Everyone is trying to cut down on the
cost of living from the mortgage to the cost of food and leisure. Panama is
praised for one thing. Panama cost of living is relatively lower as compared to a number of other destinations in
the world. This is however relative to the lifestyle you want to lead with the
lavish ones likely to spend more. For those in search of a comfortable living
and decent basic lifestyles, you are likely to spend half the amount you would
spend in the US or UK.
Expatriates estimate that you will
comfortably live on between $1000 and $1200 per month if you are not after any
kind of an extravagant life. Further more, a large population of the
Panamanians spend far much less than this for the same period. However, the
cost of living is gradually increasing due to the vast numbers of British and
American expatriates who are moving to Panama for
retirement and investment.
For instance, for only $5, you will
get a nice meal for one person. In a more expensive restaurant, for only $25,
you will get a 3 course meal. A meal in the fast food restaurant will cost
slightly less than they do in the UK or US. For only $1.90, you will
get an imported beer and other types of alcohol or soft drink. For a 330ml of branded
soft drink, you will pay $0.80. For only $5, you can get a bottle of wine of
medium quality. Cigarettes are even cheaper with a packet going for less than
$2, this is one third of what they would cost in the United States.
Transport around the city is
relatively cheaper too. You will pay approximately $2 for taxi for about 5km
ride. A monthly ticket for the local bus services sets you back just around
$12, as compared to the US
where this would just be for a week. You will be surprised that the cost of the
cars are just like in the US
and UK
despite them being imported.
It is estimated that for just $200,
you will be able to offset the bills of water, electricity, refuse collection
and bottled gas. As for the cost of mobile phones, internet connection and
landlines, they are the same as those in the UK. To rent a small apartment, you
will pay between $100 and $300 if you live outside the city. Within the city
center, you will part with approximately $900. For the same price, you can also
get large apartments of approximately 3 bedrooms outside the city. However, in
the more revered places, you will pay about $1500, all rates per month. This
indicates that the rent in the city is much lower than those in other places
such as US and UK.
There is a variety of Panama real estates for sale from as low as
$50000.
Just like in the US and UK, the cost of leisure is high.
For instance, a monthly workout at the gym would cost $40. However, the tickets
to the cinema are relatively cheaper and they go for as low as $3.50. Since
clothes and shoes are imported, they will cost relatively higher than in US and
UK.
A pair of shoes can cost you between $35 and $50.
It’s worth mentioning that to shop
for gifts, household appliances, and clothes; you can visit the duty free shops
that will save you a lot of money.
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