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

Panama in 2016 part two- Life and real estate in Panama

Balboa Avenue Panama Real Estate Report

Author

Kent Davis (PJ-0752-09)

Published on

September 29, 2010

Panama Equity Balboa Avenue Report: August, 2010

This quarter, we have focused the Panama Equity magnifying glass on Panama’s bourgeoning

waterfront strip Avenida Balboa. Find inventory statistics that show where the opportunities can

be found and what you should be cautious of. Also in this groundbreaking report, compiled

buyers data and average rental prices, along with a special disclosure on who’s getting duped and

for just how much!

I. Report Highlights:

– An estimated 2,087 new units are to be completed by 2013, bringing the grand total of

completed condominium units on Avenida Balboa to 3,396

– In the last 12 months, a total of three new buildings have been delivered on Avenida

Balboa which represent 556 new units

– Furnished two-bedroom rentals for an industry standard, high-floor condominium on Avenida Balboa are fetching

a 15-30% premium versus unfurnished units on the same floor. These furnished units are currently in very short

 

supply

Avenida Balboa has, for some time, been the hallmark Panama City property hotspot. It’s iconic

stretch includes a high-end residential/commercial district, the Cinta Costera costal boardwalk, the Calle Uruguay nightlife district, as well as MultiCentro mall and arterial access to almost any

neighborhood in Panama City. Future development here includes the metro line due to be

completed by 2013 and a massive new government city to be housed in the former US Embassy.

There’s no secret Avenida Balboa has been, and will continue to be both the literal and figurative

center of Panama City but as our report shows, seeking out the newest and hottest deals now

takes some cautious old-fashioned finesse.

The Data: Over the last four months, we have been tracking sales figures and physically

canvassing every building on Avenida Balboa. We partnered with developers, property

managers, and sales agents to gather sales data, organize and compile developer published price

lists, and dissect selected property listings.

Chart of Price Per Square Meter averages (in USD) since March 2010

March 2010 August 2010 Change
Resales 2320 2190 -5%
Preconstruction 3400 3394 -1%
Rentals 2400 2175 -9%

available_condominium_units_in_Avenida_Balboa_Panama_Real_Estate

Our research indicates that for an existing 150 meter (1605 square foot), two-bedroom apartment along Avenida Balboa, today’s average asking price hovers around $2,190 per square meter.

This reflects a relatively small drop in price of approximately 5% over the last four months, and

we believe that this trend will continue well into the next year as supply will continue to outpace demand.

Rents have corrected significantly, with average rental price on a new, unfurnished condo on

Avenida Balboa coming in at right around $14.50 per square meter. Furnished rentals for a high

floor condominium on Avenida Balboa are fetching a 15-30% premium versus an unfurnished

unit, and are currently in very short supply.

total_completed_available_condominium_units_in_Avenida_Balboa_Panama_Real_Estate_in_the_year_2013

Over the last six months, we’ve seen three new buildings delivered on Avenida Balboa: H20,

Sky, and Destiny. This represents new inventory equivalent to 556 new units, and we saw fairly

precipitous drops in resale price points about 60 days before delivery up to 30 days after

delivery of each building, mostly from investors who were not able to close on their contracts

and forced to resale at old prices. This did have some short term effect on overall Avenida

Balboa sales pricing, however, prices have corrected upwards slightly as most of the deals are off

of the market and the remaining units are through resellers who purchased at the peak of the

market in 2008-2009.

Developers are clearly still out of touch with the reality of the resale market, with their average published price at $3,394 per

square meter. Over the past year, Panama Equity has found that most developers’ sales offices generally will approve a

20-30% discount with little negotiation. We have seen discounts offered as high as 40-50% in some cases, depending

 

on the size of the purchase and the down payment offered.

Advantages: Obvious advantages of living on Avenida Balboa include ocean views,

generally smooth traffic flow, and a location within Panama City that has multiple entry and exit

points. The extending of the Cinta Costera beltway into Panama’s historic District of Casco

Viejo will also improve accessibility into this trendy nightlife district. Travel time to Tocumen

airport is approximately 20 minutes from Avenida Balboa and a trip to the Gold Coast beach

areas or the Caribbean coast will run about 45 minutes.

Disadvantages: Noise! Avenida Balboa is one of the prime arteries of Panama City, so bus

traffic noise is quite intense around rush hour which in Panama starts around 7:30 am and ends by

about 6pm. Until the government decides to outlaw airbrakes and make mufflers mandatory, traffic noise will continue to be a

problem along Avenida Balboa. Crime, while relatively under control, could also become a problem as residents from

neighboring Curundu and Caledonia spill over into the area.

Observations and Conclusions: As the graphs indicate, an expected 2,087 new units are to be

completed by 2013, bringing the grand total of constructed condominium units on Avenida

Balboa to 3,396. While this doesn’t necessarily bode well for those who purchased expecting a

quick flip, it does create a niche for buyers looking to take distressed assets off of willing sellers.

As a result, Panama Equity has begun to focus on finding these types of firesales through

motivated sellers, in particular units that will fetch a relatively high net cash flow return.

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.

Leave a Reply Cancel reply

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

Recent Posts

  • Welcome to Hola Panama: Your First Step Toward Living the Life You Actually Want
  • Why El Cangrejo Might Be the Coolest Neighborhood in Panama City
  • What $1,000,000 Gets You in Panama
  • Panama Real Estate Market Report for Q1 2025: A Market in Transition
  • English Speaking Churches in Panama

Recent Comments

  1. Kent Davis on Panama Real Estate Market Report for Q1 2025: A Market in Transition
  2. Kent Davis on Panama’s Pensionado Visa – How to Apply And Actually Qualify
  3. Kent Davis on Costanera Aqua Model D Condo
  4. Panama Equity on Investment Opportunity at The Edge
  5. terry d gerth on Income Producing Property Panama Boutique Hotel For Sale

Featured Properties

32
Featured
Homes, Mountain
For Sale
Image of the outside of this el valle property for sale showing the entrance to the main entrance and driveway

El Valle Home for Sale with Two Income Generating Casitas

El Valle, Distrito de Antón, Coclé, 0212, Panama
Added: February 5, 2025
Bedrooms
4
Bathrooms
4.5
Area
348 m2
For Sale

$639,000

Catherine (PJ-0752-09)
33
1
Featured
Homes, Mountain
Sold

Impeccable Three-Bedroom Home for Sale in El Valle de Anton

El Valle, Distrito de Antón, Coclé, 0212, Panama
Added: January 16, 2025
Bedrooms
3
Bathrooms
3
Area
175 m2
Sold

$495,000

Catherine (PJ-0752-09)
31
1
Featured
Condos, Luxury Properties
For Sale
Penthouse Amador for Sale

Panama City Penthouse for Sale: Prime Amador Causeway Location with Bay and Skyline Views

Amador Causeway, Isla Naos, Ancón, Distrito de Panamá, Panamá Province, Panama
Added: August 27, 2024
Bedrooms
2
Bathrooms
2
Area
220 m2
For Sale

$550,000

Matthew Marx Matthew Marx (PJ-0752-09)

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
  • Costa Del Este
  • El Cangrejo
  • Obarrio
  • Santa Maria

Mountain Locations

  • Altos Del Maria
  • El Valle De Anton
  • Sorá

Beach Locations

  • Bocas Del Toro
  • Buenaventura
  • Coronado
  • Gorgona
  • Ocean Reef
  • Playa Blanca
  • Punta Pacifica
  • Rio Mar

References

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

Panama Insights

Welcome to Hola Panama: Your First Step Toward Living the Life You Actually Want

Why El Cangrejo Might Be the Coolest Neighborhood in Panama City

What $1,000,000 Gets You in Panama

Panama Real Estate Market Report for Q1 2025: A Market in Transition

English Speaking Churches in Panama

Panama to China: Don’t Let the Door Hit You On the Way Out

Panama, China, and the U.S.: What’s The Next Move For Panama?

Exploring Schools in Panama: A Guide for Parents

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
May 21, 2025 Wednesday!
Panama Equity
  • Login
  • Register
Forget Password?