Browse through our listings of Condos in Panama City Panama – For Sale and contact us with any questions. The Panama City skyline is defined by the variety and the scope of offering of condos for sale in Panama. Like most large cities, Panama City, Panama has developed vertically as opposed to horizontally, meaning that if one is thinking about living in the urban center of the city, in all likelihood the search will be for Panama condos for sale. Trying to choose from the many condos for sale in Panama, one has to consider a variety of options including the location, quality, and overall cost of the condo (not just the purchase price).
A widely held idea for those doing their research on the internet is that the average price of a condo for sale in Panama is drastically cheaper than a similar condo for sale in other parts of the world, but this isn’t necessarily true. For example, compared to a city like Sao Paolo, London, or New York, the cost of a Panama condo will of course be significantly less, however for cities like Miami, Medellin, or Phoenix on the surface the pricing may not appear to be any great value.
Condos for Sale in Panama City
Focusing on strictly the city center of Panama, one can generally expect the price of a condo for sale in Panama City Panama that is between one and five years old to run anywhere from $1,100 per square meter all the way up to as much as $3,000 per square meter and in a few cases even higher. This equates to roughly $100-280 per square foot. With condos for sale in other markets going for half that much, Panama City condo pricing may not appear to be the bargain that it’s purported to be.
However, one has to consider the overall cost of condo ownership when trying to determine total value, meaning factors like property tax, building administration, and cost of labor for general maintenance as important considerations on the overall cost of owning a condo in Panama. All of the condos for sale in Panama that have been completed in the last six years have the benefit of a 20 year property tax exoneration that is 100% transferrable. That means that if an owner sells a condo to a new buyer and that condo is four years old, then the new buyer will have a 16 year Panama property tax exoneration that is associated with that specific condo for sale. This represents a significant savings when compared to other condos for sale in other parts of the world.
Condos in Panama
Another advantage of purchasing a condo in Panama is the monthly fees associated with the building administration. Typically, wages in Panama tend to be lower than a European or North American wage, meaning building employees such as security guards and general maintenance staff are receiving a standard Panama wage typically spread out amongst the owners. Other common area maintenance charges that make up the monthly administration fees are the cost of maintaining the social areas including any swimming pools or gyms, the lobby, elevator maintenance, and general landscaping costs.
Condos in Panama often need repainting every few years and if a building is properly administered then the cost of the repaint is low since there are already existing funds for the project. Because of the lower wages and generally lower cost of materials, condo administration charges (HOA fees or CAM charges) generally tend to be quite low in Panama compared to other parts of the world.
Ownership costs are an important consideration when choosing between any particular condo for sale in Panama. Typically an older condo will have a lower sale price compared to its newer equivalent, however the older Panama condos may not have the same tax advantages as the newer condos for sale in Panama. One must weigh that against the fact that the older condo may not have as many amenities and thus a lower monthly maintenance fee and purchase price.
If one is looking to purchase a condo for sale in Panama strictly for investment purposes, these unique characteristics of ownership are important factors to consider.
Panama Equity Real Estate was founded on a commitment to deliver a professional real estate experience to all of our clients. Our real estate agents understand the concept of working hard, working smart, and always doing what’s right. We appreciate the trust that our clients put in us, and are always looking to improve the way we deliver the Panama Equity experience.
What does a professional real estate experience entail?
- Timely responses to your questions
- Accurate and updated market information to base your decisions on
- Setting realistic expectations for your experience buying or selling property in Panama
- Anticipating your needs
- Pairing you with an agent who has an in depth understanding of the real estate market and the parties involved in every sale
- Following up with all parties to ensure a successful transaction and a professional experience for you