Have you ever wondered, ‘Is Panama a cheap place to live?’

This will depend on the type of lifestyle you’re used to and how you want to live when there. It might be better to ask yourself, ‘What can one million dollars get me in Panama?’

Like anywhere, property prices in Panama depend on a number of factors including views, area, quality of finishes, etc. 

What is the Average Price of a House in Panama?

To get you started, the average house price in Panama is about US$1,333/sqm, while an apartment is US$2,055/sqm. Knowing the average cost of a home in Panama can help you start thinking about whether this is ‘cheap’ enough for you as well as about real estate financing options in the country.

Before you start your search for a house in Panama, be sure to read our guide for what to watch out for when buying real estate.

But going back to the original idea, here’s what you can expect to be able to purchase in Panama for right around $1,000,000 USD.

Panama Property for Sale

Live in Luxurious Properties in Panama City

Imaging being able to wake up to stunning Pacific sunrises in this spacious 330sqm Paitilla condo for sale in the Towers building! Its got three ensuite bedrooms, a chef’s kitchen with marble finishes along with a versatile den perfect for families or entertaining. 

At The Towers, exclusive amenities include infinity pools, a rooftop sushi bar, tennis courts and even a private movie theater, all in one of Panama City’s most sought-after neighborhoods.

For US$1,200,000, this move-in-ready gem offers the best of Paitilla: walkable parks, top hospitals, upscale shopping and a lovely community, all just minutes from the city’s business and dining hubs. 

Can foreigners buy property in Panama? They sure can, which you can read about in our guide for buying property in Panama.

Dreamy ocean views meet family living! This Sea Point, Paitilla, condo has three bedrooms with Italian finishes, floor-to-ceiling windows and resort-style amenities, all in Panama City’s most walkable neighborhood.

Live the luxury lifestyle for US$1,096,200, with infinity pools, a spa, fitness center, gaming zone, chef’s kitchen and even a vineyard, all while being just minutes from downtown and Paitilla Park’s green spaces.

Safe, walkable Paitilla puts malls, restaurants and the Cinta Costera at your doorstep, while your Sea Point condo delivers breathtaking marina views and every high-end comfort.

If it’s space you’re after, this home at The Woods in Santa Maria has a whopping 4467sqft of it — all yours for US$1,034,658.

The mix of luxury and nature highlights the magnificent craftsmanship that’s gone into the build, but you’ll also get to enjoy the fitness center, swimming pools, tennis courts, exclusive golf access and surrounding gardens.

Perfect for families and retirees, this modern sanctuary offers peace, privacy and quick access to Panama City, all while surrounded by lush greenery and top-tier amenities.

Cost of Living in Panama: Is it Cheap Outside of Panama City?

Live the ultimate coastal lifestyle in this luxurious, fully furnished condo at Puntarenas Ocean Village in Buenaventura for US$1,200,000.

Designed for seamless indoor-outdoor living, this residence features a master bedroom with private terrace, a living room that opens to a second terrace with ocean views and a dining area perfect for poolside alfresco meals. 

With three ensuite bedrooms, a maid’s quarters and direct beach access, every detail balances comfort and sophistication. 

Residents enjoy world-class amenities, from the golf course and luxury beach clubs to the Clubhouse with pools, dining and boutiques, all just 90 minutes from Panama City. 

Live in luxury at this stunning four-story Colonial Penthouse in Santa Maria, Panama, with three spacious bedrooms, private balconies with breathtaking views and a huge terrace perfect for entertaining!

Enjoy the best of both worlds — peaceful suburban living just 15 minutes from Panama City, with top-tier amenities like golf, trails and elite schools right in your backyard.

For US$975,000, this exclusive penthouse offers privacy, convenience (three parking spots!) and unbeatable value in Santa Maria, a fast-growing hotspot for families, professionals and retirees alike.

Just moments from pristine beaches yet peacefully tucked away, this single-story beach home in Punta Barco is perfect for those who love water sports and sunset walks.

Designed for relaxation, the white interiors with warm wooden accents create a cozy coastal vibe, with a spacious living area with a bar, a kitchen with a breakfast counter and seamless indoor-outdoor flow. 

Sliding doors open to your private garden and pool, while a detached guest house with its own terrace offers extra space for visitors. 

Now that you know more about the question, ‘Is Panama a cheap place to live?’ learn about getting around Panama City!

Panama Real Estate with Panama Equity

Are you looking for Panama City Panama houses? You can browse our range of property for sale in Panama, or, if you’re just looking to get a feel of the Panama housing market, you can browse our list of Panama rentals.

Ready to find your dream home in Panama? Browse listings now!

Learn if Panama is a cheap place to live in and about the average cost of living and retiring in Panama through our articles!