Titled ownership at Pullman: Panama Apartments in a strategic area
Investors looking for opportunities in Panama can find an excellent option at Pullman, Panama: apartments that are designed as executive suites that will operate as rentals under the brand itself. Located on Via España, in the heart of downtown Panama City, the units are available for sale with full titled ownership.
Owners can obtain rental income by leveraging their units' high standards and their nesting in a premium hotel and casino with advanced amenities.
Pullman suites’ key aspects
- Sizes ranging from
- 50 to 85 sqm
- Prices ranging from USD 308K to USD 491K
- 100% titled ownership
- Limited free use: 4 weeks per year
- Rental income split: 60% for the owner
- Premium hotel and casino located in Via España
Unit types, sizes and price band
The complex will have 126 suites, 14 per floor, between levels 1700 and 2500, while the lower levels will host the typical hotel rooms. The main difference between the two models is size and comfort, as the suites include a kitchen, a living room area, and a dining area.
In short, they will be like compact apartments, all of them with one room and one bathroom. All the residences will boast quiet luxury and streamlined architecture targeting business travelers or couples who come for a short- to mid-term stay and want full privacy. The tenant will have his/her own space to have lunch or dinner, a living room area, separated from the bed, and a kitchen to prepare themselves a snack, a coffee, or a meal.
Type | Size (m2) | Price band (USD) |
A | 53.35 | From 308,000 |
A | 54.30 | From 313,500 |
B | 85.15 | From 491,000 |
B | 85.25 | From 492,000 |
C | 56.88 | From 328,000 |
D | 63.80 | From 368,400 |
E | 74.46 | From 430,000 |
The table shows the size and corresponding price based on current sources, estimated with a price per square meter of USD 5,775. However, prices may increase as the market adjusts and properties gain appreciation.
Disclaimer: the prices in the table might be outdated at the time of reading and must be confirmed with the developer during a formal consultation. ROI and rental yields are estimated based on historic numbers; however, neither Mundo nor the developer promises returns or yields, as this depends on market fluctuations and external factors.
How title is registered and what the owner receives
The investor becomes the full owner of the property in a country where foreign ownership is 100% allowed, except for regions near international borders. The property will be registered with the Registro Publico de Panama (the organization responsible for tracking ownership in Panama). This means that the investor retains full ownership rights and can sell the property whenever they want, except if they have applied for Qualified Investor Visa, in which case they must wait 5 years before selling. As for the use of the units, they are restricted to the agreement with Pullman because the investment is mainly oriented towards rental.
How this differs from the hotel investment in the same building
Between levels 700 and 1600, Pullman will host the typical hotel rooms, and they also represent an investment opportunity. Instead of acquiring one single suite, buyers can choose another option: investing USD300,000 in hotel room shares. This represents a different approach because ownership is shared. Although this option doesn’t bring returns, it’s a flexible and direct approach to residency.
Buy to let, Panama and a strategic location for renting out
Buy to let: Panama and who rents on Vía España
The buy-to-let approach has become popular in the country of the canal, which stands out for having a rich and varied market. Vía España’s main advantage is its proximity to the city’s key areas and connections to important avenues like Transismica, Calle 50, and Tumba Muertos.
Pullman is close to two metro stations, Iglesia del Carmen (just around the corner) and Via Argentina, a couple of blocks away, which increases the commercial activity in the neighborhood and boosts property appreciation.
Corporate, medical and long-stay demand
The ability to leverage short-stay rental beyond tourism provides year-long stability and helps prevent vacancies during the low seasons.
In Pullman, guests will be close to major event venues, hotels, conference rooms, and prestigious medical centers. Pullman is approximately 1,71 miles from Hospital San Fernando, 3,740 feet from Hospiten Pitilla (in Marbella), and 1,11 miles from Panama Clinic (Punta Pacifica), which makes it a convenient choice for medical tourists.
Seasonality of demand in Panama City
The proximity to these key places lowers the risk of vacancy during the off-peak season, as it can leverage the niches of medical tourism and corporate stays. Choosing the branded residences over the hotel room investment widens the possibilities towards long-term rental activities as well. Furthermore, the kitchen, dining space, and comfortable layouts, with the bedroom separated from the social areas, make it ideal for corporate officers who come to Panama on temporary contracts.
These are people who are not planning to relocate; however, they are spending several months in Panama and want just the right amount of comfort. They don’t need a massive penthouse with views of the park, and certainly a hotel room would be too small: they want to be well located and have a place to prepare their own food and spend their after-work hours at ease. This is how Pullman suites satisfy the needs of the mid-term tenant and help obtain rental income even in the slower months.
Letting strategy
Short-stay letting: what is considered short-term stay in Panama
Every guest who stays for less than 45 days is considered to be a short-term tenant, and this activity requires a license in Panama.
Rather than getting it themselves with the Autoridad de Turismo de Panama (Panama’s entity in charge of regulating tourism), better known as ATP, investors prefer to buy in a development that already has the license.
Choosing between the two: short-term, long-term, and the hybrid option
Choosing between short-term and long-term rental is a key decision as each will entail different expenses, occupancy, vacancy rates, and even marketing strategies. However, the decision does not always have to be made before buying because some projects allow for hybrid approaches.
Long-term | Short-term | |
Gross yield* | Lower | Higher |
Void risk* | Lower | Higher |
Management intensity** | Lower | Higher |
Regulatory Exposure*** | Lower | Higher |
Wear on the unit | Higher | Lower |
Sustainability for a remote owner** | Optimal | Challenging |
Conclusions on the above table
* Analyzing the parameter “void risk”, we see how long-term and short-term rental complement each other. While one offers better returns, it presents higher void risk, and vice versa.
In this regard, Pullman has an advantage over beachfront developments and residential complexes. These are oriented towards vacationers and heavily reliant on the high-peak season. Pullman, on the other hand, can attract the medical tourism and business trip sectors thanks to its strategic location, comfortable units, and prime facilities.
** Short-term rentals in Panama are regulated through a special license. However, most projects being developed today already come with such a license, which means the non-resident owner can let the units safely.
*** In line with the above, in the current real estate landscape, owners from abroad don’t have to worry about managing rentals remotely, as most complexes are integrated or associated with rental management service providers.
Making numbers and investing in Pullman Panama apartments
Purchase price, payment schedule and total acquisition cost
Residences range from USD 308,000 to USD 491,000, but to truly estimate the worth of the investment, the buyer must consider the monthly costs, expenses, and taxes.
Management fees and what a managing agent actually does
When renting out their Pullman executive residences, owners get 60% of the income, and the operator retains 40%. With this, owners have the right to use the unit for 4 weeks a year.
Running a rental business from abroad
What a non-resident owner can and cannot do remotely
For obvious reasons, running a rental business from abroad is nearly impossible. Even long-term rental activities, which have a longer turnover, will require the presence of a manager at some point. This is why the non-resident owner prefers projects that offer this service.
Even if they were in the country, managing a short-stay rental business is almost like a full-time job as it requires booking, check-in and check-out, maintenance, and housekeeping. Further, with Pullman, they rely on an experienced team to manage operations while the brand creates confidence and attracts guests.
Pullman’s executive suites and Panama residency
Since buying a suite in Pullman grants titled ownership, the title will be registered under the investor's name and hence meet the requirements for the Qualified Investor Visa. According to the legislation (Executive Decree No.93), foreign individuals who invest at least USD 300,000 in real estate, with funds coming from abroad and from legit sources, can apply for permanent residency. Suites at Pullman start at USD 308, 000 and climb up to USD 490,000, which means any of the properties are eligible. Please note that, when buying a more expensive unit, the applicant can pay the lump sum of USD 300,000 and finance the remainder.
Resale and exit
The owners can resell at any time, and the suites have the same liquidity as any real estate asset. Note that if the property was used to obtain Qualified Investor Visa, it must be held under ownership for at least five years in order to maintain the resident status.
Disclaimer: all fees, development information and details in this article are provided for general knowledge only; hence, this article doesn't constitute legal or investment advice. Property prices, floor plans, apartment distribution and building characteristics published in this article should be confirmed with the developers during formal consultation.
Buy an executive suite on Via España with Mundo: How we work
Mundo is a team dedicated to assisting the international investor and global citizen. We can help you open bank accounts, register companies, establish trusts, and obtain investment residency or citizenship. When it comes to real estate, we are closely connected to several developers in Panama; hence, we have a wide portfolio with various apartment types, building layouts, locations, and lifestyle choices.
Our team can help you find the apartment, condo, or penthouse that best suits your needs and, besides, help you obtain Panama residency.
Mundo is made up of skilled professionals from different countries, some of them with more than 20 years of experience. This allows us to advise clients from different backgrounds and who speak different languages. Reach out to our real estate team and start looking for your apartment in Panama today.
