Panama Keeps Surprising the Investors Who Show Up to See It

There is a version of Panama that exists in the imagination of most North Americans before they visit: warm, tropical, pleasant enough, but broadly similar to the Caribbean islands they have already been to. Then they land in Panama City, and the version they had in mind is immediately retired.

The reaction has been consistent across two consecutive Invest Panama Summits organized by CHORD Real Estate, a Nashville-based firm that has taken groups of American and Canadian investors to Panama for on-the-ground tours of the countrys primary real estate zones. Participants arrive curious. They leave with something more concrete.

They all had a very similar reaction to what we did the first time we got to Panama, said Steve Luther, founder of CHORD Real Estate, who has personally invested in the market and led both summit groups. Everybody was just shocked. What is this place? How have we not heard about this?

What the City Actually Looks Like

The shock, as Luther describes it, is not about aesthetics. It is about scale and substance. Panama City has a skyline. It has more than 80 international banks. It has over 180 multinational regional headquarters operating under favorable tax conditions. Companies like Dell and Caterpillar have established significant operations there. The economy is anchored by the Panama Canal, through which roughly five to six percent of global trade passes annually. None of that is what people picture when they hear Panama.

That gap between perception and reality is one of the more consistent features of the market at this stage of its development. Panama has not historically invested in broad international marketing. Its profile among North American buyers lags considerably behind what the country actually offers, and that gap is precisely what draws the attention of investors who track markets before they become widely discussed.

What the Zones Reveal

Each area the summit groups visited carried its own indicators. Playa Caracol and Amador draw interest for their tourism potential, coastal scarcity, and the infrastructure investment surrounding them, including metro extensions crossing the canal, highway widening, and a new bridge connecting Panama City to the western province. Santa Maria appeals to buyers looking for long-term stability, anchored by an 18-hole Jack Nicklaus Signature golf course and a master-planned community of a scale that has no real domestic equivalent. Costa del Este attracts attention from those watching nearshoring trends, as more multinational companies position regional operations closer to North American time zones.

I dont know of an area in Panama I dont like right now, Luther said. Thats the problem.

A Diverse Group, a Consistent Reaction

The investors who attended the second summit in May 2026 reflected that variety. The group included people focused purely on returns, a digital nomad looking to home base in Panama, buyers considering seasonal use, and others evaluating the countrys residency pathways. The available projects were diverse enough that each of them found something worth examining seriously.

What the summit format offers, beyond the specific projects, is relationship infrastructure. Meeting developers in person, walking construction sites, sitting across a table from attorneys and local agents these interactions produce a confidence level that no amount of online research replicates. As Luther puts it: I dont suggest wiring a bunch of money from a Zoom call. Shake hands, meet the people, get a comfort level, build that trust.

Summit III, January 2027

CHORD Real Estate has announced the third annual Invest Panama Summit, scheduled for January 21 through January 24, 2027, in Panama City. The format follows the established structure: a welcome reception on the first evening, guided property tours across Panama Citys development zones over the following days, and an excursion to the Pacific coast, including Playa Caracol, before the group returns. Spots are limited. More information is available at chordrealestate.com/investpanamasummit.

About the Expert: Steve Luther is the Principal, Chief Strategist & Advisor of CHORD Real Estate, a Nashville-based firm with an international division focused on Panama and other emerging markets. chordrealestate.com

This article is intended for general informational purposes only and does not constitute legal, financial, or real estate advice. Readers should conduct their own research and consult qualified professionals before making any real estate or financial decisions.

Disclosure: Individuals or companies mentioned may have a commercial relationship with KeyCrew.

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