A lot has been said and written about the town of Boquete, in the westernmost province of Chiriquí since it was declared "the best foreign city for North American retirees" by U.S. magazine International Living a couple of years ago. While many, primarily in Panama's tourism industry, welcomed the new influx of foreigners with open arms, others, especially some realtors and their clients, expressed their concern about a possible, abrupt rise in land prices.
The truth, according to Kiersten Van Horn, sales manager of Rhino Panama Real Estate, is that there is still a lot of space in Boquete and surrounding area at excellent prices.
Van Horn --herself a recent immigrant-- told The Visitor that, although many foreigners have purchased properties at formal, upscale developments like Valle Escondido, the trend among most expats is to acquire land. "Most of Boquete's real estate comprises large extents of cow pastures" --a very profitable business both for the buyers as well as for many small local tenants who are seeking fresh cash.
Although prices in Boquete have obviously risen (a property on Boquete's main street could be apprised at $250 per square meter), an undeveloped property a couple of kilometers away can easily cost between $10 and $20 per square meters, and in the case of large farms, prices could be as cheap as less than $1.00 per square meter.
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Contrary to what some people think, the majority of Boquete's foreign property buyers are middle-class babyboomers who seek to build or buy small quarters instead of huge, luxurious mansions. "One needs to remember that more often than not, they are retired couples with grown children who spend only half-a-year in Panama", said Van Horne.
At any rate, there is no doubt that Boquete is experiencing a boom, fueled by a strong international promotion by Panamanian and foreign companies, the town's pastoral environment and its excellent, year-round, spring-like weather. Approximately 500 expats currently live in this town of 20,000 souls nestled on the eastern slope of Volcán Barú, Panama´s highest peak. And their influence in Boquete society is being felt. They are opening new restaurants, hotels and bed-&-breakfasts and tour companies --a fact that entails even more construction work in and around the quaint mountain community. "Over 2,000 building permits were issued in town last year", said Van Horn.
But, if for any reason those considering moving to Boquete think the trend could lead to "claustrophobia", there is good news. According to Van Horn, other nearby cool-weather mountain areas are just starting to be "discovered", such as Volcán (Panama´s highest city), Cerro Punta, Puerto Ríos and Dolega.
