Is it a good time to buy property in Panama now?

Is Panama’s property market actually getting stronger right now?

In parts. Panama City’s better neighborhoods are getting stronger, while the wider Panamanian housing market still looks weak in the national statistics.

That split is the first thing to understand before buying.

Convivienda, Panama’s main housing-developer association, recorded 4,020 home sales in 2025, down 34.4% from 6,126 the year before. The value of those sales fell 29% to about $446 million. Look only at those numbers and Panama seems to be in a deep slowdown.

Panama City tells a different story. Data from Galería Inmobiliaria reported by Panama Equity showed 620 new or under-construction properties sold in May 2026 for about $196.7 million. The dollar value of sales was 27.8% higher than a year earlier, on fewer units: buyers spent more on pricier homes. Developers had about 15,499 units available, 11% fewer than a year before, and completed inventory was down roughly 8%.

The wider market is still soft, though. ACOBIR and INDESA put residential sales value at $695 million in the first half of 2026, down 13%, with sales of homes up to $120,000 down 28.3% and those above $120,000 down only 6.2%.

Rents point up. Apartment leases signed through ACOBIR’s MLS averaged $12.57 per m² a month in the first half of 2026, up 8.9%, and Encuentra24 asking rents reached $14.70 per m² in June 2026, up 13.5% (Global Property Guide).

So: cheap housing that depends on local mortgages is weak, and well-located Panama City property aimed at wealthier locals, foreigners and investors is healthier.

Panama property measure	Latest reading	Change	What we see
Convivienda home sales	4,020 in 2025	-34.4%	Weak mass-market demand
Residential sales value (ACOBIR/INDESA)	$695M, H1 2026	-13%	Wider market still soft
Panama City new-project sales	$196.7M in May 2026	+27.8% in value	Stronger higher-end demand
Unsold new-build units, Panama City	15,499 (May 2026)	-11%	Supply is tightening
Completed inventory	—	-8%	Fewer ready units available
Signed apartment rents, Panama City (MLS)	$12.57/m², H1 2026	+8.9%	Rental demand is firm

Are Panama property prices actually going up now?

Asking prices are, in several Panama City districts, and new-build prices are. What buyers actually pay for existing apartments isn’t going up.

There is no single official house-price index for Panama, so we look at several datasets and keep them apart.

Start with closed sales. ACOBIR’s MLS put the average closed apartment price in Panama City at $1,726 per m² in the first half of 2026, against $1,756 a year earlier, a 1.7% drop. Over five years it’s up only 6.2%, from $1,625. With inflation at 2.8% over the 12 months to September 2026, that’s a loss of about 4.4% in real terms.

Asking prices look much better. PanamaProp’s October 4, 2026 asking medians run from about $1,920 per m² in San Francisco and $2,026 in Obarrio to $2,521 in Punta Pacífica, $2,750 in Costa del Este and $3,481 in Marbella, all well above the $1,726 buyers actually paid on average.

The gap between the two is wide, so judge a unit on closed prices. District closings swing too: in Bella Vista, MLS closings fell from $1,687 to $1,405 per m², on a small sample.

New construction moves faster. Panama Equity’s early-2026 review, using Galería Inmobiliaria data, found new-build prices up more than 15% over twelve months.

Older resale buildings lag far behind. In El Cangrejo, Panama Equity compared about 25 properties and found newer amenity-heavy buildings around $2,760 per m², buildings 10 to 20 years old near $1,800 and older basic ones around $1,524. That’s an 81% gap inside the same neighborhood.

So a new apartment in Santa María and a 25-year-old unit in a tired tower behave like two different assets. Judge a unit on closed prices, not on listings.

Panama City area	Price/m²	Measure	Change
San Francisco	$1,920	Median asking, Oct. 4, 2026	—
El Cangrejo	$1,978	Median asking, Oct. 4, 2026	—
Obarrio	$2,026	Median asking, Oct. 4, 2026	—
Punta Paitilla	$2,149	Median asking, Oct. 4, 2026	—
Punta Pacífica	$2,521	Median asking, Oct. 4, 2026	—
Costa del Este	$2,750	Median asking, Oct. 4, 2026	—
Marbella	$3,481	Median asking, Oct. 4, 2026	—
Panama City, closed sales (ACOBIR MLS)	$1,726	Closed, H1 2026	-1.7%

Asking prices: PanamaProp, October 4, 2026. Closed sales: ACOBIR MLS, first half of 2026. The two are never mixed in a calculation.

Are Panama City rents rising enough to make property worth buying?

Yes. Rents are the best reason to buy in Panama City right now, as long as you count what you keep and not the headline.

Signed leases in ACOBIR’s MLS rose from $11.54 per m² a month in the first half of 2025 to $12.57 in the first half of 2026, up 8.9%. Asking rents on Encuentra24 rose faster, 13.5% to $14.70 per m² in June 2026, and house rents rose 13.2%.

Using only ACOBIR’s closed prices and signed leases, a 100 m² apartment costs about $172,600 and rents for about $1,257 a month: 8.74% gross. Global Property Guide, on asking prices and asking rents, gets 7.57% for Panama City, with one-bedrooms at 8.43%, two-bedrooms at 8.08% and three-bedrooms at 7.50%.

Net is a lot lower than the old “gross minus 1.5 to 2 points” rule. After one month of vacancy, a PH fee of $2 per m², property tax and repairs, our 8.74% example drops to 5.62% if you manage it yourself and 4.46% with a manager. After a 15% income tax, that’s 4.78% and 3.79%. Panama taxes rent from a Panama property even if you live abroad: 0% up to $11,000 of net taxable income, then 15% and 25%.

The neighborhood data are more useful. In Panama Equity’s El Cangrejo sample, newer apartments around $2,760 per m² rent for about $14.40 per m² a month, while older but decent buildings around $1,800 rent for about $12.75. Rent drops a little; price drops a lot.

That’s why we find some 10-to-20-year-old buildings more interesting than shiny new projects. Tenants pay something for newness, but nowhere near the premium developers charge buyers.

El Cangrejo property type	Approx. asking price/m²	Approx. monthly rent/m²	Indicative gross yield
Newer, full amenities	$2,760	$14.40	6.3%
10–20 years old, decent amenities	$1,800	$12.75	8.5%
Older, basic building	$1,524	~$10	~7.9%

Source: Panama Equity, early 2026, asking prices and rents from the same sample. Gross yields recalculated by us.

Is Panama City starting to run short of good property for sale?

Yes, in the neighborhoods people want. Panama City still has thousands of units for sale, but the good ones are going faster than a few years ago.

Panama Equity, citing Galería Inmobiliaria, counted 15,499 new-construction units available in May 2026, 11% fewer than a year earlier. Completed units ready to move into were down about 8%. A different measure, the full developer pipeline including presales, stood at 16,311 units in early 2026, the lowest in nine years of tracking. The two numbers count different things, so one isn’t a drop from the other.

Resales tightened even more. Between the first quarter of 2025 and the first quarter of 2026, advertised resale inventory fell 29.5% on Avenida Balboa, 31% in Punta Pacífica, 38% in San Francisco, 40.2% in Costa del Este, 43.2% in El Cangrejo, 52.4% in Santa María and 59.4% in Casco Viejo.

Completions are also well below the last peaks. Convivienda recorded about 10,600 occupancy permits in 2025 in the municipalities it follows, against 17,729 in 2022, about 40% fewer in three years.

So Panama has plenty of property, but fewer choices in the buildings and districts that attract demand. Sellers of genuinely scarce units have the upper hand; sellers in big towers with many identical units don’t.

Supply measure	Earlier reading	Latest reading	Change
Convivienda occupancy permits	17,729 in 2022	~10,600 in 2025	About -40%
Unsold new-build units	May 2025	15,499 (May 2026)	-11%
Avenida Balboa resale inventory	Q1 2025	Q1 2026	-29.5%
Punta Pacífica resale inventory	Q1 2025	Q1 2026	-31.0%
San Francisco resale inventory	Q1 2025	Q1 2026	-38.0%
Costa del Este resale inventory	Q1 2025	Q1 2026	-40.2%
El Cangrejo resale inventory	Q1 2025	Q1 2026	-43.2%
Santa María resale inventory	Q1 2025	Q1 2026	-52.4%
Casco Viejo resale inventory	Q1 2025	Q1 2026	-59.4%

If Panama home sales collapsed, why are some properties doing so well?

Because the 2025 collapse hit mortgage-dependent housing, while the Panama City segments popular with investors and foreigners rely much less on local loans.

Convivienda members sold 7,687 homes in 2023, 6,126 in 2024 and only 4,020 in 2025. Sales almost halved in two years.

Around 81% of Convivienda’s 2025 sales were homes priced at $120,000 or less. That part of the market depends on local mortgages and Panama’s preferential-interest system.

That system changed. The $10,000 Fondo Solidario subsidy ended, a new preferential-mortgage regime took effect on January 1, 2026, and its implementing rules came late. Banks stayed cautious. Preferential mortgages totaled $132 million in January to April 2026, down 34%, and regular residential mortgages fell 8% to $249 million (Superintendency of Banks data reported by La Prensa).

Across all home loans, banks issued about $981 million of new residential mortgages from January to August 2026, down 13% from a year earlier (Superintendency of Banks data compiled by Brax). The average rate on non-preferential housing loans was 6.23% in May 2026, and the regulator’s reference rate stayed at 6.50%.

A foreigner pays more than that. Banco General’s 2026 grid for a second home is 8% plus 1% FECI, with 70% financing at most over 20 years. On a $300,000 condo, that’s a $210,000 loan and about $1,889 a month. The FECI normally doesn’t apply if it’s your main home and you live in Panama.

Meanwhile the higher-priced Panama City market kept finding buyers: $196.7 million of new and under-construction sales in May 2026 alone. Sales between $300,000 and $400,000 more than doubled in a year, helped by foreign demand and residency rules.

For you, the difference is practical. Someone relying on a local mortgage faces a tough market; a cash buyer shopping for an investment apartment in central Panama City faces sellers who need buyers.

Is Panama’s economy strong enough to keep supporting property prices?

Yes. The economy is growing fast enough to support demand, but don’t expect the gains of Panama’s old construction boom.

The country had a hard 2024 after the Cobre Panamá mine closed: World Bank data show growth falling to 2.7% after 7.2% in 2023. Growth recovered to 4.4% in 2025 (INEC).

2026 is better. INEC measured 5.5% growth in the first half, driven by the Canal and trade, and the World Bank raised its full-year forecast to 4.2% in October 2026. That’s ahead of most large Latin American economies.

Inflation is back too: consumer prices rose 2.8% over the 12 months to September 2026 (INEC), after close to zero in 2025. It helps rents, but it means a flat sale price is a small loss in real terms.

Panama also uses the US dollar; the balboa is pegged 1:1. A foreign buyer doesn’t carry the currency risk that wipes out property returns elsewhere in Latin America.

Keep expectations calm, though. Growth of 4% to 5.5% is healthy, not the canal-expansion years. Unemployment was 8.5% in August 2026 (INEC), down from 10.4% in 2025, and 45.8% of jobs are informal, which is why so many local households can’t get a mortgage. For buyers, that means fewer nationwide gains and bigger differences between good and bad buildings.

Are foreign buyers actually moving Panama City property prices?

Yes, in certain price bands. Foreign money is big enough to move the market above about $300,000.

INDESA estimates that foreigners made 57% of residential purchases above $120,000 in the first quarter of 2026. Foreign purchases totaled $205 million, up 17%, and US buyers alone spent $33.6 million, up 53%. That 57% isn’t the share of all homes sold in Panama.

Residency adds a pull. Under Decree 17 of 2026, in force since September 16, 2026, the Qualified Investor route gives permanent residency for real estate from $300,000 on the first sale of a new home, or from $500,000 for a resale. You have to keep the investment for five years, and any mortgage is deducted from the value that counts.

Now look at what happened around $300,000. Panama Equity counted 104 sales of new and under-construction condos between $300,000 and $400,000 in June 2026, against 42 a year earlier, up about 148%.

Residency can’t explain every one of those sales: MICI issued 268 Qualified Investor certificates worth $113.6 million between July 2025 and June 2026, a niche next to the whole market. But such a jump right above the threshold isn’t a coincidence, and since September the effect lands almost entirely on new condos.

Panama attracts other foreigners too: retirees on the Pensionado visa ($1,000 a month of pension, or $750 if you own a property over $100,000 in your name), Friendly Nations applicants with a $200,000 property, families relocating from nearby countries and investors who just want a dollar asset.

Tourism widens the funnel. Panama had just over 3 million international visitors in 2025, up 8.2%, and 1,755,998 in the first half of 2026, up another 17.4%. Copa’s Panama Stopover program brought more than 132,000 visitors in the first half of 2026, 38% more than a year earlier.

We see foreign demand as a real price driver in selected Panama City segments, not a developer’s marketing story.

Does Panama’s tourism growth make short-term rentals a good investment?

Sometimes. Visitor numbers are excellent, but short-term rental results vary too much, and the rules are too strict in Panama City, to buy on tourism growth alone.

The Panama Tourism Authority counted 3,004,266 international visitors in 2025, up 8.2%, with tourism receipts of about $6.58 billion, up 9.7%. Arrivals rose 17.4% in the first half of 2026.

More guests don’t guarantee a good Airbnb. On AirROI, the average Panama City listing grossed $13,845 between October 2025 and September 2026, at $113 a night and 50.2% occupancy. Beach and mountain towns charge more per night and fill fewer nights: Coronado listings average $177 but only 28.4% occupancy, and gross about 16% less than in the city.

That’s before management of 15% to 25% of revenue, cleaning, utilities, furniture and 10% ITBMS on lodging.

The rules matter more than the nightly rate. In the district of Panamá, Article 21 of Law 80 of 2012 bans rentals shorter than 45 days without a tourist-accommodation authorization from the ATP, with fines of $5,000 to $50,000, advertising included. Many buildings’ PH rules ban short stays outright. Bills 301 (10% ITBMS and an ATP register) and 713 (15% ITBMS, repeal of Law 80) had still not been voted on October 28, 2026, so neither is law.

What to check before you buy for Airbnb: the building’s PH rules in writing, whether the unit can get ATP authorization, and whether the deal still works as a furnished lease of 45 days or more.

Market (AirROI)	Active listings	Avg. nightly rate	Occupancy	Gross revenue per listing
Panama City	978	$113	50.2%	$13,845
Coronado	190	$177	28.4%	$11,656
Bocas del Toro	461	$160	31.7%	$13,745
Pedasí	73	$152	29%	$10,320
Boquete	80	$124	37.6%	$9,700

Source: AirROI, 12 months to September 2026 (Bocas del Toro and Pedasí: 12 months to July 2026). One platform only.

Is new construction in Panama City overpriced now?

In several neighborhoods, yes. The new-build premium is so large that you should compare every project with nearby resales before signing.

Panama Equity’s early-2026 comparison shows the gap.

In El Cangrejo, resale asking prices were around $1,770 per m² against $2,800 for pre-construction, about 58% more. San Francisco showed about $1,900 against $3,500, an 84% premium. Punta Pacífica reached about $2,200 for resales and $4,300 for pre-construction, almost double.

The gaps were smaller in Santa María (about 31%), Avenida Balboa (38%) and Casco Viejo (13%).

There are fair reasons to pay extra for new: modern layouts and amenities, no renovation bill, staged payments during construction, and contracts that can be handled from abroad. Since September 2026, new also has a tax edge (Law 546) and a residency edge ($300,000 instead of $500,000).

That still doesn’t justify a 95% premium. In El Cangrejo, the newer buildings in Panama Equity’s sample yield about 6.3% gross against 8.5% for decent 10-to-20-year-old ones.

And there’s a resale catch. A $350,000 new unit won’t qualify its next buyer for the $300,000 residency route, because by then it’s a resale. That shrinks your pool of future buyers.

For income, the current price gap usually favors good resales.

Neighborhood	Resale asking price/m²	Pre-construction price/m²	Approx. premium
Avenida Balboa	$2,400	$3,300	38%
Casco Viejo	$3,800	$4,300	13%
Costa del Este	$2,500	$3,800	52%
El Cangrejo	$1,770	$2,800	58%
Punta Pacífica	$2,200	$4,300	95%
San Francisco	$1,900	$3,500	84%
Santa María	$2,900	$3,800	31%

Source: Panama Equity, Q1 2026 market report.

How much can you negotiate off a Panama City condo right now?

More than most listings suggest. On resales, sellers already give ground; on new units, you negotiate extras rather than the sticker price.

In the first half of 2026, apartments sold through ACOBIR’s MLS closed 6% below their last asking price on average, after an average of 224 days on the market. With closed prices down 1.7% and new mortgages down 13%, sellers who need to sell have few buyers to choose from.

On an older resale, treat 6% off as your starting point, not your target, especially in towers where several near-identical units are listed at once. Check closed prices for the building or district (ACOBIR MLS, registry comps from a broker), not portal asking prices.

On a new unit, developers protect the list price but give extras: a cash discount, parking or a storage room included, a PH fee holiday, or the developer paying your closing costs. On a first sale of a new home, make sure the Law 546 saving of up to $2,400 shows up in your price.

Before you sign, ask the building for its “paz y salvo” (proof that condo fees are paid; unpaid fees follow the unit), the last 12 months of PH statements, the reserve fund and the minutes of the last owners’ meetings. Panama City PH fees run about $1.50 to $2.50 per m² a month in standard buildings and $2.50 to $4.50 in premium towers (PanamaProp, April 2026).

A quick price target: at $172,600 for 100 m² and $1,257 a month in rent, 5% off lifts the gross yield from 8.74% to 9.20%, and 10% off lifts it to 9.71%.

Where would we look for good-value Panama City property today?

Well-managed resale buildings in El Cangrejo, San Francisco and older parts of Punta Pacífica, rather than the newest project.

El Cangrejo shows why. Older but still competitive buildings sell around $1,800 per m² while newer ones approach $2,800, and rents are much closer together than prices.

San Francisco has an even bigger resale discount: about $1,900 per m² against $3,500 for pre-construction. PanamaProp’s map of active listings on October 18, 2026 puts San Francisco at 8.3% gross, Obarrio at 8.1% and El Cangrejo at 7.7%, against 7.1% in Costa del Este. These are asking figures, so check them against signed leases.

Punta Pacífica can work when older luxury buildings sell at a big discount to new towers. An older ocean-view apartment at roughly half the price per m² of nearby new construction deserves a look, but check the building’s finances and maintenance first.

Casco Viejo is a different bet. Resale inventory fell almost 60% in a year and the new-build premium is only 13%. The historic district can’t add supply the way tower districts can.

Santa María is about scarcity and wealthy demand. Resales are already high, around $2,900 per m², and resale inventory fell more than 50% in twelve months.

For rental yield, we like the middle of the market. For long-term scarcity, Casco Viejo and Santa María are stronger. Pick based on whether you want cash flow or appreciation.

Can foreigners safely buy property in Panama, and what taxes do they pay?

Yes. Foreigners can hold registered title in their own name, without a residence permit, and the tax bill is manageable.

PROPANAMA states that foreign investors generally have the same rights and obligations as Panamanians. The exceptions: foreigners can’t buy within 10 km of the international borders, and islands come with restrictions.

For an ordinary Panama City condo, the bigger question is the property itself. A local lawyer should check the Public Registry folio for ownership, mortgages and liens, plus condo debts, unpaid taxes and the purchase contract.

Untitled land, possession rights (derechos posesorios), islands and some coastal plots need much more care. Possession rights are not the same as registered title, and those purchases can involve concessions, shoreline restrictions or unclear histories.

Closing costs for a cash buyer are about 1.5% to 3% of the price: a lawyer at 1% to 1.5%, a notary at $300 to $800 and the Public Registry at $200 to $500. On a $300,000 condo, that’s about $4,500 to $9,000. A mortgage adds bank fees and insurance.

The seller normally pays the 2% transfer tax (ITBI), the 3% advance on capital-gains tax (or 10% of the real gain if that’s lower) and the agent’s 3% to 5% commission plus 7% ITBMS. When you sell later, those land on you.

Annual property tax follows the DGI’s progressive bands. A rented or second home pays 0% on the first $30,000, 0.6% from $30,000 to $250,000, 0.8% from $250,000 to $500,000 and 1% above. A registered main home pays 0% up to $120,000, 0.5% up to $700,000 and 0.7% above. A rented unit doesn’t count as your main home.

For condo investors, PH fees and income tax hurt more than property tax. On our 100 m² example, 8.74% gross becomes 5.62% after costs and 4.78% after a 15% income tax if you manage it yourself. Owning through an S.A. costs $300 a year in tax plus about $300 for a resident agent, and companies pay 25%, which takes the same example to about 4%.

What do Law 546, Decree 17 and the EU decision change for a buyer?

They make a new home a bit cheaper to buy, steer residency buyers toward new condos, and remove one compliance headache. None of them changes the price of a resale.

Law 546 took effect on September 1, 2026. On the first sale of a new home, the first $120,000 of the taxable value is exempt from the 2% ITBI, whatever the price. Between $120,000 and $200,000, the part above $120,000 pays one reduced rate of 0.5% to 1.8%, set by the home’s price; above $200,000 it pays the normal 2%. So the saving is up to $2,400, even on a $400,000 condo. The law doesn’t require you to live in the home, and the sale has to be signed within 24 months of the occupancy permit (30 months during the transition). The seller normally pays the ITBI, so ask how the saving shows up in your price.

Decree 17 of 2026 took effect on September 16. Qualified Investor residency now starts at $300,000 for the first sale of a new home and $500,000 for a resale, the investment must be kept for five years, and the value that counts is the lower of price paid and market value, minus any debt. A $320,000 condo with a $100,000 loan counts as $220,000 and doesn’t qualify. Fees are $5,000 plus a $5,000 repatriation deposit. If you signed before September 16, 2026, there’s a transition until March 16, 2027.

On October 9, 2026, the EU took Panama off its list of non-cooperative tax jurisdictions (Annex I). Panama stays on Annex II, under monitoring, and it isn’t on the FATF grey list. That mostly matters to companies and banks; for an individual buyer it may mean fewer questions from a European bank, but don’t count on it.

What to do: for residency, buy a genuine first sale with its permits in order and at least $300,000 net of debt; for a rental, don’t let a $2,400 tax saving talk you into a 50% new-build premium.

What could make buying property in Panama now a bad decision?

Overpaying, mostly. The stronger market doesn’t lift every building.

Some new developments ask 50% to 95% more per m² than nearby resales. Pay that premium and you start with a big hole before any appreciation helps.

Liquidity comes next. Panama City is a small market, and MLS apartments took an average of 224 days to sell in the first half of 2026. Big towers often have several near-identical units for sale at once, and a seller in a hurry has to accept a discount.

Building quality can make it worse. Older towers can face expensive lift work, façade repairs, water-system problems or weak condo finances. A cheap price means little if owners get a big special assessment shortly after you buy.

Then there’s nature. A magnitude 7.5-7.7 earthquake (agencies differed) struck near Tonosí, on the Azuero peninsula, on October 9, 2026, damaging buildings and roads. Panama is outside the main hurricane belt but has moderate seismic risk, higher in the west. Ask for the building’s structural documents and any post-quake inspection, and price in insurance.

Short stays are another trap. If your numbers need Airbnb income, a PH ban or the 45-day rule in the district of Panamá can kill the plan, with fines of $5,000 to $50,000.

And don’t bet on a return to Panama’s double-digit growth years. GDP growth of 4.2% to 5.5% is healthy, but closed prices fell 1.7% in the first half of 2026 and new mortgages are still down 13%. You need the right property, not the country, to make the return.

Who should buy in Panama now, and who should wait?

Buy now if you’re a cash buyer looking for a well-run Panama City resale and you plan to hold it for five to ten years. Wait, or walk away, if you need a big mortgage, an Airbnb in a building that bans it, or fast appreciation.

Several things line up for the first group. Good stock is tighter: unsold new-build units are down 11%, and resale listings fell 30% to 59% in seven popular districts. Rents are up 8.9% on signed leases. Sellers of existing apartments are giving 6% off on average after 224 days, and closed prices slipped 1.7%.

The returns are decent, not spectacular. A typical apartment bought on ACOBIR’s numbers yields 8.74% gross, about 4.8% after costs and a 15% income tax if you manage it yourself, and about 3.8% with a manager. Borrowing at about 9% to earn that loses money every month, which is why cash buyers have the edge.

Demand behind the top end looks solid: foreigners make 57% of purchases above $120,000, visitors are up 17.4%, and the economy grew 5.5% in the first half of 2026.

We wouldn’t buy what developers push hardest. New-build premiums of 50%, 80% or 95% over nearby resales leave no room for mistakes.

Our target: a one- or two-bedroom resale in San Francisco, Obarrio, El Cangrejo or Paitilla, at 8% gross or better on checked rents, with a PH fee under about $2.50 per m², bought at a clear discount to new construction. Negotiate hard, inspect the building and read the PH rules.

So yes, it’s a reasonable time to buy in Panama, but the opportunity is in picking the right unit, not in betting on the whole country.