Buy Panama Real Estate for $65,500 (or Rent for $350)

When I talk to expats in Panama about living well on less than $1,500 a month, some nod knowingly…usually because they’ve done it. Others scoff and pull out their $4,000-a-month budgets. These typically include rent or mortgage payments on a new luxury apartment in a new luxury high rise in a new luxury neighborhood. And all kinds of other goodies.

“Did you live this well on the same budget back home?” I ask. (There’s usually a silent pause at this point.)

No matter what lifestyle you’re pursuing, you can bet it’s cheaper to pursue here in Panama than back home. And if you’re looking for a place where you can halve your budget and still live comfortably, look no further.

If you want to take the “living la vida local” challenge, there are several places I recommend. In all these places you’ll find small expat communities and inexpensive real estate. Here are three that made the list:

For the mountain lovers: The highland town of Volcan is fast gaining popularity as "the next Boquete." That’s quite a moniker, since Boquete was rated one of the top places in the world to retire by the likes of Fortune magazine.

Aside from a cool, spring-like climate, Volcan boasts a low cost of living. A 6,500-square-foot lot by the town supermarket is going for $16,200. The three-bedroom, two-bath house pictured above just came on the market for $65,500. A two-bedroom, one-bath home rents for $350.

For the beach bums: Coronado is the most popular beach location for expats in Panama. There are plenty of reasons to live in and around Coronado. It’s about an hour and a half by car from Panama City and its beach goes on for miles. You’ll find every convenience here, from supermarkets to restaurants to beach clubs. At less expensive beach locations like Gorgona (less than 20 minutes from Coronado) you have access to these great amenities.

A $70,000 home is for sale just “three minutes” from Gorgona beach. The eight-year home is just over 1,000 square feet and sits on a lot of about 6,500 square feet. If you’re not interested in buying, you can rent a fancy U.S.-style home with an ocean view for $1,600 a month…but why not go local? A Panamanian-style home--with a large patio that seems custom-made for hammocks--comes furnished for just $450 a month.

For that city/country combo: In the past two years David has become popular as a retirement destination. The third-largest city in Panama, David has cute restaurants, malls, and movie theaters. The domestic airport here has daily flights to Panama City and other locations. Surrounded by farms and close to national parks, David is just 45 minutes from the highlands and 30 minutes from the beach. Spend Saturday hiking in a cloud forest and Sunday sunning yourself on the sand…

A three-bedroom home of about 2,000 square feet is for sale in David--it’s right by the town center and comes furnished for $85,000. A four-bedroom, two-story home is on offer, unfurnished. You can buy it for $75,000 or rent it for $350 a month.

Join me in Kobbe Beach (an easy 30-minute taxi ride from the Panama City Airport) this Aug. 6-8 at the Live and Invest in Panama Seminar and I’ll tell you about more great locations where you can live for less (including safe, central neighborhoods in Panama City).

But today is the last day you can get a $200 Early Bird Discount on this Seminar, so if you want to save that two hundred bucks you better act fast.

Jessica Ramesch
Your Panama Insider, International Living

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To read more IL articles on Panama, see:

"Can I Live in Panama City on my $1,059-a-month Social Security Check?"

The Best Beach in Panama

Buy a Condo in Panama, Panama City for Less Than $80,000

Business Ideas for Expats in Panama

Live Large for Less in Panama City