Newer, not richer
In El Cangrejo, the two newest towers (built 2022 and 2024) sell for 54–57% more per square metre than a 2006 tower, yet their asking rents are only 6–21% higher. The buyer pays for the lobby; the tenant mostly does not. Gross yields reflect it: 6.8% and 7.5% in the newest towers against up to 9.8% in older ones. But age is not a rule: one 2007 tower yields 6.7%, and the highest-yielding towers also hold most of the neighbourhood’s title problems, says Brax Research.
In El Cangrejo the newest towers yield 6.8–7.5% gross; older ones reach 9.4–9.8%, though age is not a rule.
Gross rental yield by tower, ordered by year built · El Cangrejo, Panama City · lakilé estimate, September 2026
| Tower | Built | Gross yield | Rent /m²/month | Purchase /m² |
|---|---|---|---|---|
| Luxor 100+200 | 2006 | 9.8% | $14.43 | $1,589 |
| Mont Royale | 2007 | 6.7% | $9.78 | $1,581 |
| Marquis Tower | 2008 | 8.2% | $12.90 | $1,708 |
| Miró | 2014 | 9.4% | $14.28 | $1,641 |
| Van Gogh | 2022 | 7.5% | $17.39 | $2,496 |
| Luxor 400+600 | 2024 | 6.8% | $15.30 | $2,447 |
Source: lakilé, El Cangrejo report (Signal 3 and Signal 1), updated September 5, 2026, built from Registro Público sales and listing data; method at lakilé methodology. Years built from lakilé’s tower table (Signal 1). Yields are gross estimates, before maintenance fees, management, repairs and vacancy. Only six towers have enough rentals and sales to be measured; samples are 10 to 51 sales per tower. Brax analysis.
Image description: horizontal bars of gross yield by tower, ordered by year built. Luxor 100+200 (2006) 9.8%, Mont Royale (2007) 6.7%, Marquis Tower (2008) 8.2%, Miró (2014) 9.4%, Van Gogh (2022) 7.5% and Luxor 400+600 (2024) 6.8%, the last two highlighted. A dashed line marks the neighbourhood median of 7.8%.
What the registry shows
lakilé’s El Cangrejo report measures yield tower by tower, comparing rent per square metre with the closing price per square metre of the same building. Six towers have enough data. The two newest, Van Gogh (2022) and Luxor 400+600 (2024), close at about $2,500/m². The 2006 Luxor 100+200 closes near $1,590/m². Rents do not follow that 54–57% gap: asking rent is $14.43/m² in the older tower, $15.30 in the newest and $17.39 in Van Gogh.
The result is a yield spread. Luxor 100+200 (9.8%) and Miró (9.4%, built 2014) lead; Marquis (8.2%) follows; Van Gogh (7.5%) and Luxor 400+600 (6.8%) sit lower. lakilé’s reading is that the tenant pays for location, the Metro and a furnished unit, and a newer lobby adds little to what a tenant will pay.
Price per m² rises 54–57% from the 2006 tower to the 2022–24 towers; asking rent rises 6–21%.
Index per m², Luxor 100+200 (2006) = 100 · purchase price and asking rent · El Cangrejo · September 2026
| Tower | Built | Price index | Rent index | Rent ÷ price gap |
|---|---|---|---|---|
| Luxor 100+200 | 2006 | 100 | 100 | +0 pts |
| Mont Royale | 2007 | 99 | 68 | -32 pts |
| Marquis Tower | 2008 | 107 | 89 | -18 pts |
| Miró | 2014 | 103 | 99 | -4 pts |
| Van Gogh | 2022 | 157 | 121 | -37 pts |
| Luxor 400+600 | 2024 | 154 | 106 | -48 pts |
Source: lakilé, El Cangrejo report (rent and purchase prices per m², comparable-yield table). Index is a Brax calculation: each tower’s value divided by Luxor 100+200’s. Asking rents are what landlords list, which lakilé describes as the ceiling of what tenants end up paying; prices are recent closings from the registry.
Image description: paired horizontal bars per tower, price index (grey) and rent index (gold), Luxor 100+200 = 100. Mont Royale 99 and 68; Marquis 107 and 89; Miró 103 and 99; Van Gogh 157 and 121; Luxor 400+600 154 and 106.
Why it matters: what you pay for versus what a tenant pays for
If the plan is rental income, the useful question is not how new the building is but how much of its price a tenant will repay. A 2024 tower buys the same walk to the Metro as a 2006 one. A buyer who wants the newest finishes, a lower repair risk or resale appeal can reasonably pay for them, but should know the cost shows up as roughly two to three points of gross yield, not as higher rent.
The same logic appears in Santa María, where lakilé finds the priciest tower, La Maison by Fendi Casa, at the bottom of the yield table (5.3%) and Village Center, delivered in 2024, at the top (7.9%). So age alone does not decide it. What predicts yield is the gap between price and what tenants pay, building by building. Both of those Santa María figures, and La Vista’s 7.6%, rest on three sales or fewer in some towers.
For how rents behave once a lease is signed, see our rent reality check: signed rents run below asking, so every yield here is a ceiling.
What comes next
Scenario, not forecast: if new supply keeps coming into the same barrios (cement and permits are rising, see Chart #2) while tenants keep paying little extra for newness, the yield gap between new and older towers persists, and new-tower prices lean on appreciation rather than income. The trigger to watch is whether asking rents in the 2022–2024 towers rise toward their price premium; the next lakilé update will show it.
Related: Chart of the Week #1: the asking-price mirage, #2: cement caught up with permits.
Common questions
Do newer towers in Panama City yield more?
In El Cangrejo, no. lakilé’s September 2026 report puts the two newest towers (2022, 2024) at 7.5% and 6.8% gross yield, while a 2006 and a 2014 tower reach 9.8% and 9.4%. Age is not a rule, though: a 2007 tower yields 6.7%.
Why do new towers yield less?
They cost 54–57% more per m² to buy than a 2006 tower in the same barrio, but asking rents are only 6–21% higher. Tenants pay for location, the Metro and furnishing more than for a newer lobby.
Are these yields what I would actually earn?
No. They are gross estimates before maintenance fees, management, repairs and vacancy, and based on asking rents. Expect net income several points lower.
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