Isla Contadora is a small island in Panama known for its luxurious resorts and beautiful beaches.
Remember that Panama uses the U.S. dollar. and the cost of living on Isla Contadora is driven up by the logistics and expense of getting the products and services to the island.
For instance, the cost of manpower to unload groceries off barges, transport goods, and stock shelves adds to the cost of the items sold.
In general, if something costs US$2 in Panama City, it will cost US$3.50 on the islands. Fresh fruit and vegetables are found on the days the barge lands. Of course, you can get a whopping deal on fresh fish and shrimp if you buy from the local fishermen; approximately US$6 to US$8 per pound. Or better yet, catch dinner yourself.
Generally speaking, the cost of living in Contadora is higher compared to many other parts of Panama due to its status as a tourist destination.
Contadora Island has two very small grocery stores with limited and mostly small quantities of goods.
The cost of accommodation on the island can range from US$260 to US$500 per night or higher for high-end accommodations.
Above all, rental prices for houses on Contadora can range from US$1,500 to US$3,000 or more per month.
A meal at a mid-range restaurant may cost around US$18 to US$35 per person. However, if you cook your own meals or eat at local eateries, you can definitely save money and live in Contadora on a budget.
On the other hand, you can still expect to pay slightly higher prices for food items compared to mainland Panama due to transportation costs.
On Contadora, most people get around on foot or by golf cart, as cars are not as common. Renting a golf cart can cost around US$50 to US$100 per day, depending on the rental period. Otherwise, there is little to no transportation cost once you are on the island.
The utility costs (including electricity, water, and internet, etc.) are generally higher on islands compared to the mainland due to logistical challenges.
For instance, we recommend that you ask about specific rates from the service providers on Contadora before making any decisions.
When it comes to groceries, you can expect to pay anywhere from US$200 to US$400 per month, depending on what kind of items you buy.
It is extremely easy to live on a budget food wise in Contadora, Panama. But, since it is an island, the options will be slightly more limited as well as more expensive.
Contadora, Panama, is a tourist destination. So, activities and tours are always available.
Prices for boat tours, water sports, and other recreational activities can vary. In short, check with local tour operators for current prices.
While Contadora may seem extremely expensive, the cost of living in Contadora and Panama, in general, can be more affordable compared to different parts of the United States.
In short, it can be a financial benefit for Americans looking to stretch their retirement savings or looking for a more affordable lifestyle.
Even compared to other parts of Panama, Contadora comes at a bargain price. Where else can you find such a high end island destination to live on for around US$1000 per month for a single person?
