Housing

Finding Housing in Panama

Panama offers excellent housing options from modern high-rise apartments in the capital to charming mountain homes and beach properties.

Renting in Panama

Panama City:

• 1BR apartment: $800-1,500/month
• 2BR apartment: $1,100-2,100/month
• Luxury 3BR: $2,000-3,500/month
• Most include: 24/7 security, pool, gym, parking

Popular Neighborhoods:

• Obarrio/Marbella/San Francisco: Central, close to everything, $900-1,800 for 1BR
• Punta Pacifica: Luxury, waterfront, $1,200-2,500
• El Cangrejo: Vibrant, walkable, $700-1,200
• Costa del Este: Modern, family-friendly, $1,000-2,000

Boquete (Mountain Town):

• 2BR house with yard: $800-1,500/month
• 1BR apartment: $600-1,000
• Cooler climate (60-70°F year-round)
• Popular with retirees

Coronado/San Carlos (Beach):

• 2BR condo: $900-1,500/month
• House with pool: $1,500-2,500
• 1 hour from Panama City
• Expat community hub

David (Second City):

• 2BR apartment: $600-1,000
• More local, fewer expats
• Close to Boquete and beaches
• Very affordable

Rental Requirements

Much easier than US:

• No credit check typically required
• Security deposit: Usually 1 month
• First and last month: Often required
• Proof of income: Pension statement or bank statement
• Passport/visa: Required

Most landlords very flexible with expats, especially in popular areas.

Buying Property in Panama

Foreign Ownership:

• Foreigners have same property rights as citizens
• Can own titled property outright
• Straightforward process with good legal protections

Real Estate Prices:

Buying Process:

1. Find property (use local realtor familiar with expat needs)
2. Make offer and sign preliminary agreement
3. Hire attorney to verify title (essential)
4. Open escrow account
5. Sign transfer documents at notary
6. Register property with Public Registry (3-4 weeks)

Costs:

• Transfer tax: 2% of registered value
• Legal fees: 1-2% typically
• Closing costs: Total 3-5% of purchase price

Financing

• For non-residents: Very difficult to get Panama mortgage
• For residents: Local financing available but rates higher (6-8%)
• Best approach: Pay cash or finance in home country
• Some developers offer financing on pre-construction

Property Taxes

Annual property tax in Panama is very low:

• First $120,000 of value: EXEMPT
• $120,001-700,000: Varies by area (0.5-0.7%)
• Over $700,000: 1%

Example: $300,000 property pays only $900-1,260/year in tax.

Furnished vs Unfurnished

• Furnished rentals very common and popular with expats
• Typically includes all furniture, appliances, kitchenware
• Rent 10-20% higher than unfurnished
• Good option for first year while settling

Utilities Setup

Easy to set up:

• Water/garbage: $10-25/month
• Electricity: Register at utility office, pay deposit
• Internet (CWP, Tigo): $40-60/month for fiber
• Gas: Small tanks delivered as needed ($10-15)

HOA Fees (Condos)

Most condo buildings charge monthly maintenance:

• Small building: $50-150/month
• Large complex: $150-350/month
• Covers: Security, pool, gym, common area maintenance