The Palacio de Bahia project is back in development, though with a revised design of 83 stories, a decrease from the original 97. The building plans still include a hotel. While exact pricing details are yet to be released, it’s anticipated that rates will be premium. Currently, the average price for new condo projects in Panama City hovers around $2,000 per square meter. Select ‘icon’ properties command prices up to $3,500 per square meter, with a range of options available in between. Market forecasts are divided, with some predicting a rise to $5,000 per square meter, while others anticipate a correction back to previous levels of $1,000. Our assessment places the market value between $1,100 and $1,800 per square meter as a reasonable range. For European investors operating within the Eurozone, Panama’s US dollar-based economy offers a substantial discount exceeding one-third. Should the US dollar regain strength, the European market could potentially contract, introducing uncertainty. Further updates will be provided as they become available. As a general guideline, we continue to advise caution against purchasing properties that are not fully functional and habitable. We maintain a preference for investing in the existing housing market.
Palacio de Bahia: Construction Update & Panama Real Estate Market Analysis (2024)
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