Why It’s the Right Time to Buy In Chiriquí, Panama

In 2018 Panama is expected to outperform all other Central American countries as well as many in South America. And in its western province of Chiriquí the economy is set to boom, thanks to a $1 million investment by Del Monte into Puerto Armuelles, to start up exportation of bananas once again.

This one addition to the economy is expected to add more than 15,000 jobs throughout the region. Also, there has been talk that cruise liners are interested in making Puerto Armuelles part of their itinerary stops.

Tourism is set to explode here, along with the resident population as people relocate to work for Del Monte. So now is the time to get in and buy a home or starting a business before the boom starts. In Puerto Armuelles right now you can still find reasonably priced oceanside homes. A two-bedroom, two-bathroom home built in 2012 with the master bedroom opening onto a veranda overlooking the ocean is only $117,000. Or for $135,000 you can buy a 1,600-square-foot traditional banana plantation-style home in an exclusive neighborhood. This home has three bedrooms, two bathrooms, and comes completely furnished, only minutes to the beach.

In David, the province’s capitol and largest city, the economy is booming. Business and residential construction is everywhere. Set to open soon is David’s first indoor mall with over 400 stores. This project, when completed, is expected to add more than 5,000 jobs. The Chiriquí hospital has doubled its size, clearly noting the impending influx of new residents that will need health care. A new Hilton hotel with 120 rooms is already being built to be the largest hotel in the province.

New housing developments are scattered everywhere on the fringes of David. Estimates last year indicated that over 60,000 homes will be constructed between David and Concepcion alone. In the neighborhood of Villa Natalia just minutes from El Terronal mall, a home is currently on the market for $120,000. The property has three-bedrooms, two-bathrooms, 1,290 square feet, and is on a fully-fenced large lot in a quiet area.

In the upscale neighborhood of La Perla is a home for sale for $180,00. Fully upgraded with a modern feel, this home has 1,829 square feet of living space with three-bedrooms, three-bathrooms, beautiful front porch, and the backyard has an inground swimming pool.

Looking for a condo so you can lock and leave? $119,00 will get you into a North American-style, gated community of 21 units with two pools. This condo has two-bedrooms, two-bathrooms, and comes fully furnished. Condo fees are $134 a month and include water and garbage.

In the highlands, Boquete’s economy continues to grow with new mini malls, grocery stores, and construction on a new convention center. The corridor between David and Boquete is seeing more construction of new homes and a new development. The development El Frances is set to build 100 homes during its first phase. Although Boquete’s real estate prices are rising, some good bargains can still be found. For $189,000 you can buy a home in Alto Boquete just 5 minutes from downtown. Three bedrooms, two bathrooms, and a nice covered back porch with views. If you’re looking for a condo, Valle Escondido Gated Community in Boquete has an upscale condo with 1,500 square feet, three bedrooms and two bathrooms overlooking a golf course listed at $255,000. If you would rather be higher up, you will find a home with wonderful views of the surrounding valley listed at $198,000. This home gives you 1,178 square feet with two bedrooms and two bathrooms. It has a lovely yard full of orange trees and landscaped gardens, less than 10 minutes to downtown Boquete.

If you plan to pay cash, most homes can be bought at a reduced rate by negotiating. This is the right time to look at Chiriquí to find great bargains and get in before the word gets out.

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