Panama Real Estate Market Report Period 2023

Panama Real Estate Market Report Period 2023

Panama Real Estate Market Report Period 2023

At Servmor Realty, our mission is to provide the highest level of service to our clients, and a fundamental part of that is to thoroughly understand the trends and projections of the Panamanian real estate market. In an increasingly interconnected world, global factors such as the economic relationship with the United States and political changes, both local and international, have a significant impact on the market. Therefore, we strive to stay abreast of all the influences that may affect the real estate sector in Panama.
With the 2024 elections on the horizon, the political landscape is also in the spotlight. Decisions made at the polls could have significant repercussions on the real estate market, from changes in investor sentiment to changes in the regulations that govern it.
Additionally, we are closely watching rental market trends, where prices are seeing a notable increase, driven by growing demand from expatriates and corporate relocations. This dynamic, along with emerging opportunities in the luxury segment and outside urban centers, offers a diverse and promising landscape for investors and buyers.

Below, we present various metrics that offer a detailed view of the Panamanian real estate market, with the aim of providing accurate information and expert guidance to our clients to make informed decisions and take full advantage of the opportunities offered by this dynamic sector.

Comparison of Registered Properties (Mortgaged, Transferred, and Created) between 2020 and 2023:

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Comparison of Registered Horizontal Properties (Mortgaged, Transferred, and Created) between 2020 and 2023:

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Source: Public Registry of Panama

During the last five years, Panama's real estate market has shown variations in the number of properties registered. In 2023, there was a slight decrease in properties transferred compared to the previous year, with 46,266 in 2022 and 44,485 in 2023. In the horizontal properties segment (mainly apartments), a decrease was also observed. These data summarize the fluctuations in the Panamanian real estate market in recent years.

MLS QUARTERLY REPORT OCTOBER 2023 - DECEMBER 2023 2ND QUARTER. (Based on statistical report from Xposure MLS Acobir System) 


During the second quarter of 2023, according to the quarterly MLS report, significant numbers were observed in residential closings for both sales and rentals.

Regarding sales, 67 residential units were completed, generating a total volume of $17,714,798. The average sales price stood at $264,400, reaching a high of $925,000. Additionally, an average discount of 11% was applied to the sales price, and the closing process averaged 203 days.

On the other hand, in the area of rentals, 43 closed units were registered, adding a total volume of $57,338. The average rental price was $1,333, with a high of $5,500. An average discount of 3% was applied, and the average closing time was 63 days.

This data offers a detailed view of residential market activity during the second quarter of 2023, providing insights into prices, discounts and closing times for both sales and rentals.

The numbers of closed listings vary in each area, with San Francisco recording the highest number with 25, followed by Playas del Pacífico with 15 and Juan Díaz with 13. On the other hand, areas like Betania and Ancón had less activity, with only 1 and 3 listings closed respectively.

Listados cerrados por tipo de inmueble

As can be seen in the graph, several property listings were closed in Panama, covering a variety of property types. The data reveals that apartments accounted for the majority of transactions, with 75 closings, followed by homes and land with 30 transactions. Residential and commercial properties were also present on the market, with 5 and 8 closings respectively.

This analysis highlights the diversity of the real estate market in Panama, with a wide range of options available to both investors and buyers. While apartments lead in terms of transactions, house and land options also remain relevant. Additionally, the presence of residential and commercial properties signals the dynamic nature of the market, offering opportunities for residents and entrepreneurs alike.

Most sales transactions were concentrated in the $250,000 to $500,000 price range, with a total of 21 closed listings. Listings with prices over $500,000 followed, with 8 closings.

On the other hand, there were a considerable number of transactions in the $180,000 to $250,000 price range, with 19 listings closed. Lower prices also saw activity, with 9 closings of listings with values under $100,000.

For rentals, a more uniform distribution in price ranges was observed. Most rentals were in the $1,000 to $2,500 range, with 25 closed listings in total. Rentals priced between $1,000 and $1,500 accounted for the most transactions, with 13 closings. In contrast, there were only 2 closings of listings with rents over $4,000.

These data reveal the price preferences of buyers and renters in the Panamanian real estate market, highlighting constant demand in the middle price ranges and activity at the extremes. This information is crucial to understanding market trends and making strategic decisions in the future.



Regarding the price per square meter of apartments sold on the secondary market in Panama City, the average price remained at $1,552.73, a figure that has been decreasing since 2015 but seems to have stabilized in recent semesters. On the contrary, the price per square meter of rented apartments last semester showed a slight increase to $10.71, a figure that has been rising in recent semesters since the high unemployment that occurred in the city after the pandemic was overcome.

Precio por metro cuadrado, cierres apartamentos, ventas

Precio por metro cuadrado, cierres apartamentos, alquiler

Source: MLS Acobir Statistical Report Fourth Quarter 2023

Risk Ratings


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The exhaustive analysis of the metrics of the Panamanian real estate market provides a comprehensive view of its current dynamics and possible projections for the year 2024. Although a decrease in sales prices is observed, there is a significant improvement in the price per square meter, suggesting a recalibration of the market in terms of unit value. However, it is important to highlight that sales volume has experienced a notable decrease, reflecting lower transactional activity compared to previous periods.

Regarding rental prices, there has been a significant increase, indicating greater demand for rental properties. This trend may be driven by factors such as labor mobility, urban growth and investor preference for the rental market. Despite the existence of a considerable supply, rentals seem to be more valued in the current market.

Regarding the political landscape, it is important to recognize that Panama has maintained notable democratic stability in recent decades, compared to other countries in the region. However, political challenges and tensions remain that may influence the market, although their direct impact on the real estate sector may be limited.

Furthermore, the evaluation of profitability and associated risks provides valuable information for real estate investors. Despite economic and fiscal challenges, Panama remains an attractive investment destination, supported by solid economic performance and effective policy management.

In summary, while the Panamanian real estate market is expected to continue showing positive dynamics in 2024, it is essential that investors carefully evaluate the opportunities and associated risks. This involves considering the specific trends of each market segment and geographic region, as well as political and economic factors that may influence market behavior.

At Servmor Realty, we are committed to providing our clients with detailed analysis and expert guidance to make the most of investment opportunities in the Panamanian real estate market in the coming year and beyond.

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Buen día de Dios, mi testimonio con respecto a la atención brindada por el señor Luis Aguilar, es que desde el momento que le contacte se mostró servicial, colaborador y con una disposición muy buena para ayudarme a encontrar una vivienda a mi gusto y presupuesto. Durante todo el proceso siempre fue muy amable y la verdad muy paciente, a pesar de que demoró por tramites del banco y ya tanto el vendedor como mi persona nos sentíamos agobiados, el sr. Luis siempre se mostró optimista y sereno, transmitiendo esto mismo a nosotros, por lo que considero que su intervención como intermediario fue muy acertada. En hora buena por tener una persona con esta disposición en su equipo de trabajo. 
Dalys C.

Chris frochaux was our Real Estate Agent for selling our condo in Pamana City and he is very good. He was always available when we needed him and stayed in good communication with us back in the US. He worked with us through the pandemic (not an easy time), and his team found us good tenants until it was time to sell.
His advice always proved to be useful. My husband and I definitely recommend him, especially if you are a US expat!

Christy C.

Gabriel Illescas era el agente inmobiliario al que le debo haber encontrado el apartamento de mis sueños en la ciudad de Panamá. Desde mi reunión inicial con él, fue atento, profesional y, sobre todo, un buen oyente.
Yo tenía una buena idea del tipo de propiedad que estaba buscando, y él "acertó" cuando después de un tiempo muy razonable, encontró el tipo de apartamento y el barrio, y me dijo: "Marc, baja". a Panamá, estoy seguro de que he encontrado el apartamento que estabas buscando".
Nunca dudé de su buen juicio y programé un vuelo de Chicago a la ciudad de Panamá para verlo.
Tenía toda la razón. El proceso de compra del apartamento, una vez tomada la decisión, fue fácil y directo.
Cada vez que tenía una pregunta, ¡siempre estaba disponible!
¡El Sr. Illescas es verdaderamente el "agente inmobiliario de sus sueños"!

Marc O.

Mi asesor Ricardo Cabaleiro me guío através de todo el camino, comunicación clara y rapida, me ayudó a tomar buenas decisiones con consejos objetivos. Vendí a un precio justo y de una forma muy eficiente. No tengo queja alguna, excelente servicio

Gabriel V
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