Here is a great article from CNN where they reported on a surveyed list of the most expensive cities in the world. Looking beyond the top ten, they looked at the bottom and although Saudia Arabia and Iran were at the bottom, Panama ranked third from the lowest cost. Oh well, maybe I’ll try Iran for the summer, NOT!
May 17, 2013
(CNN) — When the Economist Intelligence Unit released its most recent Worldwide Cost of Living Survey, the spotlight, as ever, fell on the world’s most expensive cities.
Tokyo came in on top of the pile of places that drain the color from your wallet, while Osaka and Sydney were second and third.
But what about the other end of the spectrum — how about a holiday where you can live it up without hemorrhaging cash?
The world’s cheapest city is Tehran, Iran, followed by Jeddah, Saudi Arabia. Both have rich heritages, but Iran and Saudi Arabia are better known for generating controversial headlines than attracting tourists.
In third place, however, Panama City popped up. The Central American country is best known for hats and a canal — now we’ve got a reason to make sure our passport is up to date!
Over the past decade, Panama has enjoyed the fastest growing economy in Latin America.
As a result, new hotels and restaurants have sprouted across the capital. Healthy competition is keeping standards high, and Panama City has a plethora of top-quality, luxury experiences for cut prices.
Logistics
Before stepping foot outside the airport, you’ve started saving. All tourists arriving at Tocumen International Airport are given travel insurance for 30 days. It is granted by the Panamanian Tourism Authority; the government has provided the service since it signed an $8 million deal with Assicurazioni Generali.
Next up: cash. The Panamanian balboa is linked with the dollar and the two currencies are interchangeable, so there’s no paying a commission for changing currency.
As for airport transfers, a standard taxi to the city center costs $25. You could arrive in style with a Panama Luxury Limousine for $88.50. The same service would cost $145 in Rio de Janeiro, or $427 in Tokyo.
More cents can be saved (and you can do your bit for the environment) by avoiding bottled water. Tap water in Panama City is safe to drink, not a given in the region.
Hotels
Waldorf Astoria Panama
Latin America’s first Waldorf Astoria hotel opened in March 2013.
Book early and rooms start from $159.
Located on Calle Uruguay, aka “restaurant row,” the 248 rooms have metallic, glass and crystal decor designed by Miami-based Ba-Haus/KNF.
A stay here certainly doesn’t feel like skimping. The outdoor swimming pool is covered in gold tiles, there’s a swanky spa and each guest is given a personal concierge.
Overseen by head chef Kalych Padro Alvarado, four restaurants include a sushi bar and a French brasserie.
Waldorf Astoria Panama, 47th and Uruguay Streets; rooms from $159; 
+507 294 8000
Canal House
Canal House is a creaky 19th-century mansion in Casco Viejo, and checking in feels like staying with a stately aunt. With just three suites set around a large wooden staircase, this high-end guesthouse is owned by two sisters and loved for its quirky charm and homemade cooking. It was called “the finest accommodation that exists in Panama,” by Panama 980 magazine.
Canal House, Calle 5a Este; +507 228-1907 ; rooms from $195, suites from $320
Tantalo Hotel
The year-old Tantalo Hotel has 12 rooms, each designed by a different Panamanian artist. Designs range from gentle and flowery to seductive, with red-and-black walls and silver ceiling studs.
Downstairs, a “living wall” is made from 900 lush plants. The restaurant dishes up Panama-style tapas, such as octopus with lemongrass and ginger. Cocktails, wine and several dishes to share will cost around $30 a head.
Each month, paintings in the communal areas change.
“The idea is for the fourth floor to be like an art gallery that you can wander around with a drink,” says assistant manager Catalina Bermudez.
The big, buzzing rooftop bar has panoramic views and hosts events including a monthly Cuban music evening.
Tantalo, Avenue B and Eighth Street; +507 262 4030 ; rooms from $120