Panama Real Estate Market Report Q4 2026: Prices, Price per m² and Outlook
This is our national market report for Panama for the fourth quarter of 2026. It rolls up the asking prices of all 669 properties listed for sale on Panama Properties in late October 2026, across Panama City, Casco Viejo, Panamá Pacífico, the Pacific beaches, the Azuero Peninsula, Chiriquí and Bocas del Toro. We have set our own numbers alongside the latest independent figures on sales volumes, closing prices, developer inventory and mortgage rates, so you can see both what sellers are asking and how the wider market is actually moving.
If you want more detail on a single area, each region below links to its own quarterly area report.
Panama real estate at a glance: Q4 2026
Listings analysed: 669 properties for sale, from US$18,000 for a building lot to US$22.5 million for an island estate.
National median asking price: US$325,000. The middle half of all listings sits between about US$205,000 and US$560,000.
Entry level: 162 listings (about one in four) ask under US$200,000, and 44 ask under US$100,000.
Condos: 339 listings, median asking price US$315,000, median US$2,300 per m².
Houses and villas: 201 listings, median US$350,000, median US$1,526 per m² of construction.
Building lots: 73 listings, median US$135,000, median about US$55 per m² of land.
Mortgage benchmark: the Superintendency of Banks kept Panama's residential mortgage reference rate at 6.50% for the third quarter of 2026.
New home sales: 1,292 new homes sold in the first quarter of 2026, almost half of the 2,866 sold in all of 2025.
Asking prices by property type (all of Panama)
Property type | Listings | Median asking price | Median price per m² | Middle half, per m² |
Condos / apartments | 339 | US$315,000 | US$2,300 | US$1,750 to 3,294 |
Houses / villas | 201 | US$350,000 | US$1,526 | US$959 to 2,190 |
Building lots | 73 | US$135,000 | US$55 (land) | US$30 to 85 |
Farms / acreage | 17 | US$750,000 | US$22 (land) | US$3 to 29 |
Commercial / investment | 39 | US$525,000 | US$1,937 | US$994 to 2,586 |
Condos make up just over half of everything for sale, and most of them are in Panama City. Houses dominate at the beaches, in Boquete and on the Azuero Peninsula. Browse them all on our Panama condos for sale and land for sale in Panama pages.
How many listings fall in each price band
Asking price | Listings | Share |
Under US$100,000 | 44 | 7% |
US$100,000 to 199,999 | 118 | 18% |
US$200,000 to 399,999 | 256 | 38% |
US$400,000 to 749,999 | 133 | 20% |
US$750,000 to 1.49 million | 73 | 11% |
US$1.5 million and over | 45 | 7% |
The US$200,000 to US$400,000 band is the heart of the market, with more than a third of all listings. It is also where most of our international buyers shop, whether that means a two-bedroom condo in the city or a house at the beach.
Condo prices by number of bedrooms
1-bedroom condos: 48 listings, median US$230,650.
2-bedroom condos: 120 listings, median US$265,825.
3-bedroom condos: 142 listings, median US$382,500.
4 bedrooms and up: 27 listings, mostly larger family and luxury units.
Two-bedroom units are the sweet spot. They cost only about US$35,000 more than a one-bedroom at the median, and an industry report presented this summer found that two-bedroom homes are the fastest-selling product in Panama's new-build market.
What the wider market is doing
Our listings show what sellers are asking today. These independent figures show how the market got here and where it is heading.
New home sales are recovering after a weak 2025
According to a report by 4S Real Estate covered by La Prensa in July 2026, Panama sold 4,737 new homes in 2024 but only 2,866 in 2025, a drop of close to 40%. The report put the fall down to one-off factors rather than weak underlying demand: the end of the government's US$10,000 housing bonus, a pause in the preferential mortgage interest regime that left buyers and banks waiting, and higher unemployment. The first quarter of 2026 already brought 1,292 sales, nearly half of the previous year's total, which points to a clear rebound.
The same report estimated that more than 45% of demand now comes from foreign buyers, and that the Qualified Investor residency programme grew by 38% over the previous year. That matches what we see: most of our buyers are Canadians, Americans and Europeans, and many are linking a purchase to residency through investment.
Developer inventory in Panama City is at a multi-year low
Market research firm Galería Inmobiliaria counted about 16,311 units of developer inventory in Panama City early in 2026, covering presales, buildings under construction and recently completed projects. As reported by Global Property Guide, that is the lowest level the source had recorded. Fewer new units coming to market tends to support resale values in established buildings over the next few years.
Asking prices vs. closing prices
Asking prices are only half the story. The 4S Real Estate report also included MLS closing data for resale condos in the first half of 2026. The Panama City average closed at about US$1,726 per m². Juan Díaz, which includes Costa del Este, led at about US$2,587 per m², up from about US$2,110 in 2025, followed by San Francisco at about US$1,759 and Bella Vista at about US$1,405.
New-build prices are much higher. The same report put new condos in Santa Ana (Casco Antiguo) at about US$4,626 per m², Bella Vista at about US$3,782, Juan Díaz at about US$3,723 and San Francisco at about US$3,673.
Compare that with the median asking price of US$2,271 per m² for the 260 Panama City condos on our site (excluding Casco Viejo and Panamá Pacífico). The gap between resale asking prices and recorded closings tells you there is usually room to negotiate on resale condos, especially in older buildings. A good buyer's agent will pull recent closings for the specific building before you make an offer.
Encuentra24 asking prices by district
Panama's largest classifieds portal, Encuentra24, also tracks asking prices. Its June 2026 figures, published by Global Property Guide, showed condos in Casco Viejo (San Felipe) averaging about US$3,998 per m², down roughly 5% from a year earlier. Ancón averaged about US$2,422 per m², up around 18.5%, and Betania about US$1,724 per m², up roughly 1.6%. In other words, prices are rising unevenly, and the strongest gains are in lower-density neighbourhoods that appeal to international families.
Rents are at their highest in years
The 4S Real Estate data showed Panama City condo rents averaging about US$12.57 per m² per month in the first half of 2026, the highest level in recent years. That works out to roughly US$1,130 a month for a 90 m² apartment. Juan Díaz led at about US$14.17 per m². Against a resale condo bought near the city's average closing price, that is a healthy gross yield before condo fees and taxes.
Mortgage rates are steady
The Superintendency of Banks of Panama set the residential mortgage reference rate at 6.50% for the third quarter of 2026, unchanged since the start of the year. That reference rate mainly matters for loans under the preferential interest regime, which is aimed at new homes at the lower end of the market. Foreign buyers financing a typical expat purchase are usually quoted higher commercial rates, and non-residents can generally borrow a lower share of the price than residents, according to Expat Focus. Most of our buyers still pay cash, but financing for foreigners is available. See our guide to mortgages and loans in Panama, or ask us about owner-financed properties.
Prices by region
Region | Listings | Median asking price | Condo median per m² | House median per m² |
Panama City | 300 | US$353,630 | US$2,271 | US$1,847 |
Casco Viejo | 10 | US$457,000 | US$4,201 | n/a |
Panamá Pacífico | 12 | US$384,000 | US$2,612 | US$2,335 |
Pacific beaches | 203 | US$295,000 | US$1,912 | US$1,237 |
Azuero Peninsula | 70 | US$292,500 | US$3,938 | US$1,657 |
Chiriquí (Boquete and David) | 59 | US$250,000 | US$3,195 | US$1,677 |
Bocas del Toro | 14 | US$521,000 | small sample | US$1,610 |
Panama City
With 300 listings, Panama City is the biggest market on our site, and 260 of those are condos. The median asking price is US$353,630, and condos ask a median of US$2,271 per m². Prices vary a lot by neighbourhood. Here is the median condo asking price per m² in the areas where we have enough listings to say something useful:
Santa María: about US$3,226 per m² (luxury golf community, median listing US$955,834)
Bella Vista: about US$3,041 per m²
Avenida Balboa: about US$2,526 per m²
Costa del Este: about US$2,386 per m² (52 listings, median US$544,000)
Obarrio: about US$2,257 per m²
Punta Pacífica: about US$2,230 per m²
Coco del Mar: about US$2,051 per m²
El Cangrejo: about US$1,931 per m²
San Francisco: about US$1,859 per m² (44 listings, median US$232,900)
Punta Paitilla: about US$1,657 per m²
For the full picture, read our Panama City market update and the Panama City Q4 data snapshot, or browse Panama City real estate for sale.
Casco Viejo
Panama's UNESCO-listed old town remains the most expensive address per square metre. Our 10 listings have a median asking price of US$457,000, and restored condos ask a median of about US$4,201 per m², a little above Encuentra24's district average. See the Casco Viejo Q4 report, our Casco Viejo buyer's guide and current Casco Viejo properties.
Panamá Pacífico
The planned community on the former Howard air base, about 20 minutes west of the city, has 12 listings with a median of US$384,000. Houses ask about US$2,335 per m², and its family homes are among the most consistently priced on our site. Details are in the Panamá Pacífico Q4 report and on our Panamá Pacífico listings page.
Pacific beaches: Coronado, San Carlos, Chame, Gorgona and Playa Blanca
The beach towns one to two hours west of Panama City are the second-largest market, with 203 listings and a median of US$295,000. This is where house buyers get the most for their money: the median house asks only about US$1,237 per m², and building lots ask about US$65 per m² of land.
San Carlos: 85 listings, median US$295,000
Chame: 35 listings, median US$299,900
Coronado: 29 listings, median US$325,000
Gorgona: 27 listings, median US$215,000
Playa Blanca: 22 listings, median US$257,500
Read the Coronado Q4 report or browse beachfront property in Panama. In the hills above the coast, El Valle de Antón offers a cooler mountain alternative.
Azuero Peninsula: Pedasí, Playa Venao and Cañas
Our home market on the Azuero has 70 listings with a median of US$292,500. Houses ask about US$1,657 per m² and lots about US$55 per m². Pedasí (27 listings, median US$218,000) is the value play, with village homes and land, while Playa Venao (20 listings, median US$582,500) is the premium surf market, where ocean-view condos ask close to US$3,940 per m². Cañas, Las Tablas and Chitré round out the region. See the Pedasí Q4 report, the Playa Venao Q4 report, our Pedasí fall 2026 update and the Playa Venao buyer's guide. If you are wondering about October's earthquake, read what it means for homeowners and buyers.
Chiriquí: Boquete and David
Chiriquí has 59 listings with a median of US$250,000. Boquete (44 listings, median US$280,500) is the expat favourite in the highlands, with houses asking about US$2,079 per m². David and rural Chiriquí are much cheaper, with a median of just US$85,000 across 11 David listings. See the Boquete Q4 report, the Boquete October update and Boquete land for sale.
Bocas del Toro
Our 14 Caribbean listings have a median of US$521,000, but the sample is small and mixes new apartments from about US$180,000 with island acreage and estates. Always check whether a Bocas property is titled or held under rights of possession. More in the Bocas del Toro Q4 report, our Bocas del Toro October report and on the Bocas del Toro listings page.
What this means for buyers in Q4 2026
The market has turned, but unevenly. New-home sales are recovering, city inventory is low and rents are high. Well-located condos in newer buildings and family-friendly areas are firming up, while older buildings and some luxury segments are flat or soft.
There is room to negotiate on resales. Recorded resale closings in Panama City average well below typical asking prices. Ask for comparables before you offer, and don't treat the asking price as the value.
The best value per square metre is outside the city. Beach houses near Coronado and San Carlos, village homes in Pedasí and properties around David offer far more space per dollar than city condos.
The US$200,000 to US$400,000 range has the most choice. It holds 38% of all our listings, with options in every region.
Do the paperwork properly. Title checks, rights-of-possession land and building rules matter more than a few thousand dollars on price. Read our guides to title and due diligence, buying and closing costs and property tax in Panama.
For the bigger picture, including residency rules and regional outlooks, see our Panama real estate market 2026 outlook and the step-by-step guide to buying in Panama.
Methodology
Our figures cover every property listed for sale on panama-properties.com at the end of October 2026: 669 listings after removing rentals and incomplete entries. They are asking prices, not completed sale prices, valuations or appraisals. Price per m² for condos, houses and commercial property is the asking price divided by the stated construction area; for lots and farms it is the asking price divided by the land area. Listings without a stated size count towards the price figures but not the per-m² figures. Medians are used rather than averages, so one very expensive property can't distort the result. Small samples (Casco Viejo, Panamá Pacífico and Bocas del Toro) should be read with care. Our area reports were compiled earlier in October, so their counts can differ slightly from this national snapshot. Outside figures are credited and linked to their sources.
Q4 2026 area reports
Using this data
Journalists, bloggers and researchers are welcome to quote figures from this report. Please credit Panama Properties and link back to this page. For comments or a custom data cut, WhatsApp Ken Norton on +507 6169-2453.
Start your search
Panama Properties is a licensed Panamanian brokerage (licence 0936) that represents buyers, and buyers pay us no commission. Browse all Panama real estate for sale, or start the buying process and we will send you matching listings and recent comparables. You can also WhatsApp Ken Norton on +507 6169-2453 (English) or Evelyn Díaz on +507 6718-4140 (Español).
Sources
Panama Properties listings data, panama-properties.com, October 2026.
La Prensa, report on 4S Real Estate's 2025 to 2026 housing market study (new home sales, MLS closing prices, new-build prices and rents), 15 July 2026: prensa.com
Global Property Guide, Panama residential property market analysis 2026 (Encuentra24 asking prices by district; Galería Inmobiliaria inventory): globalpropertyguide.com
Superintendency of Banks of Panama, Circular 2026-0068 (mortgage reference rate, Q3 2026): superbancos.gob.pa
Expat Focus, Panama property financing guide: expatfocus.com
