IL Postcard

Live Large for Less in Panama City

Date: 06/08/2009 Author: Jessica Ramesch

Living for less in Latin America is a hot topic, but what exactly does it cost to have that dream life south of the border? In Panama City, the first step to living the good life for less is finding a home in a location that’s safe and affordable. It’s an easy task if you know where to look.

The most upscale areas in the city include Clayton, Casco Viejo, Paitilla, Punta Pacifica, and Marbella. Here your neighbors will be Panamanian society elites and international high-flyers. But there are many more areas that are just as safe and central. To save on property costs, look to areas like Bethania, El Cangrejo, San Francisco, La Loma, and Hato Pintado.

Bethania is where I live now. I chose it for several reasons. It’s a pleasant residential area, but it’s served by three major arteries. I have everything I need nearby, from a choice of three supermarket chains to video stores, pharmacies, clinics, and more.

Here you can find monthly rentals of every kind--from inexpensive, unfurnished apartments for $500, to three-bedroom homes for $800, to luxury residences with a terrace and garden for $1,500 a month. You can buy a two-bedroom, one-bathroom apartment for $75,000, or spend a bit more and get a newer two-bedroom, two-bathroom apartment with a 14-year property tax exoneration for $82,000.

The most popular areas are San Francisco and El Cangrejo. Both are busy areas with a hip, international feel. El Cangrejo has a more bohemian vibe, and is known for its cute cafés and restaurants. To really save and live like a local, look to La Loma and Hato Pintado. A two-bedroom apartment in Hato Pintado is on offer for just $65,000. It could use some work, but it comes with a balcony and a studio, as well as furniture and major appliances.

For less than you'd spend for a deli lunch in the States, you can enjoy a night on the town of a day at the beach. About $10 will buy you…

A main course at a fashionable restaurant: Try the corvina (sea bass) at Parrillada Jimmy’s, the city’s most popular Greek restaurant; the brie and portobello mushroom quesadilla at Segafredo, a happening terrace café; or the malai kofta at Masala, a cozy Indian restaurant that oozes ambiance.

An evening show: Get a ticket to a play, the opera, or ballet…or buy a movie ticket plus snack combo including soda, large popcorn, and nachos.

A day at the beach: Ferries to the island of Taboga, just 12 miles off the coast of Panama, run daily for just $10 round-trip. It’s a great option for a day trip, and you don’t have to take anything but your towel and swimsuit. Vendors at the beach will set you up with an umbrella for $5 and a cooler for just $2. They’ll even stock your cooler with beer for a dollar per beer.

Find out more about my Panama tips, including the best place to live on the beach with a small budget, in the current June issue of International Living Magazine.

Jessica Ramesch
Panama Insider, International Living

Editor's note: Join IL's Live and Invest in Panama Seminar this August in Kobbe Beach, Panama to find out more about the wonderful opportunities this country offers. If you've yet to sign up for this seminar, you should know that Friday (June 12) is your last chance to get a $200 Early Bird discount with this link.

Here's what else you can read in the June issue of the IL Magazine:

Save thousands on cosmetic surgery in Panama

Beach houses that earn you rental income

Live large for less in Panama City

Buy an Argentine Vineyard for $5,000 an acre

A home on the beach for $63,000 along our favorite stretch of coast

Condos along Asia's spice route--$35,000

Condos for $51,000 in Ecuador's perfect getaway spot

Open your own beach café in Mexico

Save $744 on your London vacation

The best airlines in the world

Lost luggage--make sure it never happens to you

Discover the unknown museums of Europe

The Maldives for 50% off

Last-minute travel deals to Paris and Rome

Profit from South America's best artisan market

Silver--buy low in Ecuador, sell high in the U.S.

Profit from Brazil's thriving electricity sector

Residency programs in France for writers and artists

Barcelona--the chicest city in Spain

Rent for $300 a month in Cuenca, Ecuador

Run your own restaurant overseas

Your own house on a golf course from $170,000