Two of my scouts are deep into a road-trip through Panama…
Oliver and Noah began in the city, traveling west to the stunning master-planned community of Playa Caracol on the Pacific Riviera. From there they hit the rolling hills and sandy beaches around Pedasi—which I told you about last Friday.
Today they share an update from the highlands of Boquete…
Wishing you good real estate investing,
P.S. My team and I spend over a million dollars on travel and research each year in search of the world’s best real estate opportunities. Next is a chance to own beautiful garden condos just a short stroll to the beach in Panama from around $228,400. Now, that price is for RETA members only, and off-market. You can learn more about RETA if you’re not already a member. If you are a RETA member, stay tuned to your upcoming alerts! I expect gains of $121,600 five years after delivery!
In the Mountains of Panama
By Oliver Lovett
I’m an expat Englishman who’s called Panama City home for several years and I’ll never leave!
I love this little country and the incredible lifestyle it affords my family and I. There’s such a sense of opportunity and the possible! I’ve seen huge changes in my time here, new roads, bridges, skyscrapers…
And if I’d never come to Panama I doubt I would have found my way onto Ronan’s team at RETA.
Yet, here I am…
Boots on the ground in the cool-weather mountains of Chiriqui province to check out one of Panama’s most-established expat hubs—Boquete.
When I first visited Panama I was blown away by the variety of the country. What Panama lacks in square miles, it more than makes up for. It ranks among the top 25 most biodiverse countries globally and has more bird species than all of North America combined. There are approximately 10,000 plant species, and 200 mammal species. Panama’s ecosystems include rainforests, cloud forests, mangroves, coral reefs, and wetlands.
On a perfect Panamanian morning, I’d departed Pedasi for Boquete alongside RETA photographer and videographer Noah Duethman. (You can read my Pedasi report here.)
Our drive gave us another chance to enjoy Pedasi’s countryside—a pastoral scene of rolling hills, mounted cowboys, and cattle, beneath brilliant blue skies.
We’d stopped first in David, Panama’s second-largest city, to return our rental car at the airport and catch an Uber to Boquete.
With wealthy Panamanians increasingly purchasing second homes in Boquete—many flying in and taking taxis—I wanted to assess firsthand how practical and affordable this option truly was.
David Airport has between five and eight direct flights to Panama City each day and the journey takes around an hour. You can find round-trip tickets from around $160. An Uber from David Airport to Boquete took forty-five minutes and cost $20.
From Panama City, you can be in Boquete in around three hours which includes time for airport check in.
Nestled in Panama’s western highlands, Boquete is a mountain town with over 23,000 residents, including a substantial expat population. The district offers stunning vistas of Volcán Barú and the Caldera River. Spring-like temperatures stay in the 70s throughout the year.
Boquete is just an hour from Pacific beaches, surrounded by Chiriquí’s fertile farmland (80% of Panama’s produce is grown here along with world-famous coffee).
I first visited Boquete in 2018. I loved the springlike climate and marveled at the mountain scenery. But back then Boquete felt a little run down.
That’s not the case anymore. Walking the downtown area at night I found lively bars and charming restaurants. A brand-new supermarket has opened along with a high-end liquor store.
Noah and I caught a live band playing in a local bar. Half the audience was under 30 and the other half over 60. Everyone was having a good time.
Remote workers and digital nomads discovered Boquete during the pandemic and continue to arrive. Alongside the more sedate expats, there’s a constant stream of younger visitors.
High-End Real Estate: Valle Escondido
We met up with Joanne Hatch, a local real estate agent, to view some listings in the master-planned community of Valle Escondido (The Hidden Valley).
Built by Sam Taliaferro, an inventor who developed technologies for Fortune 100 companies, Valle Escondido was one of the first expat communities in Panama. It was also created with self-sufficiency in mind.
The community has its own hydroelectric plant, water springs, and food gardens. Amenities include a hotel, golf course and a spa. It’s close to downtown Boquete, and a popular choice for expats both to buy and rent. Donald Trump Junior stayed here a couple of weeks ago.
Prices in Valle Escondido start in the low $300,000s for a two-bed condo while mansions run into the millions.
The lowest priced house I could find was this four-bedroom house, listed at $888,000.
The 3,767 square feet recently renovated main residence has a brand-new roof and a custom kitchen. It’s priced at $888,000 or $235.73 per square foot.
The living room has floor-to-ceiling windows and connects to a covered terrace with a fieldstone fireplace. There’s also a finished exercise room, a two-car garage, and an attic.
The house has a fully furnished downstairs apartment with a kitchenette, a full bath, a private terrace, and separate entrance.
The listing states the downstairs apartment is generating Airbnb revenue of $35,000 per year with documentation to prove it. That’s a gross yield of 3.94%. Not RETA grade, but a nice perk if you’re buying for the lifestyle.
(Remember, we haven’t done any due diligence on any of these properties and you should always hire your own attorney and do your own due diligence when buying a property.)
This four-bed house enjoys views across the valley and comes with a separate one-bed apartment.
Noah and I did a tour of this stately four-bedroom house with views of the mountains and Valle Escondido. The house spans nearly 7,850 square feet and comes with a separate one-bedroom apartment with a full kitchen, a bathroom, and a private entrance.
The great room has high ceilings and patio doors that open onto a terrace. There’s a formal dining room, solarium, upstairs lounge/library, and a basement/garage.
It’s listed for sale at $1,375,000 and you can see the listing here.
At $1,375,000, you’re paying $175.16 per square foot. There’s also intriguing rental potential from the attached one-bed apartment.
This fully turnkey three-bed condo in Valley Escondido is listed for $354,999.
If you’re in the market for a second home, or something a little smaller, I found this listing for a sleek three-bed condo in Valle Escondido.
It’s a 1,539 square foot second-floor condo and fully turnkey. Everything is included down to dishes, cutlery and linens.
It works out at $230.67 per square foot which again seems like good value. It’s a place you could use, enjoy and still figure on making some modest gains when you want to sell.
As the premier community in Boquete, Valle Escondido has a big advantage…Its own moat.
Wealthy people will always want to live here because of its global reputation, amenities and stunning views, close to the center of town.
Once a budget paradise, now a global destination: Boquete’s transformation mirrors Panama’s economic rise.
Noah had commented that Boquete reminded him of a couple of mountain towns in Colorado, Ouray and Idaho Springs. I looked at recent median listing prices in these towns. In Ouray, it was $950,000. In Idaho Springs, $692,500.
That’s the median price. For the best real estate, figure on paying considerably more.
Meanwhile, in Boquete, for similar prices you can get a high-end home in a gated community close to the center of town.
Visiting Boquete, and seeing the prices, bought home the new reality of the real estate market in Panama.
It’s no longer a place where you can rock up on a tight budget and buy real estate in the best communities.
The reason for this transformation becomes clear when you look at Panama’s economic trajectory.
There’s serious money in Panama and more arriving. Wealthy people are coming here from across the globe.
Some seek vitamins and supplements. Others move to Boquete and let nature handle the rest.
Panama has a pool of affluent buyers happy to pay premium prices for real estate in prestigious locations like Boquete.
These buyers recognize what quickly became clear to me—Boquete is special.
If your dream is to live in a mountain town or enjoy the idyllic “Eternal Spring” climate you should absolutely check it out.
RETA members who invested in Panama City or Playa Caracol gain Boquete as a lovely bonus—from Panama City, you’re just a one-hour flight and 45-minute Uber ride away from fresh mountain air up in the cloud forest.
I’ll be sorry to leave Boquete but I’m looking forward to the next and final leg of our journey. and I will soon arrive on the Caribbean Coast, at Bocas del Toro, via a shuttle bus over the mountains and a water taxi to reach Isla Colon.
Keep an eye out for that update and also, our full report with all our findings coming soon.
Ronan Says: I vividly remember my first trip to Boquete. Well, I have a few vivid memories. The rest is a blur. It was late 2004. A contact picked me up in David. As we climbed from the flat coastal plain, brown fields were replaced by thick verdant jungle.
We rounded a corner through the jungle on the approach to town and met a traffic jam. As we got closer, I could see the cause of the bottleneck. A sloth was crossing the road.
We all got out of our cars to watch. No one rushed…no one had somewhere more important to be. We all just enjoyed the moment.
Funny how things stick out in our minds.
I don’t remember much more about the town from this trip. But I do remember how explosively green the foliage was. And the refreshing juxtaposition of crisp air and bright warm sunshine. My kind of weather.
Since then, Boquete has held a special place in my heart. Thinking about Boquete just makes me feel happy, healthy and rested. It’s one of those places that being there just makes life better.
As I say, the next RETA opportunity in Panama is just a short stroll to the beach from around $228,400. That price is for RETA members only, and off-market. You can learn more about RETA if you’re not already a member. If you are a RETA member, stay tuned to your upcoming alerts!
