Panama is a country that punches well above its weight.
Two coasts. Towering highlands. Cool cloud forests. Lush tropical islands. And one of the most connected and sophisticated capital cities in the Americas.
This is a country of contrasts and conveniences. A place where you can sip coffee in the mountains in the morning and be swimming in the warm Pacific by afternoon. It’s also one of the safest, most stable countries in Latin America—and perhaps the most underrated.
Why? Because Panama doesn’t need tourists.
Panama’s verdant and temperate highlands attract a lot of expats. With beaches on both the Pacific and Caribbean coasts, colonial ruins, tropical forests and paradise islands, Panama offers huge variety in a small package, and it’s a bit of a secret…
With the Canal and one of the world’s strongest banking sectors, tourism promotion has never been a priority. Which means this remarkable little nation has flown under the radar of tourists…until now. Tourism is growing.
When I was based in Panama City, I explored every corner of this country. But it’s been a while since I—or one of my team—got our boots on the ground in the way we like to do: long drives, dusty roads, meetings with developers and agents, and taking the full measure of what’s really happening.
So I asked two of my scouts, Oliver Lovett and Noah Duethman, to head out on a 2025 scouting trip. From the Pacific Riviera to the Caribbean coast, up into the misty mountains and back again—Olly is bringing me the latest insights from the ground.
And he’s kicked things off with a stop at Playa Caracol—an up-and-coming beachfront community where I’m currently working on an exclusive off-market RETA deal. It’s a stunner.
Wishing you good real estate investing,
P.S. As I say, I’m working on a brand-new deal in Panama for members of my Real Estate Trend Alert. It’s an opportunity to buy off-market in a stunning beachfront community called Playa Caracol. (Olly visited and tells you about it below.) RETA members will be able to snap up bright and spacious ground-floor garden condos in a low-rise boutique setting from prices from mind-blowingly low RETA pricing. If you’re a RETA member, stay tuned.
Panama Scouting: First Stops on the Pacific Coast
By Oliver Lovett
I met up with RETA photographer and videographer Noah Duethman, outside Alamo car rental, at Albrook Gelabert Airport.
In our search for opportunities, we’ll be meeting up with local agents, and putting boots on the ground on both the Pacific and Caribbean coasts.
With Google Maps loaded and meetings scheduled, we began our journey in earnest, crossing the Bridge of the Americas toward the Pacific coast.
Once outside Panama City, we take the newly completed eight-lane highway towards the Pacific Riviera beaches.
The new Metro that will link Panama City with the town of La Chorrera 20 miles to the west runs parallel to the highway in places. Construction is racing ahead.
The Bridge of the Americas now connects with an impressive eight-lane highway opening up access to the Pacific Riviera and beyond.
The new highway is already a game changer. It’s quicker and easier than ever to leave Panama City and explore the rest of the country, or interior as it’s known in here.
The new route has amplified a longstanding local tradition: Every weekend Panama City empties as people head to the countryside. Many of them stop at the Pacific Riviera, a stretch of beaches, small towns and resorts around 90 minutes from Panama City.
Our first stop was at Playa Caracol, a master-planned community on this same Pacific Riviera. Playa Caracol is on the best beach close to Panama City.
What began as ambitious vision from developer Alfredo Aleman of Grupo Los Pueblos, is now a coveted beach address.
Playa Caracol is a master-planned community on the best beach close to Panama City.
Alfredo wanted to create Panama’s premier beach destination—a community on par with the best in the world.
This led him to undertake an epic series of trips from the waves of Waikiki to the boulevards of Biarritz.
From each destination, Alfredo drew inspiration. Playa Caracol is where these global influences converge.
The fire pits and swimming pools at the Radisson Hotel. RETA members who bought here have already seen remarkable gains.
I was staying at the Radisson Hotel, right on the beach in a room with sweeping views of the inky blue Pacific. The Radisson is true beachfront, but all of Playa Caracol is close enough to the beach that you can hear the waves rolling onto the shore.
The Radisson Hotel was previously named Surfside Hotel but rebranded. The new partnership allows the hotel to tap into a reservoir of 20+ million Radisson loyalty members.
And it’s great news for RETA members who bought here in what was an incredible deal.
In September 2020, RETA members could buy a two-bed hotel suite at Surfside from $219,000. Last year a hotel unit was listed at $300,000.
An uplift of $111,000.
Now, with the Radisson branding and growth of Playa Caracol, the deal is looking even better.
Investment potential aside, I wanted to evaluate the property from a visitor’s perspective.
It was very impressive. The amenities and service are incredible. You can get food and drink bought to your poolside lounger. There’s an ocean-view infinity pool and jacuzzi. The hotel restaurant serves fresh seafood caught from the waters near Playa Caracol.
The Vento Beach restaurant. Playa Caracol has two excellent restaurants, and a surf shack a little further down the beach serving fast food.
It’s not just the Radisson. Caracol is growing.
There’s a beach club, restaurants, a mini supermarket, swimming pools, a tennis court, surfboard hire…
A Margaritaville hotel and residences is due to open in 2027. It will be the only one in Panama.
With Margaritaville, Playa Caracol is entering a new phase. It’s going international, anchored by market makers.
It’s the one-two combination of great beach and proximity to Panama City which has got the attention of these big hitters.
At Playa Caracol, you’re less than 50 miles from one of the world’s booming global cities, a trading hub drawing in people from across the world. That translates into a drive of an hour to 90 minutes depending on traffic.
Playa Caracol owners have easy access to all the amenities of Panama City. An international airport, world-class hospitals, restaurants, shopping, and more.
Panama City is a modern metropolis and just a short drive away for Playa Caracol owners.
Onwards to Pedasi
With Playa Caracol’s sands still clinging to our shoes, we headed down the coast to discover what Pedasi, an expat favorite, had to offer.
Pedasi sits on the tip of the Azuero Peninsula’s in Los Santos province on the Pacific coast. It’s a five-hour journey from Panama City, or 40-minute flight.
If you’re looking for a relaxed pace of life, empty beaches, and world-class fishing, Pedasi could be the place for you.
It’s a sleepy village of about 2,500 residents surrounded by bucolic countryside, green pastures and cattle. It’s the type of place where you can still see cowboys riding their horses by the side of the road. Or locals performing unhurried three point turns in the middle of the street, holding up traffic in both directions.
The infrastructure is surprisingly good. Former president Mireya Moscoso, Panama’s first elected female leader and Pedasi native, improved the town’s infrastructure and roads.
This has no doubt made the area more popular with expats who come here for the quiet life and to enjoy the empty beaches, and lower cost of living.
But the biggest attraction for many people that come here is the ocean. Close to Pedasi, you’ll find world-class fishing, year-round surfing, and miles and miles of empty beaches.
A stunning beach close to Pedasi with nobody on it…
Your money can go a long way in Pedasi, especially when it comes to real estate.
I met up with local real estate agent Tennis, of Panama Sovereign Realty to view some houses in the area and get a better idea of the opportunities here. (Note: we have no relationship with Tedd nor his company, nor have we done any due diligence on Tedd, his company, nor any of the listings mentioned. If you’re interested in any of the listings you should hire an attorney and do your own due diligence.)
Local realtor Tedd Tennis has been in Pedasi for more than 15 years. We talked about the pros and cons of life here, and viewed some of the properties his agency is listing.
I’ll share more information on all the properties I saw here, including video walkthroughs in my full report coming in May.
But in the meantime I wanted to share one property that stood out as a particularly interesting opportunity, a three-bedroom house just steps from the beach.
This elegant three-bedroom house has an upstairs terrace with ocean views, and a landscaped garden.
The house is located around 10 minutes from Pedasi down a quiet country road. It spans nearly 3,000 square feet on a lot of roughly 9,700 square feet. The owners have put in premium finishes like granite countertops and tropica hardwoods throughout. There’s an upstairs balcony with ocean views, but what really stood out was the backyard area.
There’s a swimming pool, gazebo, and fully equipped outdoor kitchen with stove, BBQ, sink, and fridge/freezer.
It would be a great place to take advantage of Panama’s tropical climate and enjoy afternoons and evenings outside.
The home’s outdoor area was a real highlight, as was the location…just a two-minute walk from the beach.
The house is listed for $495,000 and you can see the listing here.
Like most houses in Pedasi, this would work best as a lifestyle play. Pedasi doesn’t get enough tourists for rental income to provide a reliable money stream.
But if you’re looking for a well-appointed home built to a high standard and close to the beach, this home fits the bill.
The waters around Pedasi are teeming with fish including yellowfin tuna, roosterfish, cubera snapper, mahi-mahi, pacific black snook, and more.
Tedd also recommended that I check out nearby Playa Venao where he said the real estate market has been on a tear since covid.
A 30-minute drive from Pedasi, Playa Venao isn’t a town, it isn’t even a village. It’s a mix of pre-construction lots and some low-rise condo buildings and townhouses that have sprung up around a handful of beach bars and restaurants.
Unlike Pedasi, which appeals more to retirees, Playa Venao attracts a young crowd. Think remote workers, backpackers, and young Panamanians looking to surf and party by the beach.
It’s this crowd who come here to rent short-term who are driving the market.
I’m not convinced that there’s enough tourists arriving to support all the development, but to be fair, Playa Venao was lively.
Even on a Thursday afternoon the beach was busy, and the restaurant where we stopped for a glass of soda was doing a brisk trade.
Playa Venao is becoming very popular with a younger crowd and backpackers. Developers are scrambling to build accommodation for the short-term rental market.
I saw a two-bed condo listed for $349,752 which looks steep. From what I understand it’s unlikely to stay on the market for long.
Tedd informs me that a lot of the developers here are first-time and hobby developers, something that Ronan has talked about in the past. It’s never a good sign.
However, there’s something going on here, and I’ll be keeping an eye on Playa Venao to see how it plays out.
Tomorrow, Noah and I leave for the mountain town of Boquete, close to the border with Costa Rica. From there we’re heading across the mountains to beach town of Bocas del Toro on Panama’s Caribbean coast. I’ve been hearing big things about Bocas, and not just about Mark Zuckerberg parking his yacht there, so I’m keen to get boots on the ground and discover how much of it is true.
RONAN SAYS: I’m looking forward to more reports from Olly and photos and video from Noah next week. I have to say, when I see the properties that Olly’s finding—though they look like a great lifestyle play—my first thought is what a stunning deal RETA members have coming in Playa Caracol! An easy drive to Tocumen Airport and everything Panama City offers, in a master planned community… and for incredible RETA-only pricing for spacious, bright condos about 150 paces to the beach! No need for a five-hour drive…and huge potential for capital appreciation and rental income.
The developer of Playa Caracol sent me a video update last September. Worth a watch to get a feel for this true beachfront community:
RETA members could buy off-market in Olas del Mar in Playa Caracol and are already seeing uplifts of around $60,000.
