The new-build premium: 1.4× to 2.7× per square metre
Short answer: In Bella Vista, Juan Díaz (which includes Costa del Este) and San Francisco, new-build prices reported by 4S Real Estate are about 1.4× to 2.7× what resale apartments closed at per square metre in the first half of 2026 (MLS and lakilé figures; Brax calculation). The gap is real; what it is made of is a question to ask building by building.
Most Panama City buyers compare two numbers: the new-build price per m² and the resale price per m². This note puts them side by side with their sources, so you can see the size of the gap and what it does and does not prove. Nothing here is a forecast or financial advice.
Step 1: the new-build numbers
On 15 July, La Prensa reported a study by 4S Real Estate. New homes sold fell from 4,737 in 2024 to 2,866 in 2025 (about 40% fewer), and 1,292 sold in the first quarter of 2026, which the study calls a recovery. It also lists primary-market prices per square metre for vertical housing: $3,782 in Bella Vista, $3,723 in Juan Díaz (which includes sectors such as Costa del Este) and $3,673 in San Francisco.
Step 2: the resale numbers, from two sources
The same study cites the MLS system for resale closing prices in the first half of 2026: $1,405 in Bella Vista (down from $1,687 in 2025), $2,587 in Juan Díaz (up from $2,110) and $1,759 in San Francisco, with a Panama City average of $1,726. Separately, lakilé’s reports, built from public-registry closings, put the typical Bella Vista resale at $1,767 and the Costa del Este median at $2,108. The two resale sources differ for Bella Vista by about 26%, most likely because they cover different periods and samples, so the table shows both and the ratio as a range.
| Area | New build (4S via La Prensa) | Resale close, MLS H1 2026 | Resale close, lakilé | New ÷ resale (Brax calc.) |
|---|---|---|---|---|
| Bella Vista | $3,782/m² | $1,405/m² | $1,767/m² | 2.1× to 2.7× |
| Juan Díaz / Costa del Este | $3,723/m² | $2,587/m² (Juan Díaz) | $2,108/m² (Costa del Este) | 1.4× to 1.8× |
| San Francisco | $3,673/m² | $1,759/m² | not covered | 2.1× |
| Panama City average | — | $1,726/m² | — | — |
Step 3: what the gap can and cannot mean
New projects usually come with newer finishes, amenities, warranties and payment plans, and resale stock is older and varies much more in size, floor and condition. Those are reasonable explanations for a premium, but this data does not measure them, so we do not assign a share of the gap to any of them. What the numbers do show is that a buyer comparing “per m²” across new and resale is comparing different products.
It also matters that the Qualified Investor visa threshold is $300,000 for new first-sale property and $500,000 for resale (see our Decree 17 note). For a buyer pursuing residency, the choice between new and resale is not made on price per m² alone.
Step 4: five questions before you pay a new-build premium
1. What did the last three resale units in this building or its neighbours close at, not list at? 2. What are the monthly condominium fees and what do they include? 3. What do comparable resale units rent for under signed leases (see our gross-to-net walk)? 4. What does the payment plan require before delivery, and what protections apply to those deposits? 5. Is the unit’s price per m² quoted on gross or net area?
You can check closing prices by zone in our price-per-m² page, and we thank 4S Real Estate, La Prensa and lakilé for publishing figures openly that make this comparison possible.
Step 5: what this changes for a buyer
If you are buying new, the premium is a choice about product, timing and payment structure, and you can negotiate it with facts: resale closings in the same area are the reference. If you are buying resale, the discount to new is real but comes with an older building and a higher visa threshold. Either way, the useful number is not the average of the city, it is the building.
Related: The +38% that isn’t your market, Panama’s 2026 market reset, Decree 17 and the visa threshold.
Questions about a specific unit? Jacky, from the Brax team, answers on WhatsApp: +507 6776-4203. Brax is paid a commission by developers on new-build units.
Common questions
How much more do new apartments cost than resale in Panama City?
Using 4S Real Estate’s primary-market prices (via La Prensa, July 2026) and resale closings from the MLS and lakilé, new builds are about 1.4× to 2.7× resale per square metre in Bella Vista, Juan Díaz/Costa del Este and San Francisco. These are Brax calculations from different sources.
What is the average resale price per m² in Panama City?
The MLS system reported an average of $1,726 per m² for resale closings in the first half of 2026, according to the 4S Real Estate study reported by La Prensa. Prices vary a lot by building.
Does the new-build premium mean new apartments are overpriced?
Not by itself. New projects differ from resale in finishes, amenities, age and payment terms, and this data does not measure those. The right comparison is building by building, using closing prices rather than list prices.
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