Real estate in Panama

Alemán, Cordero, Galindo & Lee

Alemán, Cordero, Galindo & Lee is renowned for its experience in large-scale real estate transactions and the development of major commercial, industrial and residential projects, including the Panama Pacífico special economic area. Among its clients, the firm counts banks and other financial institutions and leading real estate developers. The team is led by Aníbal Galindo, a real estate specialist who also advises on corporate and M&A transactions in the sector; Eloy Alfaro, who acts for many of Panama’s largest real estate developers; and Lorenzo Marquínez, who has particular expertise in luxury real estate developments. Senior associate Rafael Marquínez is also experienced in financial transactions in the real estate sector. Since publication, Marquínez has been raised to the partnership - effective January 2022.

Practice head(s):

Aníbal Galindo; Lorenzo Marquínez; Eloy Alfaro

Key clients

London & Regional (Panamá)

Grupo Verdeazul

Grupo Buenaventura

Ideal Living

Grupo Provivienda

Grupo Eleta

Desarrollos Horizontes

Desarrollos Comerciales

Marea Ventures

Constructora Urbana

Work highlights

  • Advising London & Regional (Panama) on all major aspects of its development of the Panama Pacífico Special Economic Area, including financing, real estate and regulatory matters.
  • Advising Grupo Verdeazul in connection with the 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 a large mixed golf/residential development, Santa María Golf & Country Club, in Panama City.

Galindo, Arias & López

Galindo, Arias & López has a wide-ranging real estate practice, spanning the financing and development of office, hotel, shopping centre and luxury residential projects; purchase and leasing transactions in the real estate sector; and regulatory issues, including condominium regulation. In addition, the firm has notable expertise in the creation and operation of real estate investment trusts, and a niche specialism in real estate transactions and developments in Panama City's Casco Antigua, a Unesco heritage site. Practice head Salomón Behar specialises in project development and financing. Ramón Ricardo Arias, who advises many leading Panamanian real estate developers, is also a key contact.

Practice head(s):

Salomón Behar

Key clients

Grupo Durex

Grupo Attie

Grupo Amarilo

Ocean Reef Island


Grupo Casas Grandes

Grupo Los Pueblos

Hacienda El Limón (Costa Verde)

Inmobiliaria P&P

Work highlights

  • Advised Grupo Durex on all aspects related to the development of the Panama Design Center Costa Del Este real estate project.
  • Advising Grupo Attie on the development of the PH Dorado Strip / City Centre project, including corporate and administrative matters.
  • Advising Grupo Amarilo on the development of various horizontal property projects, including Hacienda Golf, La Campiña Club Residential.

Arias, Fábrega & Fábrega

The experienced María Carolina Arroyo leads the real estate team at Arias, Fábrega & Fábrega, which has considerable expertise in real estate joint ventures, zoning and environmental regulations, land purchase, construction and development agreements, and real estate finance transactions. Clients include leading real estate owners and developers, hotel and shopping centre operators, construction companies, and financial institutions. Senior associate Vivian Holness is also a key contact.

Practice head(s):

María Carolina Arroyo

Fabrega Molino

Fabrega Molino's real estate practice spans the sale and purchase of land, the development of major commercial, residential and mixed-use real estate projects, the negotiation of commercial leases, and zoning and special permitting requirements. The team counts financial institutions, contractors and large real estate owners and developers among its clients. Practice head José Augustín Preciado has additional expertise in tax and investment matters. He is supported by senior associate José Antonio Sierra.

Practice head(s):

José Agustin Preciado


LOVILL‘s expertise in real estate matters ranges from transactions involving plots of land and the development of commercial and residential projects to advice on the horizontal property regime and lease agreements. In addition, the team has recently been active assisting with leasing issues stemming from the Covid-19 lockdown. Clients include large local and international real estate developers. The practice is led by founding partners Elizabeth Heurtematte, who has expertise in the tax planning and financing of real estate projects and in regulatory issues surrounding developments in the historical Casco Antiguo district of Panama City, and Isabel Cristina López.

Practice head(s):

Elizabeth Heurtematte; Isabel Cristina Lopez

Key clients

Pearl Island

Dekel Group

AJ Dayan

Atrio Mall

Hacienda San Jose

M&A Capital

Richard O’Brien Companies

Isthmian Investment Corporation

Jeancenter Corporation

Work highlights

  • Advised Dekel Group on several real estate transactions, including the corporate restructuring of a company with a high-value plot of land located in Panama City, Panama.
  • Advised Pearl Island on the creation and amendment of horizontal properties, including co-ownership bylaws, of a luxury resort located on a private island in Panama.
  • Advised AJ Dayan on a joint venture with an international investment fund for the development of a luxury residential project located in Panama City, Panama.