Panama’s tourism authority (ATP) reported preliminary results showing continued growth in international travel to the country during the first ten months of 2025. Between January and October 2025, international arrivals increased 7.1% year over year, while tourism income reached $5,455.5 million, up 9.3% versus the same period in 2024.
Key numbers from January-October 2025
According to ATP figures cited by local media, Panama welcomed an estimated 2.38 million international visitors in the first ten months of 2025. That compares with a little over 2.22 million during the same period in 2024, an absolute increase of roughly 158,000 travelers.
Tourism revenues rose by more than $460 million compared to the prior year period, suggesting that gains were not only driven by more arrivals, but also by higher average visitor spending.
Hotel occupancy averaged about 56%, which the sector considers a stable level overall. Results can vary significantly by location and season, but the national average provides a broad snapshot of operating conditions.
Tocumen remains the main gateway
Tocumen International Airport continued to be the primary entry point, accounting for more than 1.6 million inbound passengers and posting growth of 7.7%. Other channels, including cruise ports and land borders, also showed positive changes, although performance differed by market.
ATP also estimates that the average visitor stays around eight days and spends about $2,289 per trip, reinforcing tourism’s role in generating foreign currency and supporting employment across airlines, hotels, restaurants, tour operators, and retail.
What this signals for residents, expats, and investors
For residents, sustained tourism demand generally supports job creation and small business activity, especially in hospitality and services. For expats and international buyers, the data points to a travel market that is increasingly supported by air connectivity and a broader visitor offering, which can translate into more consistent activity in established tourism corridors.
From an investor perspective, the revenue growth being stronger than arrival growth is notable. It suggests improved value capture across the tourism chain, whether through upgraded experiences, higher daily spend, or better packaging of cultural and nature-based products.
ATP Administrator Gloria De Leon highlighted culture, biodiversity, gastronomy, and nature as central themes in Panama’s international promotion, aimed at markets in the Americas and Europe.
Where this may show up most clearly on the ground
Tourism performance is rarely uniform nationwide. Areas that combine accessibility, amenities, and recognizable attractions tend to capture disproportionate gains.
Two examples with active visitor appeal and established services include:
-
Casco Viejo (walkability, dining, heritage appeal): https://www.casasolution.com/community/casco-viejo-real-estate/
-
Boquete (cooler climate, nature tourism, expat community): https://www.casasolution.com/main-community/boquete/
Coastal lifestyle hubs can also feel the ripple effects of higher arrivals, especially when travelers are extending trips beyond Panama City.
Property market considerations (measured, not hype)
If tourism growth persists, the most direct property impacts typically appear in short-term rental performance, hospitality-adjacent commercial demand, and renovation activity in high-foot-traffic districts. That said, the national hotel occupancy average of 56% suggests the market is stable but not uniformly tight, so investors should still underwrite conservatively by micro-location, seasonality, and property differentiation.
In practical terms, well-located homes and condos that match what visitors actually book (ease of access, reliable utilities, good management, and strong reviews) tend to benefit first, while properties that are harder to access or lack consistent services may not see the same lift.
Bottom line
ATP’s preliminary 2025 results through October indicate that Panama is attracting more visitors and converting those visits into higher overall tourism income. For residents and business owners, that supports economic activity. For expats and investors, it provides another data point suggesting demand drivers remain active, particularly in proven destinations and well-served corridors.
If you’d like help evaluating a property for lifestyle use, long-term renting, or short-term rental potential, Casa Solution Real Estate can share comparable options and local context across key markets in Panama.
Written: January 12, 2026
