Authored by the expert who managed and guided the team behind the Panama Property Pack
Yes, the analysis of Panama City's property market is included in our pack
Looking to understand housing prices in Panama City in 2026? This article breaks down everything you need to know about the current residential property market.
We constantly update this blog post with the latest data so you always have access to fresh, reliable information about Panama City real estate prices.
And if you're planning to buy a property in this place, you may want to download our pack covering the real estate market in Panama City (in the country Panama).
Insights
- Panama City apartments typically sell for about 7% below asking price, but prime waterfront units in Punta Pacifica often close within 3 to 5% of the listed price due to scarcity.
- Smaller 1 to 2 bedroom apartments in Panama City command the highest price per square meter because expats and investors favor these "liquid" rental units.
- New construction properties in Panama City carry roughly a 15% premium over comparable older units, driven by bundled amenities like parking, security, and backup generators.
- High-rise condos and apartments make up about 75% of Panama City's residential listings, making detached houses a relatively rare find in the urban core.
- Panama City housing prices have grown about 35% in nominal terms over the past decade, but only around 15% when adjusted for inflation thanks to Panama's low inflation environment.
- The Balboa (PAB) is pegged 1:1 to the US dollar, so Panama City property prices are effectively quoted in USD with no currency conversion needed.
- Entry-level properties in Panama City start around $100,000 to $140,000 for older 1-bedroom apartments in neighborhoods like Pueblo Nuevo or Parque Lefevre.
- Luxury properties in Punta Pacifica and Santa Maria typically range from $900,000 to $2.5 million for newer high-rises with ocean views and full amenities.
- Closing costs and fees in Panama City add about 3% to 6% on top of the purchase price for move-in ready units, but can reach 12% to 20% if renovation is needed.
What is the average housing price in Panama City (in the country Panama) in 2026?
The median housing price is more telling than the average because it represents the middle point of all sales, so it is not skewed by a few ultra-luxury properties that can dramatically inflate the average.
We are writing this as of January 2026 with the latest data collected from authoritative sources like RIAL (Relevamiento Inmobiliario de América Latina) and major listing platforms, all manually double-checked by our team.
The median housing price in Panama City in 2026 is approximately PAB $190,000 (which equals $190,000 USD or about €162,000). The average housing price in Panama City in 2026 is higher at PAB $270,000 ($270,000 USD or approximately €231,000) because luxury properties pull the figure upward.
About 80% of residential property listings in Panama City in 2026 fall within a price range of PAB $110,000 to $650,000 (approximately €94,000 to €556,000).
A realistic entry range in Panama City in 2026 is PAB $100,000 to $140,000 ($100,000 to $140,000 USD or €86,000 to €120,000), which typically gets you an older 1-bedroom apartment of 45 to 60 square meters in neighborhoods like Pueblo Nuevo or Parque Lefevre.
A realistic luxury property price range in Panama City in 2026 is PAB $900,000 to $2,500,000 ($900,000 to $2,500,000 USD or €769,000 to €2,137,000), which gets you a newer high-rise unit of 220 to 350 square meters with ocean views in Punta Pacifica or Santa Maria, complete with full amenities.
By the way, you will find much more detailed price ranges in our property pack covering the real estate market in Panama City (in the country Panama).
Are Panama City (in the country Panama) property listing prices close to the actual sale price in 2026?
In Panama City in 2026, closed sale prices are typically about 7% below the asking price on average.
This gap exists because many Panama City sellers build negotiation room into their listing prices, especially in buildings with multiple comparable units where buyers can easily compare options. The discount varies significantly: prime, scarce units in top-tier towers often close within 3 to 5% of asking, while standard units facing more competition may sell at 7 to 10% below the listed price.
Get fresh and reliable information about the market in Panama City
Don't base significant investment decisions on outdated data. Get updated and accurate information with our guide.
What is the price per sq m or per sq ft for properties in Panama City (in the country Panama) in 2026?
As of January 2026, the median housing price per square meter in Panama City is approximately $1,850/m² (about €1,580/m²), which translates to roughly $172/sqft (€147/sqft). The average price per square meter in Panama City is slightly higher at $1,950/m² (approximately €1,670/m²), or about $181/sqft (€155/sqft).
Smaller 1 to 2 bedroom apartments between 45 and 90 square meters in premium, walkable, or waterfront zones command the highest price per square meter in Panama City in 2026, because they attract strong demand from expats and investors seeking easily rentable units, while larger older apartments or houses in car-dependent areas have the lowest price per square meter due to weaker demand and maintenance concerns.
In Panama City in 2026, the highest prices per square meter are found in Punta Pacifica, Santa Maria, Costa del Este, and Casco Viejo, typically ranging from $3,200 to $5,500 per square meter. The lowest prices per square meter are found in Juan Diaz, Parque Lefevre, and Pueblo Nuevo, generally ranging from $1,300 to $1,800 per square meter.
How have property prices evolved in Panama City (in the country Panama)?
Compared to one year ago (January 2025), Panama City housing prices have increased by about 4% in nominal terms and roughly 3% after adjusting for inflation. This growth reflects more stable buyer confidence in Panama City's market following the post-pandemic normalization period.
Compared to ten years ago (January 2016), Panama City housing prices have risen approximately 35% in nominal terms and about 15% in real (inflation-adjusted) terms. This long-term growth has been driven by continued development of premium corridors like the waterfront and financial district, plus newer towers with better amenities gradually repricing the market upward.
By the way, we've written a blog article detailing the latest updates on property price variations in Panama City (in the country Panama).
Finally, if you want to know whether now is a good time to buy a property there, you can check our pack covering everything there is to know about the housing market in Panama City (in the country Panama).
We did some research and made this infographic to help you quickly compare rental yields of the major cities in Panama versus those in neighboring countries. It provides a clear view of how this country positions itself as a real estate investment destination, which might interest you if you’re planning to invest there.
What types of housing are available and how do prices vary by property type in Panama City (in the country Panama) in 2026?
In Panama City in 2026, high-rise condos and apartments dominate the market at about 75% of listings, followed by houses at 15%, townhomes and duplexes at 7%, and penthouses or ultra-luxury units at 3%, because Panama City's urban density and skyline development have made vertical living the standard.
Average prices by property type in Panama City as of January 2026 are as follows: high-rise condos average around $240,000 (€205,000), older mid-rise apartments about $170,000 (€145,000), townhomes and duplexes around $320,000 (€274,000), detached houses outside gated communities about $380,000 (€325,000), gated community houses around $650,000 (€556,000), and penthouses or ultra-luxury condos average approximately $1,500,000 (€1,280,000).
If you want to know more, you should read our dedicated analyses:
- How much do properties cost in Panama City (in the country Panama)?
- How much should you pay for an apartment in Panama City (in the country Panama)?
- How much should you pay for a condo in Panama City (in the country Panama)?
- How much should you pay for a studio in Panama City (in the country Panama)?
How do property prices compare between existing and new homes in Panama City (in the country Panama) in 2026?
In Panama City in 2026, new construction properties carry a premium of approximately 15% higher price per square meter compared to similar older units in the same area.
This premium exists because new towers in Panama City bundle amenities like covered parking, 24-hour security, backup generators, and modern common areas, so buyers pay extra for convenience and lower hassle compared to older buildings that may lack these features.
Buying real estate in Panama City can be risky
An increasing number of foreign investors are showing interest. However, 90% of them will make mistakes. Avoid the pitfalls with our comprehensive guide.
How do property prices vary by neighborhood in Panama City (in the country Panama) in 2026?
Costa del Este is a modern, master-planned neighborhood popular with expat families thanks to its international schools, wide streets, and family-friendly environment. Prices in Costa del Este in January 2026 range from $300,000 to $1,500,000 (€256,000 to €1,280,000), with an average of $3,000 to $4,200 per square meter, reflecting strong demand from international buyers.
Punta Pacifica is Panama City's premier waterfront luxury district, home to iconic high-rises and close to major hospitals and the financial center. Prices in Punta Pacifica in January 2026 range from $350,000 to $2,500,000 (€299,000 to €2,137,000), with an average of $3,200 to $5,500 per square meter due to ocean views and trophy-building status.
San Francisco (including Coco del Mar) is a central, walkable neighborhood with plenty of restaurants and easier commutes, making it popular with young professionals and expats who want urban convenience. Prices in San Francisco in January 2026 range from $200,000 to $750,000 (€171,000 to €641,000), with an average of $2,200 to $3,400 per square meter.
You will find a much more detailed analysis by areas in our property pack about Panama City (in the country Panama). Meanwhile, here is a quick summary table we have made so you can understand how prices change across areas:
| Neighborhood | Character | Price Range (PAB & $) | Per sqm (PAB & $) | Per sqft (PAB & $) |
|---|---|---|---|---|
| Juan Diaz | Value / local | $90k - $220k | $1,250 - $1,700 | $116 - $158 |
| Parque Lefevre | Value / central | $100k - $260k | $1,400 - $1,900 | $130 - $177 |
| Pueblo Nuevo | Value / central | $95k - $240k | $1,350 - $1,900 | $125 - $177 |
| Bethania | Family / value | $120k - $320k | $1,500 - $2,100 | $139 - $195 |
| El Cangrejo | Walkable / expat-friendly | $140k - $420k | $1,900 - $2,700 | $177 - $251 |
| Obarrio | Commute / finance | $180k - $520k | $2,200 - $3,300 | $204 - $307 |
| Marbella | Commute / waterfront | $220k - $650k | $2,400 - $3,600 | $223 - $334 |
| Avenida Balboa | Iconic / views | $260k - $1.2M | $2,800 - $4,500 | $260 - $418 |
| San Francisco | Central / popular | $200k - $750k | $2,200 - $3,400 | $204 - $316 |
| Costa del Este | Family / expat | $300k - $1.5M | $3,000 - $4,200 | $279 - $390 |
| Punta Pacifica | Luxury / waterfront | $350k - $2.5M | $3,200 - $5,500 | $297 - $511 |
| Santa Maria | Ultra-family / golf | $600k - $2.5M | $3,500 - $5,200 | $325 - $483 |
How much more do you pay for properties in Panama City (in the country Panama) when you include renovation work, taxes, and fees?
In Panama City in 2026, buyers should expect to pay approximately 3% to 6% above the purchase price for a move-in ready property (covering legal fees, notary, and registry), or 12% to 20% above the purchase price if the property needs significant renovation.
If you buy a property around $200,000 (PAB $200,000) in Panama City, you would typically pay an additional $6,000 to $12,000 in fees and closing costs for a ready unit. This brings your total cost to approximately $206,000 to $212,000 for a move-in ready apartment.
If you buy a property around $500,000 (PAB $500,000) in Panama City, expect to add roughly $15,000 to $30,000 in fees and costs for a move-in ready property. Your total would be approximately $515,000 to $530,000, or higher if renovation is needed.
If you buy a property around $1,000,000 (PAB $1,000,000) in Panama City, plan for approximately $30,000 to $60,000 in additional costs for a turnkey luxury unit. This brings your total to about $1,030,000 to $1,060,000 depending on due diligence complexity and specific building requirements.
By the way, we keep updated a blog article detailing the property taxes and fees to factor in the total buying cost in Panama City (in the country Panama).
Meanwhile, here is a detailed table of the additional expenses you may have to pay when buying a new property in Panama City (in the country Panama)
| Expense | Type | Estimated Cost (PAB & $) |
|---|---|---|
| Legal / due diligence | Fee | Typically 0.8% to 1.5% of the purchase price, which works out to $1,500 to $7,500 or more depending on property value. This covers a lawyer reviewing the title, checking for liens, and ensuring the transaction is legally sound. |
| Notary / deed paperwork | Fee | Usually $150 to $400 depending on the complexity and length of the deed. The notary formalizes the sale and ensures proper documentation is filed with authorities. |
| Public Registry filing | Fee | Approximately 0.3% to 0.7% of the property value. This fee registers your ownership with Panama's Public Registry, which is required to establish legal title. |
| Appraisal (if financing) | Fee | Around $300 to $700 if you are obtaining a mortgage. The bank requires an independent appraisal to confirm the property's market value before approving financing. |
| Building move-in / admin | Fee | Typically $200 to $1,000 depending on the building. Some Panama City towers charge administrative fees for processing new owner registrations and issuing access cards. |
| Light renovation | Renovation | Approximately $250 to $450 per square meter. This covers cosmetic updates like fresh paint, new flooring, updated fixtures, and minor kitchen or bathroom improvements. |
| Full renovation | Renovation | Approximately $500 to $900 or more per square meter. This includes structural changes, complete kitchen and bathroom remodels, new electrical and plumbing, and high-end finishes. |
We made this infographic to show you how property prices in Panama compare to other big cities across the region. It breaks down the average price per square meter in city centers, so you can see how cities stack up. It’s an easy way to spot where you might get the best value for your money. We hope you like it.
What properties can you buy in Panama City (in the country Panama) in 2026 with different budgets?
With $100,000 in Panama City in January 2026, you could buy an existing studio or 1-bedroom apartment of 40 to 55 square meters in Juan Diaz in an older building, an existing 1-bedroom of 45 to 60 square meters in Pueblo Nuevo with basic finishes, or an existing small 1-bedroom of 45 to 55 square meters in Parque Lefevre in older stock.
With $200,000 in Panama City in January 2026, you could buy an existing 2-bedroom apartment of 75 to 95 square meters in Bethania in an older mid-rise, an existing 2-bedroom of 80 to 100 square meters in El Cangrejo in an older building with good walkability, or an existing 2-bedroom of 85 to 105 square meters in a less prime pocket of San Francisco.
With $300,000 in Panama City in January 2026, you could buy an existing 2-bedroom apartment of 100 to 120 square meters in San Francisco in a mid-range tower, an existing 2-bedroom of 95 to 115 square meters in Obarrio in an older but central building, or a newer 2-bedroom of 85 to 105 square meters in Costa del Este in an entry-level line.
With $500,000 in Panama City in January 2026, you could buy an existing family 3-bedroom apartment of 130 to 160 square meters in Costa del Este in an established tower, a large existing 2 to 3 bedroom of 150 to 190 square meters in Marbella with partial views, or a 3-bedroom of 140 to 180 square meters on Avenida Balboa in a mid-tier building.
With $1,000,000 in Panama City in January 2026, you could buy a luxury 3-bedroom apartment of 200 to 260 square meters in Punta Pacifica in a newer tower with ocean views, a house or townhome of 250 to 350 square meters in Santa Maria in a gated community, or a premium unit of 180 to 240 square meters on Avenida Balboa on a high floor with full amenities.
With $2,000,000 in Panama City in January 2026, you could buy an ultra-luxury condo of 300 to 450 square meters in Punta Pacifica in a top-tier building, a luxury house of 400 to 600 square meters in Santa Maria with premium finishes and a larger lot, or a trophy unit or penthouse-style apartment of 250 to 400 square meters in Casco Viejo, though supply is very limited in that historic district.
If you need a more detailed analysis, we have a blog article detailing what you can buy at different budget levels in Panama City (in the country Panama).
What sources have we used to write this blog article?
Whether it's in our blog articles or the market analyses included in our property pack about Panama City (in the country Panama), we always rely on the strongest methodology we can ... and we don't throw out numbers at random.
We also aim to be fully transparent, so below we've listed the authoritative sources we used, and explained how we used them and the methods behind our estimates.
| Source | Why It's Authoritative | How We Used It |
|---|---|---|
| RIAL via Global Property Guide | Based on a long-running, standardized regional survey led by an academic research center at Universidad Torcuato Di Tella. | We used this as our anchor for average asking price per square meter in Panama City. We then projected it forward to January 2026 using conservative growth assumptions. |
| BIS Residential Property Prices Portal | An international organization that curates comparable cross-country housing indicators with documented methods. | We used this to sanity-check how housing price indices are typically defined and to keep our time-comparison logic consistent with global best practice. |
| World Bank Inflation Data | The World Bank's standardized macro database with clear sourcing from IMF International Financial Statistics. | We used this to inflation-adjust our historical comparisons. We also used it to keep our 2025 to 2026 growth assumption conservative in Panama's low-inflation environment. |
| IMF DataMapper Panama Profile | The IMF's official macro outlook dataset with transparent revisions for each country. | We used this as a macro cross-check for growth and inflation backdrop. We treated it as context to ensure our price assumptions align with the broader economy. |
| Encuentra24 Panama City Listings | One of the largest, long-running listing marketplaces in Panama with very large coverage of the residential market. | We used this to understand market mix, validate entry and luxury price bands, and see typical sizes and neighborhoods. We treat these as asking-price evidence. |
| Encuentra24 Price-per-m² Trend Tool | A transparent indicator derived from posted listings that shows price trends over time. | We used this as a second check on price-per-m² levels. We only used it to cross-check RIAL data, not replace it. |
| MEF e-Tax Help (Form 106) | Official government tax help page tied to Panama's national e-Tax platform. | We used this to ground our taxes and fees section in official terminology. We then added practical fee ranges from market practice for non-tax items. |
| DGI Property Sale Forms | The tax authority's official guidance for property sale filings in Panama. | We used this to confirm which tax forms are required in a sale. We then translated that into buyer-friendly cost ranges. |
| X-Rates Exchange Rate History | A transparent, tabulated historical average that is easy to verify against other sources. | We used this to convert USD figures into EUR using late-2025 levels as a practical proxy for January 2026 conversions. |
| Wise EUR/USD History | A reputable fintech platform with transparent historical exchange rate data. | We used this to cross-check our EUR/USD conversion rate. We wanted to avoid relying on a single source for currency calculations. |
| Encuentra24 Costa del Este | Neighborhood-specific listing data from Panama's largest property marketplace. | We used this to validate price ranges and property types specifically available in Costa del Este. We cross-referenced with citywide data. |
| Encuentra24 Punta Pacifica | Neighborhood-specific listing data from Panama's largest property marketplace. | We used this to validate price ranges for Punta Pacifica's luxury segment. We confirmed typical sizes and price-per-m² for premium towers. |
| Encuentra24 San Francisco Area | Neighborhood-specific listing data covering central Panama City areas. | We used this to validate price ranges for San Francisco and nearby areas. We confirmed this is a popular mid-range neighborhood for expats. |
| Panama Real Estate Market Reports | Various industry reports from real estate agencies operating in Panama City. | We used these to cross-check market trends and validate our estimates against professional assessments of the Panama City market. |
| Local Panama City Real Estate Agents | First-hand market knowledge from professionals active in Panama City transactions. | We consulted with agents to validate our ask-versus-close price gap estimates and to confirm typical negotiation ranges by neighborhood. |
| Panama Chamber of Commerce Data | Business and economic data from Panama's official commercial organization. | We used this for context on Panama City's economic environment and business climate affecting real estate demand. |
| Panama National Statistics Institute | Official government statistics agency providing demographic and economic data. | We used this for population and demographic context affecting housing demand in different Panama City neighborhoods. |
| Central Bank of Panama Reports | Official financial and economic reports from Panama's central banking authority. | We used this to confirm the PAB/USD peg and to understand the broader financial environment for property transactions. |
| Panama Construction Chamber | Industry organization representing construction companies with data on new development. | We used this to understand new construction trends and validate the premium for new versus existing properties. |
| International Property Consultancies | Global firms with Panama offices providing market analysis and transaction data. | We cross-referenced our neighborhood price estimates with data from international consultancies active in Panama City. |
| Expat Forums and Communities | First-hand experiences from international residents who have purchased property in Panama City. | We used these to validate our estimates on closing costs, typical renovation expenses, and neighborhood preferences among expats. |
| Panama Legal Resources | Legal guides and resources explaining property purchase procedures in Panama. | We used these to ensure our fee and tax estimates align with current legal requirements for property transactions in Panama. |
| Historical Price Databases | Archived listing and transaction data showing price evolution over time. | We used these to calculate our 1-year and 10-year price change estimates and to validate long-term trends in the Panama City market. |
Get the full checklist for your due diligence in Panama City
Don't repeat the same mistakes others have made before you. Make sure everything is in order before signing your sales contract.
Related blog posts
- Is now a good time to invest in property in Panama City (in the country Panama)?