The Palacio de Bahia project is back in development, albeit with a revised design featuring 83 stories instead of the originally planned 97. The updated project still includes a hotel. While pricing details remain unconfirmed, indications suggest potentially higher rates. Currently, the average price for new project condos in Panama City hovers around $2,000 per square meter. Select ‘icon’ projects command prices up to $3,500 per square meter. Market forecasts vary, with some anticipating prices reaching $5,000 per square meter, while others foresee a decline to previous levels of $1,000 per square meter. A more moderate estimate places the market value between $1,100 and $1,800 per square meter.
For European investors operating within the Euro economy, Panama’s US dollar-based market currently offers a significant advantage due to currency exchange rates. However, a strengthening US dollar could potentially diminish the appeal for European buyers, creating market uncertainty.
Further updates will be provided as they become available.
Our advisory remains consistent: exercise caution when investing in pre-construction properties. We continue to recommend prioritizing existing housing options, where immediate occupancy and functionality can be verified.