Avenida Balboa Panama is the oceanfront avenue in the heart of Panama City. For those of you that have been following our neighborhood reports, you will remember that we published findings of a pricing-trend study we commissioned for the Avenida Balboa district about 10 months ago. This is a follow up to that report.
Avenida Balboa Panama developer’s published pricing on their yet-to-be-delivered condo units along Avenida Balboa have come down just under 5% over the last 10 months. According to interviews with agents representing Habitats Realty, Bern, Btesh and Virzi, and Cityland, buyers are still coming in from places like Russia, Europe, and of course Venezuela, but demand from the North American market has slowed down significantly.
View Avenida Balboa Panama real estate listings
Price lists for the following projects in construction: Rivage, Waters, White, Arts Tower, Yoo, and Villa del Mar show anywhere from 60-95% of the units as marked “Sold or Reserved”. The important question, which only time will tell, is how many of the buyers are prepared to close.
As a supplement to our data, gathered by canvassing buildings, interviewing developers, and compiling listing data online, we have also started what may be Panama’s first shared MLS, designed in-house to capture sales data from fellow brokers. Think of this as a compiled and shared sales history from Panama’s top-selling agencies.
Over 450 units on Avenida Balboa have been delivered in the last 12 months, which represents a 32% increase in total constructed inventory.
Avenida Balboa Real Estate Trends
We are hearing from residents along Avenida Balboa that the noise situation has improved significantly with the phase in of the new buses, however Panama is and will remain a very noisy city.
Average price per square meter in a building less than five years old has seen a 9% price reduction in the last ten months, from $2,320 to $2,097 per square meter.
Rental demand for high end, fully furnished two bedroom units like Sky, Destiny, and H20 remains strong, with average days on market for a competitively priced unit($2,000/month or less) at less than 30 days.