Panama Condos and Apartments for Sale: Where Foreigners Buy, and What They Cost

Where Foreigners Buy Condos in Panama City and at the Beach

Foreign buyers cluster in four city areas and one stretch of Pacific coast, and each one suits a different kind of buyer. The city areas differ mainly in building age, unit size and price per m². The beach towers are mostly weekend and lock-and-leave homes.

Before you commit to an area, most buyers rent there for a few weeks first. Our guide to where to stay in Panama City compares the neighborhoods block by block, and the guide to renting an apartment in Panama City covers longer leases. Safety also varies by area, and our guide to whether Panama is safe goes through it neighborhood by neighborhood.

Casco Viejo

Casco Viejo has the cheapest entry tickets in the city but some of the highest prices per m², because its units are small. Recent one-bedroom listings ask $157,000, $224,377 and $283,000.^[2] At the listed sizes, that works out to $3,000 per m² and up, more than most Bella Vista resale towers. Casco also sits in the middle of the city's short-stay market, so check the rental rules below before you buy a unit for that purpose.

Pacific Beach Towers: Chame, Coronado, San Carlos and Playa Blanca

The beach condo belt starts at Playa Caracol and Punta Chame, less than an hour from the city, and runs west through Nueva Gorgona, Coronado, Vistamar in San Carlos, Playa Blanca and Buenaventura.^[3] Buenaventura is listed at about 80 minutes from Panama City.^[4] Playa Bonita, 15 minutes from downtown, is the closest beach option, though it lies in the other direction.^[5]

The Chame district, which includes the Nueva Gorgona and Punta Chame corregimientos, belongs to the province of Panamá Oeste.^[6][7] Listing feeds are careless with locations: realtor.com tags one Coronado unit as Coclé and another as Chiriquí.^[8] Rely on the property's record in the Registro Público, not on the listing. For houses, gated communities and the town itself, read our Coronado, Panama real estate guide.

Beachfront Condos and the Coastal Zone

You cannot own the beach itself, but you can own a titled unit in a building behind it. On the Pacific, the public beach strip (ribera de playa) runs 22 meters from the high-tide line. The coastal zone extends 200 meters inland, and the land between the beach strip and the 200-meter line can be titled.^[9] Any title in that zone must guarantee public access to the beach, and blocking access carries fines of B/.1,000 to B/.5,000.^[10] The beach strip itself is handled through state concessions.^[11] Beach listings usually carry a "titled" tag, but confirm that the building sits on a titled property and not on a concession. Our guide to beachfront and land in Panama covers this in depth.

Panama Condos for Sale: Price per M² and Typical Unit by Area

Resale apartments in Panama City ask a median of about $2,208 per m², based on 3,199 listings in May 2026.^[12] New towers ask far more, and older buildings far less. That spread matters more than which neighborhood you pick.

Asking prices from broker and portal surveys and live listings, May to November 2026. None of these are closing prices.

Why the Per-M² Figures Disagree

Different surveys measure different pools of listings, so their figures don't match. An October 2026 sample puts the median resale asking price at $2,200/m² in Bella Vista, $1,833 in El Cangrejo and $2,530 in Costa del Este.^[13] A May 2026 survey gives $2,204, $2,042 and $2,762 for the same three areas.^[12]

New towers have their own bands, and those disagree too. One 2026 guide puts new builds in Punta Pacífica, Santa María and Costa del Este at $3,400-4,200/m².^[14] Another puts new Costa del Este projects at $4,600-6,000 and Punta Pacífica at $4,000-5,200. It also shows Bella Vista towers over ten years old asking only $1,000-1,500.^[15] Measured on September 2026 listings, the median for new Costa del Este apartments was $4,281/m², against $2,365 for resale.^[16]

The figure that matters most is the gap between asking and selling prices. MLS resale data put Bella Vista at $1,405/m² in the first half of 2026, down from $1,687 the year before. The Juan Díaz district, which includes Costa del Este, rose to $2,587 from $2,110.^[1] Many city listings are explicitly marked "negotiable".^[17] In older Bella Vista towers especially, the asking median is a ceiling, not a guide.

What a Typical Unit Costs

In Bella Vista, a 3-bedroom, 3-bath unit asks $262,000 and a 2-bedroom on the Cinta Costera asks $278,140. Three-bedroom units on Avenida Balboa ask $445,270 and $449,955.^[2] A 2-bedroom on the 68th floor of a Bella Vista tower is listed at $415,000.^[18] A remodeled 2-bedroom in Twin Towers asks $265,000.^[17]

In Costa del Este, 2-bedroom resale units ask $366,600 and $545,894.^[2] A new 121.4 m² 2-bedroom runs about $414,849.^[14] In new projects, Aurum lists at $348,600-460,000 for 2029 delivery, and Nogal at $400,000-512,000 for early 2027.^[16] Ipanema, a pre-construction tower with a 2028 build date, lists a unit at $436,000.^[19]

In Punta Pacífica, a 1-bedroom asks $247,600 and a 3-bedroom in PH Costa Pacífica asks $490,000.^[2] In Paitilla, a 278 m² unit in Perlas del Pacífico asks $425,000, about $1,530/m², which shows what an older tower costs per meter.^[17] At the top of the market, a 3-bedroom at Santa María Golf & Country Club asks $1,550,000.^[2]

In San Francisco, a 2-bedroom of about 118 m² in PH Bahía del Golf asks $230,000, and a 3-bedroom asks $394,400. A 1-bedroom in Coco del Mar asks $293,040.^[2] A 4-bedroom in Harmony Tower asks $427,000, and a 192 m² 3-bedroom in Torre Panorama, Coco del Mar, asks $425,000.^[17]

Beach Condo Prices

The cheapest units are 1-bedrooms in Chame at $64,900 and $65,000. A 1-bedroom at Playa Gorgona asks $155,750-160,000.^[8] In Coronado, a 2-bedroom in PH Coronado Bay asks $300,000 and a 3-bedroom asks $380,000.^[8] A 2-bedroom at Playa Caracol asks $285,000.^[18]

Further up the range, a 174 m² beachfront unit in Nueva Gorgona asks $299,000 and a 140 m² unit in PH Royal Palm asks $389,900. Vistamar's 300 m² condos ask $330,000-399,900, and a 210 m² lake-view unit in Buenaventura asks $575,000.^[4] Per meter, that spans roughly $1,300 at Vistamar to $2,800 at Royal Palm and Buenaventura.

HOA and Maintenance Fees in Panama Condos, and What They Cover

Monthly condo fees in Panama, called the cuota de mantenimiento, generally run $1.50 to $3.00 per m², or about $135 to $270 a month for a 90 m² unit.^[14] Luxury towers sit above that band. In Punta Pacífica, fees average $400-700 a month and range from $200 to $1,500. They usually cover security, common areas, pools, the gym and often water.^[20]

Beach buildings follow the same pattern. A 300 m² Vistamar condo advertises a $350 fee.^[4] A 299.79 m² unit in PH Terrazas de Farallón, Playa Blanca, lists $200 a month.^[21] Big amenity complexes with several pools, staffed gates and marinas charge more than older towers with a single pool.

Each building's owners set the fee, so it varies from tower to tower.^[16] Condos are governed by Ley 31 de 2010 on horizontal property. Raising the common-expense fee takes a 66% vote of the owners' assembly, and a board of at least three members runs the building.^[22] A bill that would update the condo regime was on the National Assembly's agenda for second debate in July 2026. As of November 2026 it is still a bill, not law.^[23]

Reglamento de Copropiedad

The building's registered bylaws. Changing them takes 66% of owners holding at least 75% of the building's value, so whatever they say about pets, renovations or rentals tends to stick.

Asamblea de Propietarios

The owners' assembly. It votes on fee increases and new amenities, and its minutes show what spending is coming.

Junta Directiva

The board (president, treasurer, secretary) that runs the building between assemblies.

Cuota de gastos comunes

The common-expense fee, the legal name for the HOA or maintenance fee.

Before you sign, ask the administrator for:

• The last year of building financial statements, and what share of owners are behind on fees.
• Recent assembly minutes, which reveal planned repairs, elevator or facade work, and any special charges being discussed.
• The full Reglamento, especially the sections on rentals and renovations.
• A written list of what the fee includes: water, gas, internet, generator fuel, staff.

Taxes When You Buy, Own and Sell a Condo in Panama

The buyer normally pays no transfer tax, because by law the seller is the taxpayer for the 2% property transfer tax (ITBI).^[24] On new homes, Ley 546 of 2026 has applied since 1 September 2026. It exempts the first sale of a new home on the first B/.120,000 of the tax base, as long as the deed is signed within two years of the occupancy permit.^[25] The balboa is pegged one-to-one to the dollar, so B/.120,000 is $120,000. Between B/.120,000 and B/.200,000, the excess pays a reduced scale of 0.50% to 1.80%. Above B/.200,000, the first B/.120,000 stays exempt and the excess pays the normal 2%.^[26] Resale units do not get the break.

When you sell, capital gains tax is 10% of the gain. An advance of 3% of the sale price must be paid before the sale is registered, or 3.75% if the seller is a developer. Our guide to buying property in Panama as a foreigner covers the notary, the Registro Público and who pays each closing cost.

Annual Property Tax

If a condo is registered as your primary residence, its cadastral value pays 0% up to B/.120,000, 0.50% from B/.120,001 to B/.700,000, and 0.70% above that.^[27] The lower rate is not automatic. If you do not apply to the DGI, the general table applies by default.^[28] That general table runs from 0% to 1%, so a lock-and-leave owner who never applies pays the higher rate.

You can pay in three installments, due 30 April, 31 August and 31 December. Paying the full year before 30 April, with no arrears, earns a 10% discount.^[27] One DGI FAQ page gives 29 February instead, so confirm the current deadline with the DGI each year.^[29]

Be careful with "tax-exempt until 2030" claims on beach listings. One Playa Blanca condo built in 2010 advertises exactly that, citing no law.^[30] According to the DGI, condo units with an exemption are exempt only on their declared improvements and still pay 1% a year on the land value.^[27] A proposal to exempt used homes worth up to $300,000 from property tax is under study but has not been approved.^[31]

Panama taxes only income earned in Panama, and rent from a Panamanian condo counts as Panamanian income. You become tax resident after 183 days in the country.

Illustrative figures as of November 2026, built from the asking-price median and the fee and tax ranges on this page.

Pre-construction vs Resale Condos: The Risks

Buying off-plan in Panama does not save money per m² right now, because new units ask far more than resale. The case for pre-construction rests on newer layouts and amenities, the developer's ITBI break and the lower residency threshold, and it has to be weighed against delivery risk. In Costa del Este, new apartments ask a median of $4,281/m² against $2,365 for resale.^[16]

Delivery dates run years out. Among current Costa del Este projects, Nogal is due in early 2027 and Aurum in 2029.^[16] Ipanema lists a 2028 build date and describes itself as "set to become" a community, which means you are buying a promise.^[19] Some listing portals let you filter by pre-sale and under-construction status, and others mix those units in with resale listings, so check every listing's status.^[32]

Your protection comes mostly from the contract, not from a dedicated buyer-protection law. A bill to regulate housing developers, strengthen buyer protection and deal with abandoned projects was presented in February 2026, and as of November 2026 it has not been enacted.^[33] Until it is, deposits, refunds and delivery deadlines are whatever the promise-of-sale contract (promesa de compraventa) says. That contract does not replace the final deed or its registration. An early-stage project may only have reserved its name at the Registro Público, which a developer can do for up to a year.^[22]

Renting Out Your Condo: Short-Term Rental Rules and Yields

In the Distrito de Panamá, which covers all the city neighborhoods on this page, you cannot rent a condo for less than 45 days without a public tourist-accommodation permit from the Autoridad de Turismo de Panamá (ATP). The ATP can fine both the owner and anyone who advertises the rental, online included.^[34] The rule comes from article 21 of Ley 80 of 2012, and owners' associations use it: in 2025 the assembly of P.H. Yacht Club filed a complaint against the owner of one unit over short-term rentals, and the ATP admitted it.^[34]

The building's Reglamento is the second hurdle. If it restricts short stays, changing it takes 66% of owners holding 75% of the building's value.^[22] Buildings set up to rent by the night do exist, such as The Westin Residences, a Marriott-branded condo hotel, and furnished Bella Vista units sold with hotel-style management.^[3] If short-term income is your plan, buy into one of those and get the permit status in writing.

The beach is less clear-cut. Chame and the beach towns lie outside the Distrito de Panamá, so the 45-day rule as written does not reach them. Brokers there market some units as "ideal for Airbnb".^[4] Building bylaws still apply, though, and other tourism rules may too, so confirm both before you count on nightly income.

Long-term Rent and Gross Yields

Long-term rent in Panama City averaged $12.57 per m² a month in the first half of 2026. The averages were $14.17 in Juan Díaz, which includes Costa del Este, $12.73 in San Francisco and $12.18 in Bella Vista.^[1] Another 2026 rental sample gives $13.45 in Costa del Este and $13.44 in Punta Pacífica.^[35] A Bella Vista rental benchmark from 2025 is lower, at about $10.31/m², or around $1,031 a month for 100 m².^[36]

Run those rents against asking prices and resale comes out well ahead of new builds:

• Bella Vista resale, 100 m²: $220,000 at the median, renting at about $1,218 a month, is roughly 6.6% gross. After an HOA fee of $150-300 a month, that drops to about 5-5.8%, before tax, vacancy and repairs.
• Costa del Este resale, 120 m²: about $283,800, renting at about $1,614 a month, is roughly 6.8% gross.
• Costa del Este new build, 120 m²: about $513,700 at $4,281/m², for the same rent, is roughly 3.8% gross.

These figures use asking prices. If you buy below asking, as the MLS figures suggest buyers often do, the yields improve.

Buying a Condo with Panama Residency in Mind

A condo can qualify you for residency, but the minimum depends on the visa and on whether the unit is new or resale. Under Executive Decree 17 of 2026, in force since 16 September 2026, the Qualified Investor visa requires $300,000 in a new, first-sale property or $500,000 in a resale property. A $300,000 resale condo does not qualify.

Figures as of November 2026. Pensionado without property requires a $1,000/month pension.

The Qualified Investor visa has several traps for condo buyers:

• The counted value is the lower one. The visa counts the lower of the price you paid and the market value, minus any mortgage or lien. Financing the purchase can push you under the threshold.
• Funds must come from abroad. Plan the money transfer before you sign.
• Five-year hold. You must keep the investment for five years, which limits a quick resale.
• Timeline. MICI, the commerce ministry, certifies the investment within 15 business days, and the National Immigration Service (SNM) decides within 30.
• Transition rules. Applications filed before 16 September 2026 follow the old rules. Purchase contracts signed before then can still use them if the application is filed by March 2027.
• Rights-of-possession land never qualifies. This rarely affects city condos, but it matters for beach lots and islands.

Friendly Nations does not cover every nationality: Colombia, Venezuela, Italy and India are not on the list. Once you hold permanent residency, it can be cancelled if you spend more than two years outside Panama, which matters for lock-and-leave owners. Naturalization requires five years of permanent residency, renouncing your original nationality and passing an exam. Our comparison of Panama residency visas covers each route in full, and the guide to retiring in Panama covers the Pensionado discounts and monthly budgets.

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