Panama Equity

PA: +507 320-4310

+507 6103-4617

  • Start Here
  • Panama Properties
    • For Sale
    • For Rent
    • Sell Your Property in Panama
    • Buildings in Panama
    • Panama City Pre-Construction Listings
    • Beach Building Directory
  • Panama Info
    • About Us
    • Guides & Downloads
    • News & Insights
    • List Your Property
    • Property Management in Panama
  • Join Our Team
  • Contact Us
  • Start Here
  • Panama Properties
    • For Sale
    • For Rent
    • Sell Your Property in Panama
    • Buildings in Panama
    • Panama City Pre-Construction Listings
    • Beach Building Directory
  • Panama Info
    • About Us
    • Guides & Downloads
    • News & Insights
    • List Your Property
    • Property Management in Panama
  • Join Our Team
  • Contact Us
  • Start Here
  • Panama Properties
    • For Sale
    • For Rent
    • List Your Property
    • Panama City Building Directory
    • Panama City Pre-Construction Listings
    • Beach Building Directory
  • Panama Real Estate Guides
    • About Us
    • Blog & Guides
      • Panama News & Insights
    • List Your Property
  • Join Our Team
  • Contact Us
  • PA: +507 320-4310
  • WhatsApp +507 6103-4617
  • Start Here
  • Panama Properties
    • For Sale
    • For Rent
    • List Your Property
    • Panama City Building Directory
    • Panama City Pre-Construction Listings
    • Beach Building Directory
  • Panama Real Estate Guides
    • About Us
    • Blog & Guides
      • Panama News & Insights
    • List Your Property
  • Join Our Team
  • Contact Us
  • PA: +507 320-4310
  • WhatsApp +507 6103-4617

Blog

Avenida Balboa Price Movement 2012 - 2016

Avenida Balboa Price Movement 2012 – 2016

Author

Kent Davis (PJ-0752-09)

Published on

June 10, 2016

Updated on

May 14, 2025

Panama Equity is pleased to release our JUST RELEASED pricing report on properties for sale along Balboa Avenue, downtown Panama City’s skyscraper-lined oceanfront district known locally as Avenida Balboa.

As anyone researching Panama has found, there is no historic property sale record on hand and therefore no way to compare pricing statistics and general market movement, which is why four years ago we decided to start just such a report.

Here’s what the research thru June 2016 has uncovered:

1. Not all buildings follow the same pricing trend 

Buildings with smaller floor plans such as Bayfront and Destiny saw significant price increases, with 12% and 27% gains, respectively.  

Some buildings experienced pricing declines over the four-year period.  That is because most of the inventory (in buildings such as Yacht Club) were sold at the peak of the market (Q4 2008) in pre-sale at higher prices which the market did not support once those units were delivered. Average asking prices in Yacht Club have declined 33% since their highs in 2012.

Price Movement Avenida Balboa 2012 – 2016

Price Movement Avenida Balboa Graph Panama Equity2. Average price per square meter across all properties for sale on Balboa Avenue is just under $2,500/meter and is up by 8%

In buildings less than 6 years old, that number goes up to over $2,600/meter. The two most expensive buildings on Balboa Avenue are YOO, which is averaging a $2,962/meter asking price and Villa del Mar at $3,064/meter.

One of the biggest price gains across the time period we studied was in the Grand Bay building, built by Bern.  Prices in Grand Bay were up 35%, which can be partially attributed to a change in building administration and definitely attributed to the high quality build in this nearly 10 year old building.

Trends To Watch For 2016

Condos for sale currently in construction, including Horizon Tower Residences and Costanera are priced in many cases higher (on a per square meter basis) than existing buildings.  This is because labor and materials costs have seen significant increases and developers have chosen to pass these costs onto consumers.

3. Watch for the current price disparity between 5-15 year old properties to decrease as tax exonerations start to disappear 

Factors like quality of construction, views, and amenities will determine value more than the age of the buildings when tax exoneration is no longer a factor.

There are at least five new pre-construction condo projects either planned or in construction in the Bella Vista district, which is the neighborhood bordering Balboa Avenue.  In some cases, new residential developments are going into areas that are currently in transition (Caledonia) and may serve to gentrify the communities and drive values upwards.  

The Mayor of Panama has identified Calidonia as the site of a $525 million urban renewal and pedestrian pilot-program.  More commercial activity and safer streets may push up prices along neighboring Balboa Avenue if new businesses (catering to the more affluent Balboa Avenue resident) move in.  

Headwinds to Growth/What to Keep an Eye Out For

Fallout from the Panama Papers may not have yet run its course.  Immediate consequences are fewer buyers for condos in areas like Balboa Avenue.  Fewer buyers means more days-on-market for condos for sale, which may put downward pressure on asking prices.

A strong dollar drives up the cost on property in Panama for buyers from Colombia, Brazil, and Canada.

Homeowner’s association fees continue to show increases as costs go up in Panama.

Overall, we feel that prices should continue to appreciate at a moderate pace over the next 12 months, with some short-term correction before the end of the year if sellers start to see fewer buyers.  Inventory lists in buildings such as YOO, which still have apartments for sale by the developer, are showing absorption around 2-3 units per month meaning that supply should be depleted by early 2017.

Kent Davis (PJ-0752-09)

Kent Davis, founder of Panama Equity Real Estate, is a leading expert in Panama’s competitive real estate market. Originally from Honolulu, Hawaii, he holds a Marketing Information Systems degree from James Madison University. After a successful corporate career managing multimillion-dollar inventories at Hajoca Corporation, Kent pursued his dream of living abroad, moving to Panama in 2007.
Driven by an entrepreneurial spirit, he established Panama Equity to connect buyers, sellers, and investors with Panama’s top properties. Known for his transparency, expertise, and market insights, Kent has helped hundreds navigate Panama’s real estate landscape. Fluent in Spanish, he frequently publishes market reports to empower clients with informed decisions.
Beyond real estate, Kent is passionate about Panama’s culture, landscapes, and surf-friendly beaches. He lives in Panama with his wife and three sons, embracing the vibrant lifestyle the country offers.

Share

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recent Posts

  • Portalmar Breaks Ground on Towers 1 and 2: A Major Milestone for Panama’s Caribbean Coast
  • Crypto and Real Estate in Panama: What You Need to Know in 2025
  • 7 Things to Do in San Francisco Panama City
  • Best Beaches in Panama: Caribbean Side
  • What Panama’s Corredor del Caribe Highway Means for You

Recent Comments

  1. Kent Davis (PJ-0752-09) on Panama Real Estate Market Report for Q1 2025: A Market in Transition
  2. Alberto Grajales on Panama Real Estate Market Report for Q1 2025: A Market in Transition
  3. lisa on Furnished ARCADIA Condo for Rent : Ocean & Park Views!
  4. Christopher Powell on Furnished ARCADIA Condo for Rent : Ocean & Park Views!
  5. lisa on Panama’s Pensionado Visa – How to Apply And Actually Qualify

Featured Properties

36
1
Featured
Beach, Homes, Luxury Properties
For Sale
Spanish Mission Villa For Sale in Coronado

Turnkey Spanish Mission Coronado Villa For Sale

Coronado Golf, Camino de los Caballeros, Coronado, Distrito Chame, Panamá Oeste, Panama
Added: May 13, 2024
Bedrooms
4
Bathrooms
5.5
Area
400 m2
For Sale

$780,000

Catherine (PJ-0752-09)
30
1
Featured
Beach, Condos, Luxury Properties
For Sale

Luxury Meets Comfort – Ground Floor Condo For Sale in Buenaventura

Distrito Antón, Coclé, Panama
Added: February 21, 2024
Bedrooms
3
Bathrooms
4.5
Area
335 m2
For Sale

$1,200,000

Avatar photo Ramses PN-4686
18
1
Featured
City, Condos
For Sale

PH DESTINY Condo for Sale on Balboa Avenue – Your Ticket to Stunning Views

Avenida Ecuador, Calidonia, Panamá, Calidonia, Distrito Panamá, Panamá, 0823, Panamá
Added: November 30, 2023
Bedrooms
1
Bathrooms
1.5
Area
96 m2
For Sale

$229,000

Ruben (PN-2946)

Search

Categories

  • Areas
  • Culture
  • Economy
  • Education
  • Exploring & Living in Panama
  • Finance & Banking
  • Food and Shopping
  • Healthcare
  • Immigration & Visa
  • Investment
  • Law
  • Legal – Insurance
  • Lifestyle
  • Panama Blog
  • Politics
  • Pre-Construction
  • Projects
  • Purchasing
  • Renting
  • Reports & Outlook
  • Restaurants
  • Retirement
  • Selling
  • Sports
  • Stay/Hospitality
  • Tax
  • The Panama Real Estate Market
  • Travel & Transportation
  • Work & Business
Follow our Blog

Contact Us

  • Edificio Sortis, Oficina 20th Floot Obarrio, Panama
  • PA. +507 320-4310
  • +507 6103-4617
  • lisa@panamaequity.com

Account Links

  • Log In / Register
  • Log Out
  • Privacy Policy

Real Estate

  • For Sale
  • For Rent
  • List to Sell

Guides

  • Moving Guide
  • Buying Guide
  • Renting Guide
  • Travel Guide

City Locations

  • Panama City
  • Avenida Balboa
  • Casco Viejo
  • Coco Del Mar
  • Costa Del Este
  • El Cangrejo
  • Obarrio
  • Ocean Reef
  • Punta Pacifica
  • San Francisco
  • Santa Maria

Mountain Locations

  • Altos Del Maria
  • El Valle De Anton
  • Sorá

Beach Locations

  • Bocas Del Toro
  • Buenaventura
  • Coronado
  • El Palmar
  • Gorgona
  • Playa Blanca
  • Rio Mar
  • San Carlos

References

  • Luxury Properties
  • Exploring Living in Panama
  • Panama Real Estate Market
  • Food & Shopping
  • Immigration & Visa
  • Panama Politics
  • Restaurants

Panama Insights

Portalmar Breaks Ground on Towers 1 and 2: A Major Milestone for Panama’s Caribbean Coast

Crypto and Real Estate in Panama: What You Need to Know in 2025

7 Things to Do in San Francisco Panama City

Best Beaches in Panama: Caribbean Side

What Panama’s Corredor del Caribe Highway Means for You

Where to Find a Stunning Beachfront Property in Panama

Welcome to Hola Panama: Build Your Network Before You Move!

Why El Cangrejo Might Be the Coolest Neighborhood in Panama City

Panama Equity

Ⓒ 2025 - All Rights Are Reserved

  • enEnglish
    • esEspañol

Owning a home is a keystone of wealth… both financial affluence and emotional security.

Suze Orman
July 14, 2025 Monday!
Panama Equity
  • Login
Forget Password?