Cost of living in Panama: data and comparisons
Given the exciting prospect of buying land to build or invest in one of the exceptional housing communities in Panama, it is convenient to familiarize yourself with your currency and the costs of living in the country.
In Panama, you can pay with Balboa, the local currency, or with US dollars. There is total parity between both currencies. From this data will analyze how much it may cost to live to acquire any of the properties for sale in Panama, be it one of the properties facing the lake, in the capital, west or east of the country, or on any of the fincas new of Panama of the province of Columbus.
In addition, the cost of living will be valued when residing in independent fincas or rural communities in Panama, as opposed to living in the countries of North America.
The cost of living in Panama City
Whoever invests and establishes himself in a house in the capital city of Panama, can reside in the main economic center and the most cosmopolitan city of the country, although he will find higher prices than in the rest of the country. In any case, property developers in Panama observe a great demand for properties in the capital. In fact, the most requested properties in Panama are located in Panama City, in Colón, due to its ports and its Free Trade Zone, and in the Gatun Lake region, thanks to the idyllic lifestyle it offers.
Although those who settle in real estate in Panama City have a higher monthly budget than in the rest of the country, they still spend less than living in the United States or Canada, for example. In order to lower their monthly budget, several investors acquire fincas for sale in Panama located outside the capital. In any case, from many of the fincas in Panama located south of Gatun Lake, for example, it is possible to reach the center of the capital in less than 2 hours by car. Therefore, living in the middle of paradise, in one of the fincas in Lake Panama, is totally viable even if you develop a business activity in Panama City. The price of gasoline in the province of Panama is approximately $ 0.83 per liter, while in the province of Colón it is reduced to $ 0.72.
The average monthly expenditure of a family of four in Panama City is $ 2452, and for a single person, it is $ 677.56, approximately. This data is estimated considering that real estate has been invested in Panama and rent for the home should not be paid. This budget can be reduced by acquiring one of the convenient sustainable fincas in Panama. These are fincas with ecological solar panels, elegant and modern.
Cost of living in the province of Colón
Building a house on one of the lands for sale in Panama of the province of Colon, some of which are great real estate facing the lake, is substantially cheaper than residing on the fincas in Panama City. For example, a meal for two at an intermediate-category restaurant in Panama City can cost $ 45, while in Columbus the average price drops to $ 18.
In the area of the Gatún reservoir, shared between the provinces of Panama and Colon, it is possible to acquire some of the best fincas in Panama to set up a residence or a business, and the prices of the place are smaller than in Panama City. Inclusive, in Arenosa there are restaurants that prepare the fish of the day of the clients that have enjoyed the fishing in the lake, near the wonderful island Barro Colorado, to convenient prices. These restaurants are very close to the villas on Lake Panama in the southern area of the reservoir.
General monthly expenditure on food and services
In any of the areas where the communities of farms in Panama are conducted in order to reside permanently, it is estimated that the monthly expenditure on food per person, cooking at home, is approximately $ 100. To this is added telephony and Internet, about $ 100 per home, and about $ 150 in electricity and water, provided it is a one or two-bedroom house in Panama. In the case of one of Panama’s large farms, this cost could increase, although not substantially.
It should be noted that supermarket chains maintain their prices in food, cleaning products, and personal hygiene, regardless of the area of Panama in which they are located. With respect to health insurance, its average cost is about $ 75 per person.
Comparison of the cost of living in Panama with that of North America
Many investors who buy some of the great fincas for sale in Panama, often from the United States and Canada, notice prices much lower than those of North America. Living in a rural community on the lake, a paradisiacal area in the Panama Canal, families spend about a third less in the environment than when they reside in a condominium in an area of intermediate category in the United States.
Through the integral service of Panama Portfolio SA.com, it is possible to access a house near the lake for sale and sustainable real estate in the midst of a natural environment of incredible beauty, full of possibilities for hobbies. Our clients also benefit from visa services in Panama, advice, public services and maintenance of residences in general, to enjoy a different lifestyle, simply magnificent.