Home Searching in Panama: Tucked Into the Mountains for $580,000
The house is at the extreme end of 0.39 acres, connected to a large garden with bougainvillea, bamboo, ferns and fruit trees. Many wooden bridges run along the river that flows through the area.
The town of Boquete, near the western border of Panama and Costa Rica, is located at an altitude of about 3,900 feet above sea level and attracts local and foreign people alike in natural and cultural beauty. The place is a five-minute walk to several Boquete restaurants, not far from the drugstore, grocery store and churches that downtown the city. Enrique Malek International Airport, in Chiriquí, David, is about an hour’s drive away. The flight to Boquete from Panama-Tocumen International Airport in Panama City takes about an hour.
Thanks to its favorable climate, affordable housing and health care, as well as the use of the US dollar, Panama has become a popular destination for foreign buyers, especially retired Americans. Consumers have steadily raised prices over the past five years
Rafael Gangi, a broker at Sotheby’s International Realty Panama, said that although the coronavirus had disrupted the domestic market from March to August, prices had stabilized. Foreigners and exiles return to Panama, but few. “There is a list of low-end products for both the first and second markets,” he said.
When Panama closed on March 20, Jason Cohen, with his wife, Stephanie, of Casa Solution Real Estate, panicked. “Initially, we lost a number of contracts because of what happened,” Cohen said. “I expect things to go smoothly.”
But the volume of sales in Boquete remains the same as in 2019, he said, and although there is a “buy-in” option, prices have not fallen.