Before the deposit
Between January and August 2026, Panama’s consumer authority Acodeco received 280 complaints against real estate firms, for $13.2 million. More than half — 146, or 52% — ask for the same thing: money already paid, back. Yet by Brax’s arithmetic those refund cases add up to only about 23% of the money in dispute. The expensive fights are over hidden defects and abusive contract clauses, which average four to five times more per complaint. For a presale buyer, that tells you exactly which two pages of the promesa de compraventa to read first.
What happened
Acodeco’s August statistical report, analysed by nexo.la, counts 280 complaints against real estate firms this year. Real estate leads the authority’s Conciliation department with 242 of its 520 cases (47%), ahead of car dealers at 63. The average refund claim is $20,917; an abusive-clause claim averages $105,046 and a hidden-defect claim $92,647.
The trend is steady rather than spiking. Acodeco had logged 170 complaints for $7.89 million by May (Infobae), which implies about 37 new complaints and $1.77 million a month over June–August, against 34 and $1.58 million a month before. Complaints are also diffuse: no single developer has more than nine in Conciliation, and 98 of the 242 cases are against companies with just one.
Refund demands are 52% of complaints against Panama real estate firms but only ~23% of the money claimed — the costly fights are over defects and contract clauses.
Complaints against real estate firms at Acodeco, by type · share of count vs share of amount claimed · Jan–Aug 2026
| Metric | Value | Source |
|---|---|---|
| Complaints against real estate firms, Jan–Aug 2026 | 280 · $13.2M | Acodeco |
| Complaints asking for money back | 146 (52%) | Acodeco |
| Average claim, refund | $20,917 | Acodeco |
| Refund claims, total (Brax calc.) | ~$3.05M (~23%) | Brax |
| Average claim, abusive clause | $105,046 | Acodeco |
| Average claim, hidden defect | $92,647 | Acodeco |
| Complaints, Jan–May 2026 | 170 · $7.89M | Acodeco via Infobae |
| Pace, Jun–Aug (Brax calc.) | ~37/month · ~$1.77M/month | Brax |
| Most complaints against any one developer (Conciliation) | 9 | Acodeco |
Source: Acodeco, Reporte Estadístico de Protección al Consumidor, Jan–Aug 2026 and real estate sector report, as analysed by nexo.la; Jan–May figures via Infobae; Brax analysis. Note: refund share of money = 146 × $20,917 ÷ $13.2M, a Brax calculation. Acodeco does not publish why each refund was requested.
Image description: two 100% stacked bars. Share of complaints: refunds 52%, everything else 48%. Share of money claimed: refunds about 23%, everything else about 77%.
Why it matters: who holds the option in a presale
A presale is an option you pay for in instalments. The developer drafts the promesa, holds the deposit and controls the delivery date; the buyer — often abroad — carries construction and timing risk and has the weakest exit. Under today’s Law 45 of 2007, Acodeco conciliates but has no express power to order a deposit returned; a bill promoted by deputy Ernesto Cedeño would give it that power, and it is still under analysis.
Two more gaps sit in the law. The ten-year liability for a building that fails structurally names the contractor and the architect, not the developer you signed with; Bill 212, which would add the developer and require an all-risk policy before any construction permit, has waited for first debate since February 2025 (nexo.la). And we found no Panamanian rule that makes a trust or escrow account mandatory for presale deposits. Some developers use one voluntarily; ask, in writing.
The data points to the rational move for a buyer: negotiate the refund clause and the defect warranty before price, because those are where the money is lost. Complaints are spread across many small firms rather than concentrated in a few, so the developer’s track record and the fine print matter more than the brand on the hoarding.
What to check before you pay the first instalment
1. The refund clause: how much comes back, in which cases (including the developer’s delay or failure to deliver), and within how many days. 2. Where the deposit goes: a fiduciary or escrow account in a bank, or the developer’s operating account. 3. The developer’s record in Acodeco’s published company list, and how many towers it has actually delivered. 4. Permits: approved construction permit and plans, not just a rendering. 5. Delivery date and penalties written into the promesa, both ways. 6. The warranty on the work, in writing, with its term — the law sets no minimum today. 7. For residency buyers: Decree 17 caps residency held on a purchase agreement at three years and requires a bank-backed protection instrument — confirm the project qualifies.
Related: Decree 17’s 3-year clock on presale visa status, what founders pricing actually means, and how a Panama closing works.
Common questions
What is the most common complaint against real estate developers in Panama?
Refund of money already paid. Of 280 complaints Acodeco received against real estate firms between January and August 2026, 146 (52%) asked for a refund, averaging $20,917 per claim.
Can Acodeco force a developer to return my presale deposit?
Today Acodeco conciliates and its public defender can take cases to court, but Law 45 of 2007 gives it no express power to order a deposit refund. A bill to modify Law 45 and grant that power was under analysis as of July 2026.
Is my presale deposit held in escrow in Panama?
Not necessarily. Brax found no Panamanian rule making a trust or escrow account mandatory for presale deposits; some developers use a bank fiduciary account voluntarily. Ask where the deposit goes and get it in the promesa de compraventa.
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