Panama Uncovered

Dear International Living Reader,

The cool climate, fresh mountain air, and lush valleys you find in Boquete are no longer Panama’s (or International Living ’s) secret. We’ve been telling you about this idyllic valley for years. More recently, The New York Times, The Chicago Tribune, and others have also alerted their readers to all that Panama--and particularly the Chiriqui province where Boquete is located--has to offer.

As more and more people catch on to what Boquete proper has to offer, you need to look elsewhere in the region for the best deals.

That said, you can still find good deals on older, established farms and tiny pockets of property near Boquete, but sellers can have unrealistic ideas of what prices should be. Remember, in markets like this one, you’ve no reliable way to do comps. So owners don’t have any real idea of what their land is worth. They take their chances when a gringo buyer presents himself.

We believe the market has gone beyond itself in Boquete. That’s why I’m looking beyond Boquete. In the current issue of Panama Insider I introduce readers to another town in Panama’s inland Chiriqui region (offering the same pleasant, spring-like climate of Boquete)--Volcán.

Volcán doesn’t have all the amenities and infrastructure of Boquete…but neither does it have the developed (some might say inflated) pricing. You’ll spend half as much to own here as you would in Boquete…and you’re buying the same spring-like climate year-round, the same fresh mountain air, and the same beautiful scenery.

The small mountain town of Volcán doesn’t boast a big expatriate community, grand housing developments, golf courses, or a thriving social scene, but, at 5,000 feet elevation, it does offer a cool climate (something that can be a welcome escape from hot, humid Panama City) and great outdoor activities. It has a comfortable and refreshing small-town feel. This is an area I’ll be paying close attention to in coming months…and that I think is worth a look from you, too, if Panama’s interior is of interest.

I explored this area recently in a1996 Toyota Landcruiser, looking for opportunities to report to my Panama Insider readers. Here’s what I found:

* An old, rustic blue house on a 1/2-acre lot just outside town--on the market for only $10,000. It’s in need of repairs and restoration, but it’s just off the main road and a two-minute drive to town.

* A 2 1/2-acre lot along the roadside a bit closer to town. This one isn’t dirt cheap (it’s priced at $120,000), but it could be the perfect site for a restaurant or small cantina.

* Just outside town in an area called Paso Ancho, with a view of Volcán Barú, I saw 15 acres for sale for only $200,000. With that much land, you could create your own private haven…or invest in your own small development.

* Right in the town of Volcán, I saw 1 1/4 acres, on which is sitting an old, bright green, three-bedroom, two-bathroom house in desperate need of a paint job. But it’s priced at only $50,000. You’d pay at least twice that in Boquete right now.

I’m going to be watching this little town and its emerging market closely. I’m sure that, in the coming months, I’ll find even more and better deals. These will be covered in detail, along with many other opportunities, in upcoming issues of Panama Insider. The particular properties I’ve mentioned here are reported on in the current issue of Panama Insider, now available online. If you haven’t yet subscribed to Panama Insider, there’s never been a better time--you get a 20% discount if you join before Dec. 1 (see below).

Brandon Clogston
The Panama Insider, International Living

Editor's note:

Brandon is manning the IL fort in Panama City. If you've plans to visit Panama in the near future or if you've an appointment scheduled to consult with our in-Panama staff...Brandon is standing by to help. If you'd like to confirm a meeting, an airport pick-up, or, indeed, anything else related to travel or investment in this country, reach Brandon by e-mail at panama@internationalliving.com .