Language(s): Spanish (Official)
Total Area: 78,200 km2
GDP (PPP): 2012 estimate
Total: $57.079 billion
Per capita: $15,616
Currency: Balboa (PAB); US dollar (USD)
Panama is located on the narrowest and lowest part of the Isthmus of Panama that links North America and South America. Panama's two coastlines are referred to as the Caribbean (or Atlantic) and Pacific, rather than the north and south coasts.
Residential property prices have fallen in Panama, and are still expected to adjust downwards, as demand shifts from upscale and luxury apartments to middle- and low-income smaller apartments. Residential property prices now reach as low as US$1,050 to US$1,200 per square meter, down from US$1,350 to US$1,500 square meter before the downturn. Commercial property prices, on the other hand, are steadily rising as more foreign investments pour in.
Despite the recent economic downturn, investment interest in the country has not wavered. Many developments are being built, spreading to the outskirts of Panama City, and to the East and West of the country as well. Both apartments and stand-alone homes are being built.
Foreigners can buy properties in Panama except for islands and properties located 10 km from the frontiers. It is advisable to buy titled properties instead of properties with possession rights only.