Affordable Real Estate in Panama?

Puerto Armuelles Rental Every week we get emails from someone who is considering a move to Panama, but they are concerned that real estate prices have gone up so much that they cannot afford to buy in Panama.  It is true that in certain areas, real estate prices are high.  Panama City and the Coronado area are much more expensive than other areas in Panama.  Yet, near those areas, you can often find some great real estate opportunities for 50% less or better.

Affordable means different things to different people.  It depends on where you are moving from.  If you currently live in a high-priced area, like California or Toronto, you will think Panama prices are a bargain.

I moved to Panama from Dallas, Texas.  There is more affordable real estate in some parts of Dallas, but it certainly does not have the perfect weather and spectacular views that I have in Boquete.  There are trade-offs.

Some Panamanian towns are much more affordable than others.  There are many really affordable real estate opportunities in Panama for both an owner occupant and for investors.

Before moving to Panama, I was a real estate investor in Texas since 1992.  Many of the same techniques I used to find real estate opportunities there work great in Panama too.  The best way to find the best prices is to ask people who live in that area if they know anyone who needs to sell.  Taxi drivers are a great resource.  Talk to people at bars and restaurants too.

Some of the best real estate opportunities are not listed, don’t have a for sale (“se vende”) sign, and you won’t find them on a website anywhere.  You can usually get the best prices on a vacant house especially if the yard is overgrown.

Are you thinking about moving to Panama? Check out our guide to living in Panama and learn more about our relocation tours.

You usually won’t find great deals (below market) listed with a real estate agent.. especially not an expat real estate agent.

Panama Rentals Because MLS (Multiple Listing Service) is not widely used in Panama, there is no accurate way to determine a property’s value.  Therefore, some sellers price their properties way too high.  A good example is a neighbor on the road where I live.  It’s on a steep slope with ocean views and mountain views.  His house has been priced at $800,000 for more than 6 years.  Realistically, it is worth $400,000 based on what other similar homes sold on the same street.

You’re not just buying a house, you’re buying a neighborhood.  Some houses are in communities where all the houses are similar styles and price ranges.  In those situations, it is easier to determine an accurate price for a house.

Other nice houses are built in an area surrounded by cheap little indigenous houses or shacks.  This makes it much harder to determine the correct price because the less expensive homes drive down the price of other nicer homes on the same street.  The same thing happens in the US and Canada when you spend $500,000 to build a house on a street with $40,000 houses.

In addition, you can’t really go by what it would cost to rebuild the house today because often it is much cheaper to buy an existing property than to build a new house.  And building costs are so subjective depending on the costs of the land, who the builder is, and how the house is built.  There is a huge difference in the price of land in Panama just a few miles apart.

If you are buying from the owner directly, you will usually get a much better price.  But if the owner is Panamanian and you don’t speak Spanish, there will be a language barrier so it is best to use a Panamanian friend or real estate agent to assist with the negotiations.  It’s unfortunate, but sometimes prices go up if the seller knows a foreigner is interested in their property.


Boquete Panama House I purchased my 2 bedrooms 2 bath house on a 1/2 an acre coffee farm for $120,000.  It has an open floor plan with vaulted ceilings and lots of windows for natural light.

This is a house I had previously rented for $600 a month (fully furnished).

It’s just right for my needs and only an 8-minute drive to downtown Boquete.

Sorry… it is not for sale!

I did a quick search on several websites and Craigslist Panama to see what kind of real estate opportunities are out there.  There are MANY!  Here’s an example of one mountain property and one beach property.


Sometimes the house is not exactly what you are looking for but the views are amazing.  This small house on a large lot with amazing ocean views is only $100,000 in the Azuero Peninsula.  In areas where there are fewer expats you will find better prices than areas that have a high concentration of expats.

100k ocean view house in azuero panama

ocean view hourse100k azuero




This condo is not right on the ocean but it does have incredible ocean views.  Condos on the ocean will cost about $50,000 to $150,000 more and be half as big!  A friend is renting a similar unit for $950 a month with a one year lease.  Short term leases always cost much more.

Panama Rentals

Sometimes it’s hard to know where to look. I mean, you’ve got the ocean. And the mountains. Plus the golf course. All of that from pretty much any point in your new 19th-floor Coronado condo. And it is now being offered for the reduced price of $249,000!The open living/dining/kitchen area features floor to ceiling windows.

This Coronado condo is a great place to call home, at least in part because it’s in a golf community with ocean views.  The condo comes with a transferable membership which grants you access to the course, the golf and beach clubs, the equestrian club, restaurants, bars, an Olympic-sized swimming pool, a spa, and another gym that regularly hosts pilates and yoga classes.


In Panama, the BEST deals (realistic prices) are usually in Spanish… not English!   The ads that are exclusively in English are targeting “gringos” or expats usually.  That’s why it is better to work with a Panamanian friend or Real Estate Agent.  I know a guy who bought a nice house in Caldera for $35,000 working with a Panamanian friend to do the negotiating with the seller.  Here’s an example of a $55,000 property just outside of Boquete. YES, there are affordable houses near Boquete too!  The style may not be what you are familiar with but it’s comfortable and it is very easy and affordable to make modifications to any property. KEEP AN OPEN MIND!For Sale Near Boquete Panama
In Panama, you cannot walk into a real estate office to find out about ALL the properties for sale in an area.  Many real estate agents will ONLY show their listings, and many do not share commissions, so they won’t allow other agents to show their listings. It has been my experience, that many properties are for sale and for rent with no sign out front.  You will not find them listed anywhere on the internet.  Sometimes Panamanian real estate agents know about these “off-market” opportunities. Many Panamanian real estate agents were born and raised in the town and know everyone, and everyone knows and trusts them. If a property is advertised by a real estate agent, it is rarely an exclusive listing.  It’s common to see the same house advertised on 5 or 6 real estate websites (often with different prices). The seller has agreed to pay a commission to whoever finds a buyer.

ALWAYS go see the property before you agree to buy.  Never sign anything until YOUR attorney has done a complete title search to ensure the person selling the property is the owner.  Always have your attorney create the purchase agreement.

You can get a mortgage in Panama, but it will require 20-30% down.  And you will be required to get life insurance naming the mortgage company as beneficiary.   The mortgage will need to be paid off by the time you are 70 years old.

Even though it is not advertised, some sellers will sell with seller financing.  It does not hurt to ask if the seller will take a down payment then monthly payments until the house is paid off.  We’ve helped many Panama Relocation Tour clients buy houses with seller financing and zero interest.

I don’t recommend building anything in Panama unless you are here every day during the building process so you can keep an eye on everything.

I don’t recommend buying a fixer-upper house unless you can do all the repairs yourself OR already know reliable contractors in the area.  In some areas, it is almost impossible to find good contractors.  (Ask me how I know) If a real estate agent says they will help line up contractors to fix the house, do not believe them.  It is better to buy a move-in ready house.

One other warning, do NOT buy real estate until you have your permanent residency Visa.  You want to make sure you can live in Panama indefinitely before you buy real estate.

Related Articles:

Buying Real Estate In Panama

The Real Estate Closing From Hell

Jackie Lange

Jackie Lange is the founder of Panama Relocation Tours and lives in the highlands of Boquete Panama. She has helped thousands of people relocate to Panama.

Reader Interactions


  1. darryl de gourville says

    great article…hard to find genuine pieces of information out there

  2. Angel Lozada says

    i want to know i f i can find a house under $100.000 for sale in that area

    • Jackie Lange says

      There are houses for sale for under $100,000

      • Shirley Stapleton says

        I loved reading your article thank you for all that information. I think Panama is where I want to retire. I will definitely visit and talk to the locals before getting too serious. My husband and I need a good vacation, and Panama will be the place we’ll go.
        Thank you my dear.

  3. Thor Duda says

    It is an extremely helpful article. Thank you, Jackie! I am interested to buy or invest in any kind of Real Estate ( a house, or a 1-2 bedroom condominium) in Panama, a beachy area, close to a town with all amenities in the area. Please let me know and share your good things as Jackie does. Thank you in advance to all readers!

  4. Donna King says

    I sold real estate in college to help live while in school and many of these things are so true in any country great advice . Learned so many lessons through the years

  5. Danielle Polhamus says

    How does someone get in touch with you for assistance with relocating? I’m looking to move from Canada to Panama. Lots of options.

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