Beachfront.
It’s a primary motivator for many people thinking about living or retiring overseas… including in Panama.
Beachfront, therefore, was an area of focus during last week’s Live and Invest in Panama Conference. This country offers many different and tempting options for living on the ocean…
Including the Pacific beaches that lie about an hour west of Panama City, the City Beaches, as locals call them. These are the nearest escape from the traffic, congestion, and fast-paced lifestyle of Panama City. This stretch of coastline has been developed over the past two decades and is the most popular weekend destination among city dwellers.
It also boasts swells that bring surfers from around the world.
In the last few years, the City Beaches and their residents have welcomed the arrival of luxuries and conveniences that previously were to be found only in Panama City. The region now offers modern supermarkets, shopping plazas with restaurants and boutiques, and a hospital.
In addition to being well-developed, the area is home to a well-rounded community. If you don’t think you’d be happy bumming on the beach all day, day after day, don’t worry. There’s plenty else to do here now.
Expats host social gatherings every day of the week, and organized activities are many and varied, everything from stand-up paddleboarding and yoga classes on the beach to karaoke happy hours and crafts classes.
Neither Panama City nor its City Beaches area is a budget destination any longer… but both offer a bona-fide luxury standard of living that is a global bargain.
Specifically, the luxury beachfront and ocean-view condos being built in the City Beaches are a screaming bargain compared with luxury beachfront and ocean-view condos in other prime Pacific coastal markets.
We looked at the best of these during last week’s conference.
How do these oceanfront condos along Panama’s City Beaches compare—in terms of the costs of purchase, of Home Owners Association fees, and of annual property taxes—with comparable properties in California or Florida?
Here are some example comparisons. We chose the U.S. properties based on their beachfront location, taking into account size, views, and amenities in an effort to make our comparisons as apples to apples as possible.
Specifically, we’re looking at two-bedroom, two-bath units of about 100 square meters in size with ocean views and within easy walking distance of the beach.
Panama City Beaches Coastal Resort
Price: US$218,000
HOA Fee: US$200 a month
Annual Property Taxes: US$2,200
Miami, Florida, Coastal Resort
Price: US$675,000
HOA Fee: US$1,000 a month
Annual Property Taxes: US$8,646
Newport Beach, California, Coastal Resort
Price: US$2,495,000
HOA Fee: US$1,300 a month
Annual Property Taxes: US$17,840
Note that the Panama City Beaches listing we’re using for our comparison isn’t a rarity… it’s typical of the type of residential property available along this coastline. Many similar examples were discussed during last week’s conference in Panama City.
And the point is that Panama’s City Beaches Pacific coast offers legitimately luxury-standard options on offer for bargain prices compared with comparable options in prime U.S. coastal spots.
Kathleen Peddicord
