If you are doing research on real estate prices in Panama, you are in for what may be a wild and convoluted process.
Why?
Because there’s no one definitive source on all closed transactions and properties for sale in Panama such as Zillow.
Yes, we have an MLS. And it’s great. You can find closed sales, properties for sale, and a useful range of Panama real estate statistics like days on market and average pricing. However, the MLS in Panama currently represents less than 10% of the properties for sale at any one time, making it a useful but not comprehensive tool.
So whether you are looking to sell your property in Panama, researching buying a property in Panama or like us, real estate agents in Panama, you’ve got your work cut out for you!
The Public Registry: The Best Source for Panama Real Estate Pricing History
Hands down, the best source for information on real estate transactions is the public registry of Panama. It is where all property sales and real estate history is recorded. The bad thing is, there are a number of real estate deals that never get recorded. For example, if a property is sold via the sale of shares of the entity that owns said property, then technically that sale never gets recorded because the property did not change owners.
As to how many properties are sold in Panama via sale of shares as per above, Id guess at least 10% but possibly this figure could be closer to 30% on condos for sale in Panama.
The problem with the public registry in Panama is that the system is error prone, far from comprehensive, and very outdated.
And while someone researching real estate in Panama can identify closed property transactions within a certain time frame or data set such as in a building, the information is poorly displayed and the process is cumbersome.
In order to being searching on the public registry of Panama, one must create an account first. This process is entirely in Spanish and is free.
From there, information such as Folio Real history (the Folio Real is the unique property ID), sales within a particular building, mortgage information, as well as ownership information can all be found on the public registry of Panama. The declared values are also displayed within the public registry’s database.
And while all of this information is very useful, it’s not always intuitive in terms of
Other Sources For Real Estate Data in Panama
To compliment your Panama real estate related research, it’s advisable to also include the most common property directories.
By far, the two most popular sites are encuentra24.com and comprealquile.com. Combined, these two websites represent the majority of the real estate market in all of Panama.
The great thing about both websites is that they include property prices on every single category of real estate in Panama including land for sale, homes for sale, condos for sale and rent, as well as commercial and industrial properties for sale and rent.
Another useful feature is the mapping technology available on the platforms. This graphic support is useful when attempting to gain general insight on property locations and pricing trends.
And while they are very useful for determining current property prices, they are far from complete when it comes to closed sales.
Encuentra24 has recently incorporated a few useful tools incorporating a variety of filters including the ability to recognize price trends for neighborhoods in Panama. However to date neither Encuentra24 nor Comprealquile have figured out a way to effectively pull closed sales.
Preconstruction Data and New Construction in Panama
For information on new construction and projects in construction in Panama, the best source of information and one of our preferred data partners is Galeria Inmobiliaria.
This Colombian based company entered the real estate market in Panama over a decade ago and has become the trusted source for banks, developers and real estate investors looking for real time data.
Their monthly reports include a variety of statistics including new supply (broken down by stage, location, and type) as well as new property sales.
Galleria Inmobiliaria has been using the same methodology to track pricing and real estate market data in Panama since they entered the market. That consistency and transparency has positioned them as one of the most valuable sources of real estate information in the market.
The only issue with Galeria Inmobiliaria is that they must base their reports on developer supplied data (in the form of price lists) showing absorption which may or may not be 100% accurate.
The Panama MLS
The Multiple Listing Service (MLS) in Panama is an essential tool for real estate professionals, providing a centralized database of property listings.
The Panama MLS was officially started in 2010. It was introduced to bring more transparency and efficiency to the real estate market in Panama, which previously lacked a centralized system for sharing property information among real estate professionals.
The MLS in Panama is managed by the Association of Real Estate Brokers and Promoters (ACOBIR), which is a key organization in the country’s real estate sector. ACOBIR includes a wide range of real estate professionals, from brokers to developers, and has been instrumental in advocating for professional standards and ethics in the industry.
The exact number of properties listed on the Panama MLS can vary, but it typically features a diverse range of properties, from residential to commercial real estate. It’s important to note, however, that the MLS in Panama represents less than 10% of all properties for sale in the country at any given time.
Tech Solutions and Innovations in the Panama Real Estate Market
To address the reporting gap and technological shortcomings of the Public Registry, American data scientist Brian McCurtis has recently rolled out a platform called Panacomps.
Panacomps partnered early in it’s development with Panama Equity and is an AI-based public registry compilation program. PanaComps was designed to create more insight thru pattern recognition and grouping technology in order to give property owners in Panama more transparency and greater insight into public registry data.
According to Brian, “During my research process, I recognized a sizeable gap between the tech that the Public Registry of Panama was using and current best practices in the industry. Instead of reinventing the wheel, we decided to address additional pain points with agencies such as Panama Equity and their clients and build a platform to address those opportunities.”
And while Panacomps is still in it’s infancy, future iterations include sourcing for-sale data and incorporating pre-construction figures into the platform in order to deliver a more comprehensive, lifecycle-focused tool.
Conclusions
Digging into the real estate market in Panama is no walk in the park, given the scattered sources and the absence of a one-stop-shop like Zillow. However, the array of tools at your disposal—from the Public Registry’s rich historical database to cutting-edge platforms like Panacomps—provides valuable insights that can simplify the complex.
For those selling, buying, or just curious about Panama’s property landscape, tapping into these resources can be a game-changer. As the market keeps evolving with new tech and more comprehensive data practices, the prospects for savvy real estate decisions in Panama are better than ever. Stick to these tools and navigate the market with the confidence of a seasoned pro.
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