2 islands
Built on reclaimed land in Panama Bay
~19 ha
Combined land area of both islands
From $1.16M
Current asking price at The Palms
$0
Agent commission paid by buyers
Living on Ocean Reef Islands
A private island community just off Punta Pacífica
In short: Ocean Reef Islands is a pair of man-made islands in Panama Bay off Punta Pacífica, covering about 19 hectares and reached by bridge through a gated entrance, minutes from the city. The first island was completed in 2012, and current asking prices start from about $1.16 million, with 2–3 bedroom island resort condos listed at $1,157,450 to $2,146,250.
Ocean Reef Islands is a pair of man-made islands in Panama Bay, built on reclaimed land just off Punta Pacífica. Developed by Grupo Los Pueblos, the first island was completed in 2012 and the second followed. Together they cover about 19 hectares, linked to the mainland by a raised bridge and a gated entrance with security around the clock.
Life here centres on the water: a private yacht marina and yacht club, oceanfront promenades, beach clubs and low-rise residences rather than tall towers. It suits buyers who want privacy and a waterfront home while keeping the rest of Panama City within a short drive. If you would rather have an ocean-view tower on the mainland, Punta Paitilla and Punta Pacífica are next door, and we can show you both.
Real Estate Listings on Ocean Reef Island, Panama
Explore Ocean Reef Island, Panama real estate for sale
Ocean Reef Islands delivers a level of exclusivity unmatched anywhere else in Panama City, and Panama Properties brings you access to its most elite real estate opportunities. Our Ocean Reef Islands properties for sale include luxury marina-front condominiums, private island residences, and high-performing investment properties set within Panama’s only man-made private island community. Positioned just off Punta Pacífica, this prestigious enclave blends yacht-ready living with panoramic ocean views and world-class architecture, attracting buyers and investors drawn by its rarity, limited inventory, and exceptional long-term value in Panama’s luxury real estate market.
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Why Buyers Choose Ocean Reef Islands
What sets the islands apart from the rest of Panama City.
Privacy
A Gated Island
Access is by bridge through a gated entrance, with security staff and concierge services around the clock.
Boating
A Marina at Home
Owners who keep a boat can look for a berth in the island’s own marina and yacht club.
Low-Rise
Space to Breathe
Low-rise residences, promenades and green space feel very different from the tower blocks across the water.
Location
Minutes to the City
Hospitals, offices, shops and restaurants in Punta Pacífica and downtown are a short drive away.
Lifestyle
Beach Clubs
Private beaches, beach clubs, restaurants and wellness facilities are planned or open on the islands.
Around Ocean Reef Islands
A small, gated community with the whole of Panama City a short drive away.
ESTABLISHED
Island One
The first island, completed in 2012, with established waterfront homes and residences.
NEWER BUILDS
Island Two
The second island, linked to the first by a roadway, where newer projects are being built.
ON THE WATER
The Marina
A private yacht marina and yacht club at the heart of the community, with promenades along the water.
NEXT DOOR
Punta Pacífica
The mainland district across the bridge, with ocean-view towers, a large shopping mall and a private hospital.
NEARBY
Punta Paitilla
An older waterfront neighbourhood of condo towers, close to the Cinta Costera bayfront park.
GETTING AROUND
Downtown and the Airport
The financial district is minutes away, and Tocumen International Airport is reached by the Corredor Sur.
What Property Costs on Ocean Reef Islands
Based on advertised asking prices in October 2026, not closed sales. Supply on the islands is limited, so we check current availability with you before every search.
Resort condos
Two- and three-bedroom residences at The Palms Beach Resort, final sizes to be confirmed
$1,157,450–$2,146,250
Per m² once sizes are confirmed
Waterfront residences
Low-rise homes and garden apartments facing the marina or the bay
Price on request
Ask us for current availability
Penthouses and villas
Larger island residences with more space and privacy
Price on request
Ask us for current availability
What Drives the Price
Outlook. Homes facing the open bay or the marina ask more than those with garden or inland views.
Stage of construction. Pre-construction units are priced differently from finished, turnkey residences you can inspect today.
Size and finish. Penthouses, private terraces and furnished, fully finished homes add to the price.
Buying Tips for Ocean Reef Islands
What we check with buyers here before they make an offer.
Check the Developer
Ask what the developer has completed and delivered on time, and visit finished buildings on the island.
Read the Contract
Your attorney should review how your deposit is held, the payment milestones, delivery dates and specifications.
Ask About All the Fees
There can be island-wide community fees as well as building HOA fees. Find out what each one covers.
Price the Berth Separately
If you want a marina berth, check availability, size limits and cost apart from the home itself.
Confirm Rental Rules
If you plan to rent the home out, confirm what the building and the community allow.
Use an Independent Attorney
Your attorney should verify the developer’s land title, permits and that your unit will be titled.
Is Ocean Reef Islands Right for You?
Who tends to love it, and who might be happier elsewhere.
A Great Fit For
Buyers who want privacy and security
Boat owners who want a marina at home
Families who want a quiet, gated community
Buyers who prefer low-rise living to towers
Anyone who wants the city minutes away
Think Twice If
You want a walkable street life of cafés and shops
You are working to a tighter budget
You want a finished resale you can inspect today
You do not want to pay community fees
You want a beach town feel away from the city
Renting It Out
Tenants here tend to be executives, diplomats and families relocating to Panama City who want security and space, and some owners rent to visitors for longer stays. Rental rules vary by building and community, so confirm them first. We pull current comparable rents before you buy.
Costs to Budget For
Plan for these on top of the purchase price.
Community and HOA Fees
Monthly, and they can include island-wide fees for security and common areas as well as building fees. Ask for both and the reserve fund balance.
Legal Fees
About 1% to 1.5% of the price for your independent attorney, plus small notary and Public Registry fees.
Property Tax
Annual, based on the registered value, with an exemption for a registered primary residence up to a set value.
Transfer Tax
Panama’s 2% transfer tax is customarily paid by the seller. Buyers pay no agent commission.
Ocean Reef Islands Real Estate FAQ
Where is Ocean Reef Islands?
In Panama Bay just off Punta Pacífica in Panama City. The two man-made islands are linked to the mainland by a bridge, minutes from downtown and the financial district.
How much does property cost on Ocean Reef Islands?
Based on asking prices in October 2026, two- and three-bedroom residences at The Palms Beach Resort ask $1,157,450 to $2,146,250. Other homes are priced on request.
Can foreigners buy on the islands?
Yes. Foreigners have the same property rights as Panamanians and can own titled property in their own name or through a Panamanian corporation or foundation.
Is the community secure?
Access is by bridge through a gated entrance, with security staff and concierge services around the clock.
Should I buy pre-construction?
It depends on your timeline and the contract. Have an independent attorney review the developer’s record, permits, payment milestones and delivery terms before you commit.
What are the closing costs?
Buyers pay no agent commission. Plan for legal fees of about 1% to 1.5% plus small notary and Public Registry fees. The 2% transfer tax is customarily paid by the seller.
Can buying here help me get residency?
It can. As of September 2026, the Qualified Investor visa requires $300,000 in a first sale from a developer or $500,000 in a resale, and the Friendly Nations visa accepts titled property from $200,000. Confirm the rules with an immigration attorney.
Can I get a mortgage as a foreigner?
Yes. Through our lending partner, qualified foreign buyers can finance up to 75% of the purchase price on titled property. Banks require proof of income.
Is there capital gains tax when I sell?
Yes. Panama withholds 3% of the sale price or the registered value, whichever is higher, which most sellers accept as the final tax. You can instead file on the actual profit, with the 3% credited.
About This Guide
Written by Ken Norton, founder of Panama Properties, a licensed buyer’s brokerage serving Panama City and the Azuero Peninsula. We help buyers find homes and condos across Panama City, working alongside independent attorneys, inspectors and lenders. Prices are based on advertised asking prices reviewed in October 2026.
Looking for a Home on Ocean Reef Islands?
Tell us your budget, how you will use the home and whether you need a marina berth. We will check what is available on both islands, arrange private viewings in person or by video and help you review the contract and title before you make an offer.
Message us on WhatsApp at +507 6169-2453. Buyers pay no agent commission.
Panama Properties
Unit 1 Plaza Pedasí (Super Pedasí Plaza)
Pedasí, Los Santos 7401, Panama
WhatsApp: +507 6169-2453
Email: ken@panama-properties.com