There are a lot of great places to live in Panama. What you want to do with your time and how close you want to be to a plane ride home will influence your choice. With two seacoasts, a mountainous interior, a historic capital city, and areas of untouched wilderness everywhere, Panama presents the homebuyer with the “homework” of having to travel through a tropical paradise to choose the ideal spot for a home. . In addition to the fun of choosing from a number of great locations, today’s Panama home buyer or investor can choose from a host of properties that are currently priced well below what they will sell for in a few years.
Although the recession did not hit Panama in general, the recession elsewhere reduced the number of foreign buyers and this depressed the luxury real estate market. Whether it’s on Avenida Balboa along the Bay of Panama or on the Pacific Beaches around Coronado, there are properties for sale at rock-bottom prices in just a few years. The buyer/investor will do well to keep this in mind when searching for a property in paradise. What follows is the author’s favorites list.
The Tuna Coast
The old name of the Pacific for Panama is Costa Tuna. There is an underwater mountain range that provides montane locations for coral reefs and supports a large number of marine life. The entire Pacific Coast from Darién to Chiriquí boasts world-class sport fishing, diving, and boating.
Taboga Island or Saboga Island
Isla Taboga is an island in the Pacific just half an hour from Panama City by ferry. The island, like the city, was inhabited by Europeans within a generation of Columbus’s first voyage. The island of flowers is car-free, pristine beaches, a park that covers the summit and most of the perimeter of the island. This island is a beautiful haven with easy access to the conveniences of the city. Isla Saboga is equally beautiful but is located further away in the Pearl Archipelago. There are high end housing developments and there are old houses scattered all over the islands. The ferry service and the airport can take you back to the city at your convenience.
crowned and the Pacific Beaches
Just an hour down the Pacific coast along the Pan-American Highway from Panama City, there are a number of beaches where Panama’s elite have had their summer homes for decades. Coronado is becoming the commercial center with modern stores and a new shopping center. Whether you want a gated community or a tiny home tucked under the trees, this area has it. Also, a right turn on the highway will take you to the well-kept town of El Valle de Antón, which looks like a broccoli patch in the caldera of an extinct volcano. If you like this area you will not be the first. There are ancient rock drawings that give proof of residents when North America was buried under a mile of ice.
The Azuero Peninsula
Further along the Pan-American Highway is the beginning of the Arco Seca de Panamá, the dry arch, home to most of Panama’s agriculture. The Azuero Peninsula is substantially drier than most of the rest of Panama and is where cowboys herd cattle inland while fishermen land huge catches offshore. Periodically throughout the year, sea turtles nest along offshore islands and whales breed in coastal waters.
Boquete, Volcano and the Chiriquí Highlands
It is typical that when talking about Panama, Boquete is mentioned. This town is an enclave for American retirees nestled under the shadow of the mountains of western Panama. Up the road is the alpine town of Volcán, nestled under the watchful eye of Panama’s 11,460-foot peak, Volcán Barú. The Chiriquí highlands are safe from the coastal heat, are rich in ecological wonders, and are a great place for rafting, hiking, and bird watching. Furthermore, this area is the farthest end of Panama’s agricultural area and produces much of Panama’s vegetable and flower crops.
Bocas del Toro Archipelago
On the other side of the Isthmus of Panama from Chiriquí is the province of Bocas del Toro. The Bocas del Toro archipelago is a paradise for sailing, surfing, diving and enjoying nature. This area has a number of exclusive new developments that allow homeowners to enjoy nature and water sports and live in a home with all modern conveniences.
Costa Arriba and Portobello
In the time of the conquistadors, Spanish gold moved up the Pacific from Peru to the Pearl Islands, where it was inventoried. It then passed onto the mainland and was traversed by mule trains to the fortified town of Portobello. This area was named a beautiful port by Columbus on his fifth voyage. With its natural harbour, the city hosted an annual trade fair. Galleons came from Spain laden with goods, and mule trains laden with gold and silver would gather at Portabello for decades until pirates sacked the city. Today’s Portabello is a historic site along the Costa Arriba (up the coast from the city of Colón). This part of the Caribbean coast is ripe for new housing and development, as the cities of Colon and Panama have just been connected by a four-lane highway that cuts travel time to 40 minutes.
city of Panama
The first European settlement in the Pacific is a mix of history, trade, old and new. It is a Latin American banking center and centerpiece of an economy that has grown as fast as China’s in the past decade. The nightlife along Calle Uruguay continues until dawn and the casinos are open 24 hours a day. Restaurants serving traditional Panamanian food compete with kitchens run by chefs trained in Europe and North America. The city’s sports malls are as exclusive as those in North America. On one side, there are trendy cafes and boutiques with unique items in recently renovated buildings in the old city, Casco Viejo.
A good time to look for properties in Panama
Whether it is for a house or for investment, this is a good time to look for properties in Panama. Whether it’s a 30th-floor condo overlooking the Pacific or a small hacienda on the Azuero peninsula overlooking the ocean, prices are depressed, but not for long. As the recession subsides and buyers return, they will seek out these little pieces of paradise.