Between January and November 2025, Panama recorded 2,659,122 international visitors, representing a 7.6 percent increase compared to the same period in 2024, according to official data from the Autoridad de Turismo de Panamá.

The economic impact outpaced the growth in arrivals. Tourism generated $5,981.4 million in foreign currency during the first eleven months of the year, up 9.3 percent from the $5,471.6 million reported in 2024. The data suggests not only higher visitor numbers, but also stronger per capita spending.

With a population of about 4.5 million people, Panama welcomed 2.65 million visitors in 11 months – meaning tourist arrivals equal nearly 60 percent of its population – while the United States, with roughly 335 million residents, typically receives international visitors equal to only a fraction of its total population each year.

Higher Spending and Longer Stays

Average spending per stay reached $2,249 per visitor. Daily expenditures averaged $281, with an average stay of approximately eight days.

Of the total visitors, 2,085,592 were overnight tourists, reflecting a 10.7 percent increase year over year. Cruise passenger arrivals reached 270,998, up 11.2 percent. In contrast, excursionists and transit passengers totaled 302,532, marking an 11.9 percent decline.

The distribution of arrivals also highlights Panama’s role as a regional hub. Aeropuerto Internacional de Tocumen handled 76 percent of total arrivals, welcoming 2,020,691 visitors, a 9.1 percent increase. Cruise ports posted solid gains, while Paso Canoas grew modestly by 2.2 percent. Other ports recorded a slight decline of 3.3 percent.

The preliminary figures indicate that tourism growth in Panama is not only quantitative but also qualitative. Foreign currency inflows expanded at a faster rate than visitor volume, signaling stronger economic contribution per traveler.

A Broader National Impact

Sustained growth in overnight tourism typically benefits hotels, restaurants, tour operators, transport services, and local businesses. Cruise passenger growth also supports port services, logistics providers, and hospitality operations in coastal cities.

Urban destinations such as Panama City continue to concentrate arrivals due to Tocumen’s connectivity, while beach and regional destinations are also seeing activity supported by cruise routes and domestic tourism infrastructure.

Communities such as Playa Venao and Cambutal have increasingly positioned themselves within Panama’s expanding tourism map. Both areas benefit from longer-stay visitors seeking beach, surf, and lifestyle-oriented experiences.

How This Could Influence Property Markets

Tourism growth does not automatically translate into higher property prices. However, sustained increases in overnight visitors and average spending can influence certain segments of the real estate market over time.

In destinations with limited inventory and growing short-term rental demand, higher occupancy rates may improve cash flow stability for vacation properties. Areas with established hospitality infrastructure could see continued demand for rental-ready homes, boutique hotels, and mixed-use projects.

At the same time, rising tourism revenues can justify further investment in infrastructure, roads, utilities, and airport connectivity. These improvements tend to enhance long-term livability for residents and expats, while also supporting property values in well-located communities.

It is important to remain measured. Tourism cycles can fluctuate based on global economic conditions, airline routes, and geopolitical factors. However, current figures show a positive trajectory supported by diversified visitor segments, including overnight tourists and cruise travelers.

Looking Ahead

With nearly $6 billion in tourism revenue generated in just eleven months, Panama’s visitor economy continues to play a significant role in national income. The combination of increased arrivals, higher per visitor spending, and steady airport connectivity positions the country favorably entering 2026.

For investors, residents, and expats evaluating Panama as a destination, tourism data serves as one of several indicators to monitor when assessing long-term growth patterns.

If you are considering purchasing property in Panama – whether for lifestyle, rental income, or long-term investment – our team at Casa Solution Real Estate can help you evaluate opportunities across the country with objective market guidance and local expertise.

Written on February 22, 2026