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Land for Sale in Panama City
Land for sale in Panama City can be classified as either residential, commercial, or industrial. A myriad of density, height, and use restrictions is also associated with each category.
To receive a full list of the zoning categories on land for sale in Panama, please contact Kent@panamaequity.com.
There are several areas near Panama City with no existing zoning. The administrative board (MIVI) states that the zoning for a particular piece of land can be requested according to the intended use. Having land nearby with the desired zoning makes the approval process much easier if there is an existing precedent.
Panama City’s boom-town period happened in 2001-2006. At this time speculators made tremendous profits. How? By purchasing older homes, joining adjacent parcels, and applying for rezoning to build newer high-density residential towers.
Infrastructure improvements have not kept up with the increased population density and horizontal growth of new residential construction. The governing bodies of the MIVI, ANAM and local policy boards passed moratoriums for new residential construction in the city. These include the districts of San Francisco and some parts of the Bella Vista districts.
Pricing on land for sale within Panama City varies greatly. It depends on population density, nearby development, usable area, as well as zoning restrictions. Prime grade A, commercially zoned land in a majorly populated area such as along Calle 50, Via Espana, or Via Brasil generally sells for between $900 – $1,500 per meter, or roughly $4MM per acre.
This would be considered the top end of the market on land for sale in any one of Panama City’s major high-end population centers. Especially since the streets mentioned above are the main thoroughfares traversing Panama City. Well-located, flat land in Panama City’s urban-centric neighborhoods like Marbella, Bella Vista, El Cangrejo, and Obarrio are in short supply and are generally selling for a premium.
Because Panama has two coasts, the Atlantic and Pacific, the market for beachfront land for sale varies depending on the coast. In general, the Pacific side is much further along in terms of infrastructure and residential/commercial development than the Atlantic or “Caribbean” coast.