Real estate in Panama

Alemán, Cordero, Galindo & Lee

The real estate team at Alemán, Cordero, Galindo & Lee advises a wide range of domestic and international clients, including financial institutions and developers, on high-value real estate projects and transactions. The team provides regular assistance in the development of residential, commercial and industrial projects, with a particular emphasis on the planning for high-end resorts. Eloy Alfaro, who is currently advising on a high-profile development in the Panama Pacifico area, leads the team with the highly experienced Aníbal Galindo, who excels in M&A involving real estate assets, and Lorenzo Marquinez, who counts a number of luxury real estate developers among his clients. Rafael Marquínez, who was welcomed to the partnership in January 2022, is a name to note for financing transactions in this space.

Practice head(s):

Aníbal Galindo; Lorenzo Marquinez; Eloy Alfaro

Key clients

London & Regional

Grupo Verdeazul

Grupo Buenaventura

Ideal Living

Grupo Provivienda

Grupo Eleta

Desarrollos Horizontes

Desarrollos Comerciales

Marea Ventures

Constructora Urbana

Work highlights

  • Advising London & Regional on the financing, real estate and regulatory aspects of its master development of the Panama Pacífico Special Economic Area.
  • Advising Grupo Verdeazul on its master plan and development of the Buenaventura Golf & Beach Resort, a premium beachfront and golf community.
  • Advising Ideal Living on the master plan and development of Panama City’s largest mixed golf/residential development, Santa María Golf & Country Club.

Galindo, Arias & López

Galindo, Arias & López‘s diverse real estate practice covers financing and corporate transactions, commercial agreements, regulatory matters in the sector, and the development of major office, commercial and high-end residential projects. The team is noted for its advice on real estate transactions and developments in Panama City’s historic Casco Antiguo district, and has carved out a niche in the creation and operation of real estate investment trusts. Of counsel Salomón Behar spearheads the practice and has longstanding experience in project finance. Ramón Ricardo Arias also plays a key role in advising major Panamanian real estate developers.

Arias, Fábrega & Fábrega

María Carolina Arroyo leads the real estate and hospitality practice group at Arias, Fábrega & Fábrega, which is particularly focused on project finance and Panama’s horizontal property regime. The team has experience advising on real estate and tourism joint ventures, construction and development agreements, commercial leasing, property tax and real estate finance. Its diverse client base is made up of real estate owners, developers, hotel and resort operators, and construction companies.

Fabrega Molino

Senior partner José Agustín Preciado leads the real estate practice at Fabrega Molino and is noted for his experience in real estate transactions including acquisitions, investments and joint ventures. The team has considerable expertise in the acquisition and sale of land, and in the development of commercial, mixed-use and residential projects. Zoning, permitting and other land use matters are other areas of activity for the department. Experienced senior associate José Antonio Sierra is a key figure in the practice, who focuses on cross-border real estate investments.


Lovill‘s real estate team stands out for its advice on the sale, acquisition and merger of land plots, including for the purposes of residential and commercial developments. In addition, the firm has notable expertise in advising major real estate companies and high-net-worth families on the restructuring and management of their real estate portfolios. The practice is led by Elizabeth Heurtematte, who divides her time between Panama City and Tokyo, and Isabel Cristina López. Heurtematte is proficient in project finance, and regularly advises on regulatory issues related to the development of projects in the historical Casco Antiguo district of Panama City. Associate Alejandro Fung focuses on real estate transactions.

Practice head(s):

Elizabeth Heurtematte; Isabel Cristina Lopez


‘Alejandro Fung provided us with fast and effective legal advice on real estate transactions and always tried to find acceptable solutions for both parties.’

‘Lovill is a superb law firm that is attentive to clients’ needs and very efficient in its approach to a range of legal services.’

‘I have worked with Alejandro Fung and found him to be very practical when it comes to real estate business decisions and well versed in real estate law and current commercial practice in Panama. His insight has saved me literally thousands of dollars in potential legal and other fees.’

‘Excellent service, fast response times and quality advice.’

‘Alejandro Fung has excellent customer service skills. He is efficient and seeks to provide a prompt solution, protecting the interests of the client.’

‘They have great attention to detail and go to a lot of effort to protect their clients and keep them informed.’

‘Alejandro Fung is a great lawyer and has exceeded our expectations on multiple transactions.’

Key clients

Pearl Island

Mexichem Panamá/Orbia Group

Isthmian Investment Corporation

Hacienda San José

M&A Capital

Dekel Holdings

Riba Smith

Atrio Mall

Valor Advisors

Blue Playa Venao

Work highlights

  • Advising the developer and owner of the Pearl Island resort on the division of land into new plots for future development, the constitution of a new building into the horizontal property regime, and obtaining authorisation from the Ministry of Housing.
  • Advising Financiera Autocash on the negotiation of new long-term lease agreements as part of its expansion and opening of new branches.
  • Advising Blue Playa Venao on the sale of properties in its ocean village development in the province of Los Santos.

Morgan & Morgan

Working closely with the firm’s project finance practice, the real estate team at Morgan & Morgan has significant strength in structuring the financing for high-value commercial, retail and residential developments. In addition, the team advises on tourism-related projects and luxury residential developments. Clients include major real estate developers and leading domestic financial institutions, who also turn to the firm for assistance in real estate M&A. Practice head Francisco Arias is a key figure in the team for real estate finance matters, while Ricardo Arias specialises in the establishment and registration of real estate investment trusts.

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

Work highlights

  • Advised Banco La Hipotecaria on the public offering of mortgage loan notes in three tranches for an amount of up to $112.5m.
  • Advised Global Bank, as arranger, paying agent and local broker dealer, on the public offering of secured corporate bonds by Ritol Investments, a company operating in the real estate business in Panama, for an amount of up to $20m.
  • Advised Global Bank, as arranger, paying agent and local broker dealer, on the public offering of secured corporate bonds by Urban Development Group, a company operating in the real estate business in Panama, for an amount of up to $20m.