There are many favored locations in Panama for wealthy home buyers, but the Azuero Peninsula is the prime choice for those who want to be close to the ocean and away from the capital city.
Panama has long been a haven for foreign real estate investors thanks to a variety of incentives for expatriates and a stable economy based on the U.S. dollar. Most of the attention is on the skyscraper condos in Panama City and the favored retirement locations of Bocas del Toro and Boquete. Those in the know, however, have been quietly developing upscale projects in the Azuero Peninsula jutting out from the narrow strip of land between the Americas, and specifically around Pedasi.
We first wrote about this area at the beginning of the decade, when many markets were still in housing crisis recovery mode. As the U.S. market has recovered, however, so has the related real estate market in Panama. Projects that were delayed are moving along at a good clip now and the market for existing homes is getting more liquid. So it was time for us to rewrite the story: Pedasi, Panama Still Drawing the Luxury Crowd.
As you can tell from the photos here, this area presents a dramatic landscape. Since it’s a large area with plenty of land, developers have been able to build out instead of up. It’s four and a half hours from the capital if you drive, but just 45 minutes away by plane. It is feeling less isolated each year, thanks to a new hospital, better roads, and more commercial infrastructure.
Here you still get a lot for your money. While $2.5 million won’t get you anything special these days in Malibu or Big Sur, in Pedasi that gets you a 10 bedroom, 8 bath oceanfront mansion with a pool. There are many oceanfront or ocean view homes with four or five bedrooms for a million or less, or you can buy your own plot of land for under $50K to $200K and build your custom dream house.
For real estate developers with big dreams, this area is still a “ground floor” investing zone. Currently for sale in the area are 234 acres/93 hectares listed at $10 million and 815 acres/330 hectares for $19.8 million—including 1.4 kilometers of beachfront. Or you can buy the whole Villa Camilla boutique hotel on 5.68 acres for $5.5 million.
For more information on the Azuero Peninsula, see our new article on luxury real estate in Pedasi, Panama.