Experiences and individual preference changes during the COVID-19 pandemic may permanently or temporarily cause new unexpected trends in different markets. This paper studies the impacts of the pandemic on the real estate market of Panama City. Our results show on average a decline in property prices while declaring significant variation among different property segments. In the residential sector, we find evidence of price increase for houses in both purchase and rental markets in comparison to apartments. Moreover, pandemic brought house price and rent declines in city centers, while price and rent increases in the periphery.