Three bank quotes, three appraisals?
Short answer: A bank appraisal in Panama is reported to cost about $1.25 per $1,000 of value, roughly $375 on a $300,000 property, and the Superintendencia rule only requires an appraiser independent of the borrower and “acceptable to the bank.” Nothing we found says one bank must accept another’s report, so ask in writing before paying for the first one.
A bank in Panama lends against its appraisal, not just your contract price, and the appraisal usually costs you money before the loan is approved. If you shop three banks and each insists on its own appraiser, the fee triples. The rule does not forbid sharing a report; it also does not require it. Here is what the regulation says, what one major bank publishes, and five questions that can save you the second and third appraisal.
What the rule says
Acuerdo 005-2020 of the Superintendencia de Bancos, which amends Article 41 of Acuerdo 4-2013, sets the valuation rules for mortgage collateral. Banks must use a strictly conservative criterion: the lowest value in the appraisal report, calculated as what the property would fetch if liquidated. Any second-hand home needs an appraisal updated at the time the loan is made. For new homes, the value can come from a technical appraisal or from references to similar sales in the same project.
The appraisal must be done by an expert “ajeno al deudor y aceptable al banco,” meaning independent of the borrower and acceptable to the bank. For properties below the ceiling of the preferential-interest regime, the bank may value the property itself if it has documented methods. We found nothing in this text that obliges a bank to accept another bank’s report, and nothing that bars it. The word that matters is “acceptable”: the bank decides. This is the 2020 text; we did not check later amendments.
What it costs, and why three can hurt
nexo.la reports a fee of $1.25 per $1,000 of value, and the appraisal firm Avance says typical residential appraisals in Panama City run roughly $200 to $500, with firms charging a base rate plus a per-thousand amount. We could not load the full nexo article, so we use its rate as reported. Applying $1.25 per $1,000 gives the table below (Brax arithmetic, before any base fee, and only if each bank requires its own report).
| Property price | One appraisal at $1.25 per $1,000 | Three appraisals |
|---|---|---|
| $150,000 | $187.50 | $562.50 |
| $300,000 | $375.00 | $1,125.00 |
| $430,000 | $537.50 | $1,612.50 |
What banks publish
Banco General’s fee schedule, updated January 2026, lists loan processing at $96.30 to $160.50 and legal services at $267.50 to $535 for second-hand purchases, but we did not find a line for the appraisal itself. It does list “Copia de avalúos” at $160.50, a charge for a copy of the appraisal. Its mortgage FAQ says that moving a mortgage from another bank requires a new appraisal and that the bank handles it and its cost.
The same schedule shows how the appraisal drives the loan. For second-hand purchases, financing goes up to 90% of the appraisal’s “quick-sale value.” For its vacation-home product it goes up to 70% over up to 20 years, with an extra 1% FECI when the home is not a primary residence. Other banks may differ, so this is one bank’s published terms, not the market. It is also not a quote.
The investor angle: the appraisal sets your cash
Because the bank lends on the lowest value in the report, a gap between price and appraisal comes out of your pocket. The table illustrates a $300,000 property financed at 70% of appraised value (hypothetical, for arithmetic only).
| Case | Appraised value | Loan at 70% of appraisal | Cash you add vs a loan sized on price |
|---|---|---|---|
| Appraisal equals price | $300,000 | $210,000 | $0 |
| Appraisal 10% below price | $270,000 | $189,000 | $21,000 |
This matters most where asking prices run ahead of closing prices. In our Chart of the Week #1, listings in five Panama City barrios sat 7% to 26% above comparable closings. On new builds the appraisal can lean on the developer’s own sales in the project, which makes it harder for it to challenge the price list; that is our reading of the rule, not something the regulator states.
Five questions to ask each bank before paying
1. Which appraisers are on your list, and can I choose among them? 2. Will you accept an appraisal another bank already commissioned, and how old can it be? 3. Who pays if the loan is not approved? 4. Is the percentage you finance applied to the appraised value or to the contract price? 5. What does a copy of the report cost? Ask for the answers in writing and compare them before ordering the first appraisal.
Related: The mortgage squeeze, The asking-price mirage.
Common questions
How much does a mortgage appraisal cost in Panama?
nexo.la reports about $1.25 per $1,000 of value, which is about $375 on a $300,000 property; a Panama City appraisal firm says typical residential appraisals run roughly $200 to $500. Each bank’s contract sets the exact fee, so ask before ordering.
Can I use one appraisal for several banks in Panama?
The Superintendencia rule requires an appraiser independent of the borrower and acceptable to the bank. It neither obliges nor forbids a bank to accept another bank’s report, so the answer depends on each bank. Ask in writing before paying.
Does the appraisal affect how much a bank lends?
Yes. Banks must use the lowest value in the appraisal report, and published terms such as Banco General’s base financing on the appraisal’s quick-sale value. If the appraisal comes in below the price, you cover the difference in cash.
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