Real estate agents in Panama for renters and buyers

Most people who settle well in Panama rent before they buy. A local agent helps with both. Because there is no single listing system and the same property can appear at several prices, a careful agent saves you time and money.

Renting

• Leases are usually for a year. Furnished long-term rentals are common in Panama City and the expat towns.
• Landlords typically ask for a security deposit of one month’s rent plus the first month in advance. By law the deposit on a residential lease is lodged with the housing ministry, though practice varies.
• Ask what is included. Maintenance fees, water and gas are often covered in apartment buildings; electricity usually isn’t, and air conditioning makes it a large bill.
• Have the lease explained in English before you sign, even if the signed version is in Spanish.

Buying

• Foreigners can own titled property in Panama with the same rights as citizens.
• Not all land has registered title. Rights of possession land, common on islands and coasts, is riskier and can’t support a residency visa.
• A purchase runs through a promise-to-purchase contract, a final deed signed before a notary and registration in the Public Registry.
• Asking prices are often negotiable, and reliable data on what similar properties sold for is hard to find.

See buying property in Panama for the full process.

What a good agent does

• Shows you several neighbourhoods or buildings, including the drawbacks of each.
• Tells you what similar homes actually rented or sold for, not only what is being asked.
• Says clearly whether a property is titled.
• Recommends, but doesn’t choose for you, an independent attorney to check title.

What to ask before hiring

• What is the broker’s licence number, and do you belong to a professional association such as ACOBIR?
• Who pays your commission, and how much is it?
• Can I speak with foreign clients you worked with in the last year?
• For a purchase: is the property titled, and has the Public Registry record been checked?
• If I am buying for residency: has an immigration attorney confirmed that this property qualifies?

Common questions

Do real estate agents in Panama need a licence?

Yes. Brokers must hold a licence issued by Panama's real estate board. Many salespeople, including foreigners, work under a licensed broker. Ask for the licence number of the broker responsible for your transaction.

Is there an MLS in Panama?

There is no single listing system that covers the market the way an MLS does in the US. The same property can be listed with several agents at different prices, and some are never advertised.

Should I rent before buying in Panama?

Most people who settle well do. Six months to a year of renting shows you the neighbourhood, the building and the climate in both the dry and wet seasons before you commit money.