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Panama has three primary destinations for expat
retirees. Panama City and the Pearl Islands are two; the
other is a wonderful farm town named Boquete (population 17,000)
in the western highlands (elevation is 3,200 feet). Nestled
in a green valley with dramatic, mist-shrouded volcanic mountains
on three sides and with a river running through the center of
town, Boquete almost defines the word
"Paradise." It is starting to be discovered
by outdoor-oriented tourists, and developers are moving in, but
this peaceful town still feels unspoiled and
undiscovered. Located in the "Valley of the
Flowers," it seems that anything can grow here, and Boquete
is indeed known for its outstanding oranges and
coffee. |
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Currently, Boquete has about 600 expatriate retirees, but that
number is increasing almost weekly. Many articles point out
that real estate in Panama is very inexpensive. In Boquete,
this is not so true, mainly because foreigners are bidding up
prices, but buyers do still seem to receive a good value for their
balboa. Homes here can be built for roughly $50 per square
foot, but that does not include the land price. In addition
to selling homes, developers are buying tracts of land and selling
lots. The least expensive lot we found was about 10 minutes
outside of town, on a good road and with lovely views of the
surrounding hillside. It was 17,000 square feet and priced
at $56,000. Considering that a 2,500 square foot home can be
built for roughly $125,000, an added $56,000 brings the total
price to $181,000. Not dirt cheap but not a bad value for
the money. We also found in town a soon-to-be built gated
community with a 21,000 square foot lot for $85,000.
Located on a hillside next to the Volcan Baru National Park, it
had (and probably still does) jaw-dropping views of the Pacific
Ocean.
$125,000 will buy a new, 2 bedroom, 2 bath condominium with
1,400 square feet in a development close to the town
center. For $149,000, we discovered a very
unique, 3 bedroom, 2 bath home precariously perched on the side of
a hill overlooking town. For $160,000, we found in
town a lovely 3 bedroom, 3 bath townhouse with lush landscaping
and a large terrace. $190,000 will fetch a beautiful 3
bedroom, 2 bath home that is completely furnished. We
discovered a wonderful 2 bedroom, 2 bath home overlooking a small
river and a golf course in a gated community for $345,000.
It comes with a covered tiled deck, large teak deck, sunken
Jacuzzi and a glass sun room with a volcano
view. Boquete also has a number of large
estates, several owned by expatriates.
Boquete Plantation is a new, gated community about 15 minutes
outside of Boquete and offers gorgeous, owner-built
"Tuscan-style" homes with red-tile roofs. Lots are
being sold starting at about $82,000. Buyers must
build their own homes using preferred builders and follow one of
several floor plans that the development provides. An
inn on-property is also planned. Cielo Paraiso
is a new, exclusive gated community that actually builds homes for
buyers. An 18 hole golf course is under construction,
and a hotel is planned.
Valle Escondito is a retirement community with a golf course
and custom-built homes that celebrate the Spanish Colonial period
of Panama's history. All homes have tile floors, red tile
roofs and wood ceilings. Villas (actually duplexes with
2,000 to 3,000 square feet) and condominiums (1,500 square feet)
will be built, and buyers are urged to use one of several
preferred builders.
Vista Boquete is a new, luxury condominium development with new
3 bedroom, 3 bath units for $275,000.
Volcancito, a small community about 10 minutes down the road
from Boquete, is another place to explore for housing. Homes
here are not less expensive, but they provide more choices.
Villegas and Martinez (507-720-2584) is a local builder that
offers free consultations before any land is purchased and builds
custom homes from the $65 per square foot price range.
Panamanian law allows for both nationals and foreigners to
purchase property in Panama, but the government does not allow
foreigners to purchase property located less than ten kilometers
from the frontiers, nor on islands under the jurisdiction of
Panama. Make sure land purchased is titled.
Beautiful
Boquete, Panama, Continued....
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