has been on sale, ask for the developer's price list for the last units sold in the tower, and ask for the price cut in writing rather than "free" furniture or parking. A unit that has sat finished for a year is a different negotiation from one in a tower that is still selling off-plan.
The exception is the $180,000-$300,000 bracket, where Vaca Group sees only three to five months of inventory. Expect less room there.
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Taxes and fees on top of the price, before you sign.
Message a proHow much do condo fees add to a Panama City apartment?
Panama City condo fees run about $150-$250 a month for a 100 m² apartment in a standard building and $250-$450 in a premium tower (PanamaProp, April 2026).
That is $1.50-$2.50 per m² a month for standard buildings with amenities and $2.50-$4.50 for premium condos. ADEMSA's September 2026 sample of 142 listings found most fees between about $1.34 and $2.36 per m² across the main neighborhoods.
A 100 m² unit at $2/m² pays $200 a month, or $2,400 a year. A 200 m² luxury apartment at $4/m² pays $800 a month. Hotel-style branded residences can go above $4.50/m².
Older buildings sometimes charge less because they offer fewer amenities. Check the building's accounts anyway: unusually low fees can also mean repairs have been put off.
A $300 monthly difference in condo fees adds up to $36,000 over ten years, before any increase.
| Apartment size | $1.50/m² | $2.50/m² | $4.00/m² | $6.00/m² |
|---|---|---|---|---|
| 60 m² | $90/mo | $150/mo | $240/mo | $360/mo |
| 100 m² | $150/mo | $250/mo | $400/mo | $600/mo |
| 150 m² | $225/mo | $375/mo | $600/mo | $900/mo |
| 200 m² | $300/mo | $500/mo | $800/mo | $1,200/mo |
| 300 m² | $450/mo | $750/mo | $1,200/mo | $1,800/mo |
How much does a Panama City mortgage add to the real cost?
For a foreign buyer, a mortgage on a $250,000 Panama City apartment costs about $1,575 a month in principal and interest, at about 9% with the FECI surcharge.
That uses Banco General's published second-home terms for 2026: 8% nominal plus the 1% FECI surcharge, up to 70% financing, over a maximum of 20 years. With 30% down you borrow $175,000. At 9% (8% plus FECI) over 20 years the payment is about $1,575 a month. If you move to Panama and register it as your main home, FECI normally doesn't apply, and the payment drops to about $1,464. Non-residents are approved case by case, and no bank publishes a non-resident rate.
You may see the 6.5% reference rate set by the Superintendency of Banks for 2026. That is a regulatory benchmark, not the rate a foreign buyer will be offered.
Add $150-$450 in condo fees and the monthly outflow is already about $1,725-$2,025 before insurance, property tax, utilities or repairs.
On a $400,000 purchase with 30% down you borrow $280,000, and the payment is about $2,519 a month at 9% with FECI (about $2,342 without it).
Cash and financed buyers are looking at very different numbers, even for the same apartment.
Are Panama City apartment prices still rising?
No. Closed resale prices in Panama City are flat to slightly down. The ACOBIR MLS average was $1,726/m² in the first half of 2026, against $1,756 in the first half of 2025 (-1.7%) and $1,625 in the first half of 2021 (+6.2% over five years).
With inflation back at 2.8% over twelve months in September 2026 (INEC), after near zero in 2025, that is a fall of about 4% after inflation.
Some broker studies claim asking prices rose about 60% from 2020 to 2025. Closed MLS sales show nothing close to that, so don't use that figure to justify an asking price.
Neighborhoods move differently, on small samples: San Francisco closings rose 4.3% in a year, Bella Vista fell 16.7% (small sample) and Juan Díaz rose 22.6%. Treat single-area moves with caution.
Demand is still healthy between $180,000 and $300,000 (Vaca Group), while stock above $300,000 sells more slowly.
| ACOBIR MLS closings, $/m² | H1 2021 | H1 2025 | H1 2026 | 1-year change |
|---|---|---|---|---|
| Panama City (all MLS apartments) | $1,625 | $1,756 | $1,726 | -1.7% |
| San Francisco | $1,674 | $1,687 | $1,759 | +4.3% |
| Bella Vista | $1,372 | $1,687 | $1,405 | -16.7% |
| Juan Díaz | $1,853 | $2,110 | $2,587 | +22.6% |
What budget should you bring to a Panama City apartment search?
For a normal apartment in Panama City, budget about $200,000-$300,000. $150,000 still gets you in, and $500,000 gives you real access to the premium areas.
The data points the same way. Listings sit around $2,244/m² (TuLugar, October 2026), Vaca Group puts the median apartment at $265,000, and resale apartments actually closed around $1,726/m² in the first half of 2026.
Location then moves the budget. San Francisco, El Cangrejo and Obarrio are at about $1,920-$2,026/m² on PanamaProp's October 2026 index. Punta Pacífica is at $2,521 and Costa del Este at $2,750.
For a first search, $250,000 is the most useful number: enough for real choice across several central neighborhoods without pushing you into the expensive end.
Then forget the headline price and check four things: the price per m² against the neighborhood median, the exact building and its last sales, its age, and the monthly condo fee. Open at least 6% below asking on resale, more on a finished new unit that has not sold.
Our methodology
This article answers one question: what a normal apartment in Panama City costs, and what changes that price: neighborhood, building, size, age, budget, condo fees and financing.
We checked these figures in October 2026. Panama uses the US dollar (the balboa is pegged 1:1), so all prices are in dollars with no conversion.
We keep asking prices and closed prices apart. Neighborhood tables use one listing series only, PanamaProp's deduplicated index of October 4, 2026; citywide asking prices come from TuLugar (October 2026); closed prices and the asking-to-sale discount come from the ACOBIR MLS for the first half of 2026. We never compute a gap between two different sources.
Price per m² is the main comparison tool, because it stops a small unit from looking cheap just because it is small. We use medians where the source gives them, and building-level figures where they change the picture. New-versus-resale figures are Panama Equity's unmatched broker benchmarks for Q1 2026.
Mortgage payments are calculated by us from Banco General's published second-home terms (8% plus 1% FECI, 70% financing, 20 years); they are not a loan offer. Condo fees are shown separately from the purchase price.
Sources: PanamaProp's price-per-m² index by neighborhood (October 4, 2026), PanamaProp's building-level price study, TuLugar's listing data for the district of Panamá, ACOBIR's MLS report for the first half of 2026, Vaca Group's residential market study, Panama Equity's Q1 2026 market report, Panama Equity's July 2026 market update, La Prensa on 4S Real Estate's new-home sales, Encuentra24's Panama City apartment listings, InmoPanama's apartment listings and ACOBIR's MLS apartment inventory.
For costs, financing and rules we used PanamaProp's maintenance-fee data, ADEMSA's PH fee sample, Banco General's rate table, the Superintendency of Banks' mortgage reference-rate circular, Brax Research on 2026 mortgage lending, the MEF on Law 546, the MICI on the Qualified Investor program and INEC's construction census.
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