Living in Panama  

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Forming a Panama  
Corporation  

Forming a Panama  
Foundation  

Panama Hotel Review  

Panama Banks  

Panama Law Firms  

Living in Panama  

Finding Bargain Panama  
Apartments  

Photos of Panama City  

Forming a Panama  
Corporation  

Forming a Panama  
Foundation  

Panama Hotel Review  

Panama Banks  

Panama Law Firms  

Living in Panama  

Finding Bargain Panama  
Apartments  

Photos of Panama City  

Forming a Panama  
Corporation  

Forming a Panama  
Foundation  

Panama Hotel Review  

Panama Banks  

Panama Law Firms  

Panama has some of the most beautiful and inexpensive property bargains to be found in Latin America.  If one prefers the city, housing is surprisingly affordable within the city limits as well.  In fact, if you compare prices in the “high rent” districts of Panama to Hyde Park and Canary Wharf in London, or Park Avenue in New York, Panama City is darn cheap.  

Rentals can vary greatly depending upon where you wish to live and the amenities you want. The rental possibilities range from a studio apartment in Coco Bay for US$ 200 per month, up to the US$ 1,500 per month range for a luxury 3 bedroom apartment in Paitilla. There are some great bargains out there at the moment. If you know where to look and understand the reasons for price differentials, you can begin your apartment hunting armed with the information to bargain hard. My suggestion would be to focus on the on the "middle class" neighborhoods of El Carmen, El Congrejo and parts of San Francisco if you want to find the bargain prices.  

Like anywhere else in the world, going through a realtor will cost you more.  Just keep in mind, that if you do not know the neighborhoods or what the real price is, you can find yourself a victim of what I call the "gringo" syndrome.  What is "gringo" syndrome?  It is simply the preconception in Latin America, that because you are either a foreigner or an American, that you are filthy rich.  Well, to be quite honest, if you have a monthly income of US$ 1500 per month - you are! Do not let a realtor or anyone else take advantage of the fact that you do not know what the local prices are.  Learn what the market is like first.  
   
Word of mouth from other expatriates is usually one of the best ways to get your hands on a bargain. To be quite honest, classified newspaper advertisements are not bad either, just try to focus on the "for rent by owner" type of ads if possible. If your Spanish language skills are not up to par, I would suggest you find a bilingual university student that is willing to help you out.  Remember that the average salary, for a professional, is probably in the $ 500 per month range.  You should have no problem finding a "part-time" assistant for $ 20 per day.  If you find your "gal friday" for Saturday (no pun intended), she will be happy to earn the extra money and can help you call all the classified ads you want.  In addition, it is probably a good idea for her to get the price in advance on the phone or to send her first on an inspection.  As I mentioned earlier, the word "gringo" has the same meaning as "designer" does for denim jeans. The designer jeans are the same thing as your trusty old Levi's brand pants, it just costs more money.  

There has been some publicity lately regarding property on the former US Army bases that have and are being sold. If you want to go look, be my guest.  My opinion is it you would be wasting your time.  Many of these houses or apartment units are over 20 years old, and the asking prices for purchases are now about  $80,000 to well over $ 100,000 for what was former military housing units.  Most of the recent buyers have had to completely gut the wood frames and interiors, thus adding to the cost.  The Panamanians would never pay these prices for a twenty-year-old home that needed remodeling and you should not either.  

I have heard that the rental prices for these units are in the $ 600 to $ 1000 range.  For that kind of money, you can find a luxury apartment in the city with 24-hour security, a doorman, a balcony with a great view, the works.    

Finding an apartment and living well on $ 1500 per month is not impossible.  I have done it and I know of many expatriate Americans, Canadians and Europeans that have done it also.  So as you sit on the veranda of your luxury apartment (that would be way out of your budget in Canada, Europe or the US) sipping your delicious Cuban coffee, smile and enjoy!