In our luxury real estate section we’ve got a new story up on the current state of the housing market in Boquete, Panama.

This worlwide recession has naturally affected the property markets in Latin America also, but not as much as you would think, including in Panama. For one thing, if you ever watch the HGTV show House Hunters International you know this region is still a screaming bargain compared to any choice area in the U.S. Second, it’s not just Americans and Europeans buying in Panama. Thanks to power-hungry Chavez, most of the rich Venezuelans have gone elsewhere and one of the prime spots they have chosen is here, not far from home.

But the market is taking a breather, which is a good thing. When prices double in four years, that’s not healthy and the movement attracts a lot of developers with a get-rich-quick gleam in their eye. The eternal spring climate of Boquete is enough of a draw even in prices only appreciate a few percentage points a year, so hopefully now most of the buyers will be those who really want to live there as opposed to those trying to gamble on a quick flip deal.