Rent for property in Panama tends to be high in relation to the value of a property. Often, it will will be as high as 12% or even 15% of the sales price of the apartment or condo over a year. This is due to a shortage of places to let. However with the huge amount of building going on we would expect prices to fall, perticularly in the city, as 10s of thousands of new units get completed.
Renting in Panama City
Rentals in Panama City come in two flavors – furnished and unfurnished. In Panama City you can get a nice two bedroom unfurnished apartment in a decent neighborhood for about $1200. If you want to live in a high end neighborhood by the water it can get up to $2500 which would be very nice.
Penthouses in luxury skyrises with all the facilities, in Patilla or Bella Vista for instance can go as high as $3 or $4,000 a month. Any less than $800 for a one bedroom apartment and the area starts to get a bit rough.
Furnished units are harder to come by. Not only that but they will usually have furniture that shows wear and may not be so clean, even if you spend $1900 a month.
However, furniture in Panama is good and cheap. Like a comfortable king size bed for $500. You can easily furnish a 2 bedroom apt for $3000 assuming there are appliances which it probably will have. A brand new washer, dryer, stove and refrigerator will run about $1600 – $1700 delivered and set up. Dishes, lamps and stuff like that are really cheap too.
Check Encuentra24.com for a large listing of rental property
NB If you look on Craig’s List be very wary of anyone asking for money before you see the place. We came across a couple of scammers doing just that, for what looked like gorgeous properties at half the normal price! Don’t pay before you see somewhere and only when there is a contract to sign with a good lawyer.
Renting in Bocas del Toro
You can find both short term and long term property in Bocas town or on the surrounding islands. The prices range from $350 for a room and a bathroom to $500-1000 for a condo or from $600 to $2000 for a house on the water. Properties here are usually furnished.
Looking in the Bocas Breeze newspaper is a good place to find local places as opposed to holiday lets.
Renting in Boquete
When you are looking for a house in Boquete for more than a month, the best way to do it is to come, stay at a mid-range hotel for a couple of weeks and look for yourself, because this will be the only way to find something that you really want. If you plan to stay for only a month, you are better of staying at a Bed & Breakfast like el Oasis, at Isla Verde, Boquete Garden Inn or at Cabañas Sunny Hills.
Most of the time, real estate agents will not have a lot of options on their hands if you are not willing to spend more than $1,000 per month. If you are looking forward to spend less, around $300 – $800 per month, post on the following sites exactly what you are looking for and then you will get answers with specific houses or apartments that are available. Most people find their house driving around, because a lot of places aren’t posted on internet sites or with real estate agents.
Noticias Bajareque Times: Boquete’s local bi-lingual newspaper published each month. Look for their classified ads section.
Boquete.org: a discusion forum in which users share information about living in Panama with special emphasis on the expatriate communities of Boquete and the rest of the province of Chiriqui.In their classified section, look for the title Real Property for Rent/Lease (Wanted and Offered) and post the specifications of what you are looking for.
Panama’s Craig’s list: the 7th most viewed English website in the world also has a section for Panama devoted to housing for sale and for rent, wanted and offered. We recommend posting your specific needs and you will receive specific answers.
Viviun: International Property Listings with upscale more expensive offerings.
Encuentra 24: just do a search for Boquete and then select what you are looking for (to buy, to rent, vacation rental, etc.) and it will normally deliver a good amount of results.
UncategorizedAugust 12, 2009