Hall Of Fame

Next Generation Partners

Firms To Watch: Real estate

Icaza, González-Ruiz & Alemán is adept at assisting investors in Panama with real estate transactions, including the sale and acquisition of properties, project development and the structuring of horizontal property.

Real estate in Panama

Alemán, Cordero, Galindo & Lee

Alemán, Cordero, Galindo & Lee‘s real estate practice is particularly sought after by major Panamanian real estate developers to advise on all aspects of high-profile commercial, industrial and residential projects in the country, including financing, contracting and regulatory issues. The team is strong in advising on the development of high-end beach resorts, in addition to assisting with complex projects such as the Panamá Pacífico master-planned sustainable city. Among the key names at the partner level are Anibal Galindo, who is renowned for his vast experience across the full spectrum of real estate matters, and Lorenzo Marquínez, who has notable expertise in advising Panama’s largest luxury real estate developers. They jointly lead the practice following the departure of former department co-head Eloy Alfaro in July 2022. Up-and-coming partner Rafael Marquínez is also active in real estate finance transactions.

Galindo, Arias & López

Galindo, Arias & López fields a diverse real estate practice, capable of handling the full range of regulatory, corporate and project finance matters in this space, acting for an impressive roster of major real estate developers. The team’s broad expertise spans office, retail, hotel, luxury residential and restoration projects, where the team advises on procurement, permitting and financing; it also handles traditional real estate transactions and assists clients with condo regulation. Advising on real estate investment trusts (SIIs) is also among the practice’s core strengths. Of counsel Salomón Behar, the chair of the firm’s project finance department, heads the sizeable team, which also includes litigation leader Diego de la Guardia (who has experience in project finance and government contracting), Ramón Ricardo Arias, Diego Herrera and Jose Luis Sosa (who focuses on M&A and project finance transactions).

Morgan & Morgan

Morgan & Morgan leverages its full-service model to advise an extensive roster of major real estate developers, investors and financial institutions on corporate, financial and regulatory matters in the real estate space, with notable recent experience in tourism-related projects. In addition to handling M&A and joint ventures, the firm routinely assists with the acquisition, sale and leasing of properties, permitting and environmental issues, and project finance. Another standout area of activity is the constitution and registration of SIIs, where Ricardo Arias, who co-heads the firm’s securities practice, has specialist expertise. The firm also fields a dedicated department focused on administrative issues such as the registration of mortgages. Francisco Arias, whose broad practice encompasses real estate-related corporate, financial and securities matters, leads the team. Experienced senior associate Giselle Moncada, who heads the firm’s office in David, Chiriquí, is also a key figure in the team.

Practice head(s):

Francisco Arias

Key clients

Constructora Urbana (Cusa)

Grupo Eleta

Grupo Verde Azul

Banco La Hipotecaria


Desarrollo Bahia


Los Castillos Real Estate

Prima Sociedad Inversión Inmobiliaria

Inmobiliaria Casas Grandes

Dream Properties

Desarrollo Inmobiliario del Este

Commercial Center Developers

Work highlights

  • Advised Dream Properties, as sponsor, on the constitution and registration before the Superintendency of Capital Markets (SMV) of NF Real Estate Fund as a real estate investment trust (SII).
  • Advising Corporación Valle Lindo on the registration of its affiliate with the SMV as an SII.
  • Advising Inmobiliaria Casas Grandes on the registration of an affiliate with the SMV as an SII.

Arias, Fábrega & Fábrega

Arias, Fábrega & Fábrega houses a multidisciplinary real estate team, bringing together specialists in corporate, project finance, environmental, regulatory and tax matters. In particular, the firm is noted for its strong hospitality practice, with a wealth of experience in advising prominent hotel and tourism groups on the development of high-end hotel and resort projects. Its diverse client base also includes major financial institutions, real estate owners and developers, and construction groups. Co-managing partner Rodrigo Cardoze, who has a broad corporate and finance practice, is the primary contact in the team, and jointly leads the hospitality group with Fernando Arias F. Highly experienced of counsel María Carolina Arroyo also lends senior expertise to the team.

Fabrega Molino

Fabrega Molino handles the full spectrum of real estate matters, ranging from the acquisition of land, commercial leases and land-use regulations to project finance and property-related disputes. The team is well versed in the development of commercial, residential, retail, hospitality and logistics projects, including in the historic Casco Viejo district of Panama City, counting leading financial institutions and real estate developers among its clients. At the helm of the practice, senior partner José Agustín Preciado brings extensive experience in advising on real estate investments to the table. He is ably supported by senior associate José Antonio Sierra, who focuses on corporate real estate matters and government regulatory permits.


Commended by clients for its ‘great all-round service focused on Panamanian real estate‘, LOVILL has a broad practice encompassing the sale and acquisition of land, the development of commercial and residential projects, the horizontal property regime, lease agreements, the merger and segregation of plots of land, and the restructuring of the ownership of land. Elizabeth Heurtematte, who divides her time between Panama City and Tokyo, advises a range of national and international companies, family offices and private individuals on real estate matters; she leads the team with Isabel Cristina López. The ‘exceptionalAlejandro Fung, who is noted for advising on ‘both the commercial and the legal aspects of decisions affecting properties‘, was promoted to partner in July 2023.

Practice head(s):

Elizabeth Heurtematte; Isabel Cristina López


Excellent time management and client service.

Alejandro Fung is a top-notch lawyer who acts with a sense of urgency and delivers practical solutions.

A great all-round service focused on Panamanian real estate. Thoroughly professional with quick response times, often over the weekend.

Alejandro Fung is exceptional and provides a great service. He considers both the commercial and the legal aspects of decisions affecting properties.

Lovill has a small team, which I see as an advantage. The team members (led by Cristina López) work very closely together.

We work with Alejandro Fung. He provides an excellent service and well-explained, business-oriented advice, in a very effective manner.

Key clients

Pearl Island

Mexichem Panamá/Orbia Group

Isthmian Investment Corporation

Hacienda San José

M&A Capital

Urban Developers and Investors

Riba Smith

Atrio Mall

Valor Advisors

Blue Playa Venao

Work highlights

  • Advising Pearl Island, the developer and owner of the Pearl Island resort project, on the segregation of land plots for future development.
  • Advising Urban Developers and Investors on all matters relating to the development of residential buildings in Panama City.
  • Advising Blue Playa Venao, the developer of a private residential beach resort in Pedasi, on the sale of villas and apartments.