While Panama has been on our radar as a steadily growing market for the global buyer pool, demand for new developments in its most sought-after neighborhoods is rising to record levels. From luxury beachfront residences to eco-friendly mountain retreats, Panama’s development landscape is evolving rapidly and drawing global attention—particularly from U.S. retirees drawn to the country’s relaxed lifestyle, affordability, and attractive residency programs.
We spoke with Victoria Levitam, Managing Partner at The Agency Panama, who shares insider insight into what’s fueling this surge in demand, what today’s buyers are looking for, and where the most promising opportunities lie.
Why are foreign buyers, particularly retirees, interested in new real estate developments in Panama right now?
Panama offers the perfect trifecta for global retirees and investors: financial freedom, lifestyle abundance, and geopolitical stability—moving or buying property in Panama is a strategic move that makes sense for many.
We’re witnessing an unprecedented rise in interest, particularly from North America and Europe, driven by inflation, healthcare costs, and lifestyle fatigue. Also Latin American high-net-worth families, especially from Brazil, Argentina, and Chile, are seeking security and dollar-based investments.
These buyers are choosing Panama because of the dollarized economy, with no tax on foreign-earned income, and a fast-track to residency and retirement visas. In addition, a year-round warm climate, access to world-class healthcare, and daily flights to 89+ cities, including Paris, São Paulo, Toronto, and Istanbul, make it an accessible and attractive destination.
Do you have any specific statistics or data related to the increase in new development in Panama?
Yes, and the numbers are compelling. According to CBRE 2024 Outlook, new residential inventory in Panama grew +20% in 2023 with 34% of all new development transactions made by foreign buyers—up from 19% in 2020.
From The Agency’s internal data and partner reports, oceanfront luxury pricing still sits ~60% below Miami, with stronger rental yields. Projects in Pearl Island, Buenaventura, and Panama City’s marina districts are registering double-digit appreciation, especially those with branded or eco-luxury positioning. A $2.4B wealth migration is expected from Brazil alone over the next 2 years, with Panama and Costa Rica as the top destinations.
What specific regions of Panama are seeing the most new development? Are there any exciting new projects you’re keeping an eye on?
Panama’s development wave is centered around a handful of world-class developments and neighborhoods, each with a distinct appeal.
Ocean Reef Islands | Panama City
Encompassing two man-made islands just off the coast, this luxury residence complex is the only private island marina residence in Latin America. Featuring skyline-view villas, yacht slips, rooftop pools, and anchored by enclaves like Flair, Cala, and Creative Waves, the community offers gated, modern living just minutes from Panama’s financial core.
Pearl Island | Pacific Coast
This meticulously planned destination spans 3,500 acres of tropical beauty, with 18 miles of pristine coastline and 14 secluded beaches. Here, private beachfront villas, residences, homesites, and amenities seamlessly integrate with the island’s splendor. Enjoy a world-class marina and the exclusive beach club. Rejuvenate with bespoke wellness experiences and immerse yourself in the richness of Pearl Island’s marine and bird sanctuaries.
With 70% of the island preserved as a natural reserve, the island promises privacy and adventure, with future branded resorts further elevating this one-of-a-kind haven, with direct ferry/flights from Panama City.
Santa María Golf & Country Club | Panama City
This premier, gated golf community with strong rental yields is walking distance to retail, dining, and the Santa María Hotel & Golf Course.
The Riviera Pacifico with Buenaventura & Playa Caracol | Pacific Coast
Buenaventura is Panama’s most established luxury beach enclave, now entering a “second renaissance”. The Buenaventura Golf & Beach Resort is listed as one of the most welcoming and elegant beach resorts in the world, offering a wide variety of exclusive amenities that elevate both the visitor experience and daily life for Panama residents. A Marriott Autograph Collection Hotel, a selection of best-in-class villas, swimming pools, restaurants, bars, and meeting rooms, it’s kid-friendly, pet-happy, and designed to prioritize well-being on every level.
Casco Viejo (UNESCO World Heritage Site)
A cultural jewel blending colonial heritage with cutting-edge redevelopment, this area offers restored mansions converted into luxury apartments, boutique hotels, and co-working residences. This area is in high demand from global buyers seeking character properties with lifestyle returns. Government-backed preservation ensures long-term value in this historic district.
Emerging Destinations to Watch
- Bocas del Toro: Celebrity-driven, eco-forward, with expansions like Nayara Bocas del Toro and boutique wellness retreats.
- San Blas (Guna Yala Archipelago): These 365 hurricane-free islands are marketed as “The Maldives of the Americas,” a frontier opportunity for future master-planned eco-communities.
- Obarrio: New neighborhoods here include MOVA B&B Italia, the first B&B Italia-branded residence in Latin America.
What amenities or services do these new developments offer buyers?
Buyers are no longer looking for just square meters, but experiences. The most successful projects integrate turnkey branded villas or residences (e.g., B&B Italia, Ritz-Carlton), concierge and rental management offering true “lock-and-leave” solutions. Other popular amenities include pedestrian lanes, wellness zones, yoga pavilions, forest trails, medical concierge services, beach clubs, rooftop lounges, and more. These developments also provide a multi-generational design with elevators and smart-home tech that allow them to stand the test of time. The deeper shift is that people want privacy, community, and peace of mind, without compromise.
What are the benefits of buying property within a new development in Panama right now? And potentially longer term?
For the short term, entry prices are 20–30% below Miami and Costa Rica. There are developer incentives, flexible payment plans, and early ROI models that provide full-service living options for non-resident owners. For the long-term, there is appreciation driven by Panama’s GDP (+5.8% forecast in 2024), with properties linked to residency rights, asset + Plan B. Ultimately, this is a safe, globally desirable location with limited supply growth.
How do Panama’s residency rules and tax benefits appeal to foreign buyers and real estate investors?
Panama offers the most favorable framework in the region with no tax on foreign-earned income, no capital gains on offshore transactions, full property rights for foreigners, and no inheritance tax or exchange controls.
Residency options take the form of a Friendly Nations Visa (FNV) or a Pensionado Visa. The FNV is a residency-by-investment program for citizens of designated “friendly” countries with a $200K–$300K property investment, offering a path to permanent residency and citizenship. The Pensionado Visa offers perks for retirees, including permanent residency, a lifetime visa, and discounts on various services and imports, such as transportation, entertainment, lodging, utilities, and healthcare.
Are there specific retirement programs or incentives in Panama that make new developments particularly attractive to retirees?
Absolutely, Panama’s Pensionado Program is consistently ranked the world’s best retirement visa for two consecutive years. The benefits include no age requirement, permanent residency with lifelong benefits, real estate eligibility built into the visa process, and healthcare costs up to 70% lower than in the U.S.
But retirees aren’t the only ones benefiting. Panama also offers fast-track options for global investors with the Qualified Investor Visa (Golden Visa). This option offers residency in 30 days or less, and requires a $300K real estate investment (rising to $500K in October 2024), leading to a direct pathway to permanent residency and eventual citizenship.
Together, these programs make Panama uniquely attractive, whether you’re retiring, investing, or seeking a strategic foothold in the region. To learn more about Panama’s visa programs, visit PARS.com.
What advice would you give a foreign buyer who is interested in investing in a new development property in Panama?
For discerning investors and families, acquiring property in Panama opens an entrance into a lifestyle and legacy platform. The most successful buyers approach it with the same care they apply to their global portfolios. Here’s my advice:
Seek a turnkey solution.
Work with an international partner like The Agency, who offers white-glove guidance from start to finish. At The Agency Panama, our boutique approach extends beyond Panama: whether you’re based in the U.S., Canada, Portugal, or Mexico, we provide seamless coordination with your advisors abroad, ensuring your investment integrates effortlessly into your lifestyle.
Think beyond property.
You are not only acquiring square meters, but a platform for community, networking, and multi-generational enjoyment. Our clients gain access to a cultivated ecosystem of peers—entrepreneurs, investors, and global citizens—who share both values and vision.
Protect and optimize.
Ensure transactions are structured with first-class legal, fiscal, and wealth-planning strategies. Escrow, trust vehicles, and tailored residency solutions are part of a sophisticated approach, not an afterthought.
Prioritize long-term value.
Focus on developments with branded credibility, rental infrastructure, and exit optionality. For family offices and UHNWIs, the goal is resilience: properties that hold cultural, financial, and legacy value.
Invest in guidance, not hype.
Our role is not to “sell” Panama, but to position you with clarity and confidence in a market undergoing rare momentum. We are here for the long term, not just the closing.
To learn more about available properties in Panama, reach out to Victoria Levitam directly or visit The Agency Panama to learn more. The Agency Panama is located at Calle 48 y Calle Uruguay, Bella Vista, Panama City.
