House Hunting in Panama: Tucked Into the Mountains for $580,000

The house sits at one end of the 0.39 acre property and is bordered by a large back garden with bougainvillea, bamboo, ferns, and citrus trees. Several wooden bridges span the stream that runs through the property.

The city of Boquete near Panama’s western border with Costa Rica is about 300 meters above sea level and attracts locals and foreigners alike with its natural beauty and lively cultural scene. This property is a five-minute walk from several Boquete restaurants and is not far from the pharmacies, grocery stores, and churches that are downtown. Enrique Malek International Airport in Chiriquí’s capital, David, is about an hour away. The flight from Panama-Tocumen International Airport in Panama City to Boquete takes just over an hour.

Thanks to its pleasant climate, affordable housing and health care, and the use of the US dollar, Panama has become a preferred destination for overseas buyers, especially American retirees. These buyers have gradually increased prices over the past five years

Rafael Gangi, the broker and owner of Sotheby’s International Realty Panama, said prices remained stable despite the coronavirus pandemic closing the country’s property market from March to August. Tourists and expats are returning to Panama, but in fewer numbers. “There is a moderate inventory of properties for sale in both the primary and secondary markets,” he said.

As Panama began its lockdown on March 20, Jason Cohen, an owner of Casa Solution Real Estate with wife Stephanie, got nervous. “In the beginning we lost a few deals because that was what happened,” said Cohen. “I expected things to be a lot slower.”

However, the sales volume in Boquete is still similar to 2019, and although there are some “buying opportunities”, prices have not fallen.

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