Browse through our listings of Panama City Panama condos 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.
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.
Panama City Panama Condos for Sale
If you are thinking about moving to Panama City Panama, in all likelihood you are going to end up living in a condo because in the end, this is a condo town. Some cities in Central and South America tend to have more homes than condos, but Panama City Panama is an exception to that rule.
The offering of Panama City Panama condos for sale varies significantly depending on the area and the developer. For example, condos for sale in Panama City neighborhoods like Punta Pacifica, Costa del Este, and Balboa Avenue tend to be higher priced but also more exclusive in their finish quality, amenities offered, and of course the size and views. These types of Panama condos for sale generally have ocean and/or city views, depending on how high up they are in the building and where the condo is located within the neighborhood.
Panama Condos for Sale: Features
A few other features about Panama condos for sale that you may not know:
Most condo buildings in Panama City Panama have some sort of social area that includes, among other things, a lobby, security guard office, building administration office, pool, gym and in some cases a sauna, squash court, basketball court, tennis court, and spa.
Most Panama city Panama condos for sale utilize split air conditioning units as opposed to central air conditioning units. The “split” a/c system generally tends to be more economical because you can choose which rooms to cool and when.
Building administration charges or CAM (common area maintenance) charges for Panama condos for sale generally vary between $.80/meter up to $3.00 per meter depending on the amenities being offered in the condo.
Panama Condos for Sale: Advice
Advice regarding purchasing Panama City Panama condos:
If you are investigating buying a condo in Panama that has not been completed yet, it is important to do your research on the developer. There are some very old and established developers in Panama and there are also new foreign developers, some of whom are just getting started in Panama. If you are interested in a Panama condo for sale that has not been completed yet and is being promoted by a new developer, try to get a sense of how well funded the project is. Ask questions like “what percentage of the condos have been pre sold?” and “Is there bank financing involved?”
Views are also a very important factor to consider when investigating Panama City Panama condos for sale. Typically, the higher the floor, the more expensive the condo is. Views, however, can be short lived in Panama because there are a handful of developers who cannibalize the views of past projects to build newer, more directly facing ocean view Panama condos for sale. Make sure that there are no plans to build in front of the apartment you are investigating, and more importantly, no space to build.
To see more advice on purchasing a Panama condo for sale, visit this article which we call a Panama Real Estate Warning.