Buying Secondary Real Estate in Panama: Market Opportunities and Legal Guide

Why Panama Attracts Buyers of Secondary Properties

Panama has earned its reputation as one of Latin America’s most reliable and investor-friendly real estate markets. With a dollarized economy, solid banking infrastructure, and a strategic location as a global logistics hub, Panama appeals to retirees, digital nomads, entrepreneurs, and global investors. While new developments in Panama City and beach resorts dominate headlines, the secondary real estate market offers exceptional value, ready-to-use homes, and opportunities to negotiate directly with sellers.

From colonial apartments in Casco Viejo to oceanview condos in Punta Pacifica or mountain villas in Boquete, Panama’s resale market includes properties with established rental history, mature surroundings, and immediate occupancy potential. For many buyers, especially those relocating or looking for stable returns, the secondary segment offers a better price-performance balance than new developments.

What Counts as Secondary Real Estate in Panama

Secondary real estate refers to any residential, commercial, or mixed-use property that has been previously owned and is now being resold. Unlike off-plan or new construction projects, these properties are already built, titled, and typically come with existing furnishings or renovations. Categories include:

• Resale condos in Panama City, Coronado, and Playa Blanca
• Detached homes in gated communities such as Altos del María or El Valle
• Historic apartments in areas like Casco Antiguo (Casco Viejo)
• Rural properties and farms in the interior provinces
• Small commercial units or shopfronts in urban zones

These listings are offered either by Panamanian nationals, expats, or international investors who previously acquired them for personal use, rental income, or residency purposes.

Advantages of Buying Secondary Property in Panama

1. Immediate Use and Rental Income

Resale properties are fully constructed, often furnished, and may already have tenants or short-term rental licenses in place. This allows buyers to generate income from day one.

2. Lower Price per Square Meter

Secondary homes are typically priced below new developments in the same location. Many sellers are motivated, particularly in markets like Panama City where supply is high and liquidity varies by neighborhood.

3. No Waiting for Completion

Unlike pre-construction projects, where delivery delays and cost escalations are common, resale properties eliminate uncertainty. Title verification, property condition, and neighborhood dynamics are already visible.

4. Negotiation Leverage

Sellers of secondary properties may offer discounts, include appliances, or accept flexible payment terms. This is especially common among expats returning home, retirees relocating, or owners with urgent financial needs.

5. Legal Transparency

Properties already registered in Panama’s Public Registry (Registro Público) come with a recorded ownership history, easing the due diligence process for buyers and legal advisors.

Top Locations for Resale Property in Panama

Panama City

The capital offers the widest selection of resale condos and commercial units. Districts like El Cangrejo, San Francisco, Obarrio, and Punta Paitilla offer properties ranging from $1,200 to $2,500 per square meter, often with full amenities and ocean views. Older buildings offer spacious layouts and solid concrete construction, making them attractive for both residence and rental investment.

Casco Viejo

This UNESCO-protected colonial district blends historical charm with boutique real estate. Resale apartments here often feature restored facades, tall ceilings, and rooftop terraces. While pricing per square meter is high ($3,000–$5,000), resale inventory is often more affordable than luxury boutique hotels under development.

Coronado and the Pacific Beaches

Just 90 minutes from Panama City, Coronado is a popular coastal town offering resale condos and villas in gated communities. These homes attract retirees and snowbirds seeking warm winters, with typical prices between $150,000–$350,000.

Boquete and Volcán

Located in the highlands of Chiriquí province, these towns offer cool climates, nature, and strong expat communities. Resale homes include mountain chalets, family estates, and coffee farms. Many come with legal water rights and well-established infrastructure.

David, Santiago, and Las Tablas

Secondary properties in these growing cities provide affordability and regional investment upside. Prices for homes range from $60,000 to $180,000, and many buyers renovate older buildings for rental or resale purposes.

Legal Framework and Buyer Protections

1. Property Title Verification

All secondary properties in Panama must be registered in the Public Registry. Title searches ensure the property is legally held, free from liens or disputes, and not encumbered by mortgages or tax debts. Title insurance is optional but recommended for foreign buyers.

2. Notary and Sales Agreement

The sale is formalized through a public deed signed before a Panamanian notary. A standard purchase agreement includes terms, conditions, deposit amount (usually 10%), and closing timeline. Legal counsel is essential to manage risks and cross-check the registry data.

3. Tax Considerations

Most resale homes have lower property taxes due to grandfathered exemptions or previous valuations. Panama also imposes a 2% transfer tax on the sale and a separate 3% capital gains withholding, typically paid by the seller. Buyers should confirm these with their legal advisor.

4. Foreign Ownership Rights

Panama permits 100% foreign ownership of real estate, with no residency requirement. However, foreigners cannot buy within 10 km of national borders unless they are citizens or have special approvals. Resale properties within coastal or island areas may require additional review under maritime law.

5. Residency by Investment

Buyers of secondary property above $300,000 (until 2024; $500,000 after) can apply for the “Qualified Investor Visa.” This fast-track residency option allows for remote application, full property ownership, and path to permanent residency within 30 days of investment approval.

Who Sells Secondary Real Estate in Panama

• Expats relocating or returning to home countries, often motivated to sell quickly
• Panamanian families upgrading homes or liquidating inherited property
• Developers or brokers reselling completed inventory or pre-owned units in their portfolio
• Foreign investors adjusting portfolios or cashing out after appreciation
• Retirees downsizing or shifting to assisted living arrangements

How VelesClub Int. Supports Buyers of Secondary Property

VelesClub Int. specializes in matching international buyers with verified resale opportunities across Panama. Our services include:

• Pre-screened listings from real private owners, not recycled developer stock
• Legal due diligence by licensed Panamanian attorneys
• Comparative market analysis and price validation
• Support with bank accounts, escrow, title insurance, and translations
• Coordination with visa consultants for buyers seeking residency

Whether you're relocating, investing, or buying a vacation property, our team ensures a transparent, secure, and cost-effective transaction — with full oversight at every step.

Conclusion: Secondary Real Estate in Panama Offers Tangible Value

Panama’s secondary market is a stronghold of opportunity for buyers seeking quality, location, and flexibility. Resale properties provide faster move-in timelines, price negotiation leverage, and an established legal history — advantages that new developments often can’t match.

With diverse options across the capital, coast, and countryside, buyers can select from condos, villas, historic homes, and even commercial units — all with the support of a transparent and buyer-friendly legal system. For investors, digital nomads, and retirees alike, secondary real estate is the smart way to enter or expand in Panama’s growing property landscape.

Explore verified listings from private owners today with VelesClub Int. — your trusted partner for real estate transactions across the Americas and beyond.