Best Airbnb ROI Zones in Panama City (2026 Data)

The Short Answer

If you're buying in Panama City for Airbnb income, the three zones that consistently outperform are Casco Antiguo, Avenida Balboa, and to a lesser extent, Bella Vista. Here's why — and what the actual numbers look like.

Methodology

We reviewed 180+ active short-term rental listings across Panama City using AirDNA data, direct operator interviews, and our own portfolio performance from Q1–Q3 2024. All figures are annualized.

Zone-by-Zone Breakdown

🏆 Casco Antiguo — Best ROI (9–14%)

Casco is the highest-performing Airbnb zone in the city. Its UNESCO heritage status, walkability, and boutique appeal attract international travelers willing to pay premium nightly rates.

• •Average daily rate (ADR): $120–$180/night
• •Occupancy: 72–85%
• •Gross yield: 9–14% depending on entry price
• •Best property type: Studios and 1BR with original architecture details
• •Caveat: Entry prices are higher ($200K–$600K), and some buildings have HOA restrictions on STR.

🌊 Avenida Balboa — Most Consistent (7–12%)

Avenida Balboa has the highest concentration of STR-friendly buildings in the city. The waterfront location commands strong demand from business travelers, expats, and regional tourists.

• •ADR: $90–$140/night
• •Occupancy: 68–80%
• •Gross yield: 7–12%
• •Best buildings: Bayfront, Coral Reef, P.H. Towers
• •Key advantage: Many buildings explicitly allow Airbnb. Strong year-round demand.

🏙️ Bella Vista — Entry-Level Performer (5–8%)

Bella Vista offers the most accessible entry prices in the city ($120K–$300K), which makes the dollar yields viable for first-time investors, even if percentage yields are lower.

• •ADR: $60–$95/night
• •Occupancy: 60–72%
• •Gross yield: 5–8%
• •Best for: Investors with $150K–$200K budgets who want STR income

What the Numbers Don't Show

Gross yield is only part of the picture. You also need to factor in:

• •Property management fee: 20–25% of revenue
• •Condo maintenance fees: $150–$400/month depending on building
• •Utilities: $80–$150/month for a 1BR
• •Furnishing cost: $8,000–$20,000 for a fully Airbnb-ready unit
• •Vacancy buffer: We recommend modeling 65% occupancy max in projections

Our Recommendation

Don't buy based on gross yield alone. The best Airbnb investments in Panama combine:

1. A zone with strong organic demand (not just seasonal)

2. A building that explicitly allows short-term rentals

3. A realistic pro-forma with 65% occupancy and documented operating costs

We build a full Investment Memo for every property we recommend — including conservative, base, and optimistic scenarios. Request yours here →

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Data based on AirDNA reports, operator interviews, and portfolio performance Q1–Q3 2024. Past performance does not guarantee future returns. Always consult with a financial advisor before investing.