It has been a few years since we first reported on the Azuero Peninsula region of Panama in our real estate section. This area has long been considered a cradle of traditional Panamanian customs and folklore, now one of the fastest-growing regions in an already economically flourishing country. One of the main focal points of this attention now is the ambitious Cubitá Wyndham Grand hotel/residential/commercial project currently under construction in the city of Chitre. The project combines traditional architectural motifs and materials, unique details such as a colonial chapel and museum, and state-of-the-art amenities.

What’s special about Azuero?

According to a recent economic study, the Azuero Peninsula currently outranks neighboring provinces in a number of economic indicators including per capita GDP, the nation’s highest after the province of Panama, surpassing Chiriqui, Coclé and Veraguas. More than 60 large companies with operations at the national level have established branches in Chitre in the past ten years, including retail businesses, service industries, car dealerships, restaurant franchises, health services, higher education institutions, banks, supermarkets and hotels.

Recently the United Nations Development Program gave the district of Chitre the nation’s highest marks in the human development index, a measurement of quality of life based on factors such as the education level of its population and life expectancy.

The Cubitá Wyndham Grand complex encompasses a 100-room luxury hotel scheduled to begin operations in July of this year, 26 single-family residences, 4 condominium complexes with a total of 64 apartments, a shopping plaza with 20 commercial spaces, a colonial chapel that provides the perfect setting for destination weddings, and a museum highlighting the region’s heritage and local artisans. Amenities available to both community residents and hotel guests include a restaurant, event center, pool, gym, sauna, and spa.

The doors of the elegant Tonosi Model Show Home, one of the two models of single-family residences available, opened this past November. See floor plans of the two available styles at the Cubita site.

The four condominium complexes will offer residents an ideal lock-up-and-go lifestyle, with elevators, covered parking, and the option to the apartment in a property rental and management program, earning an income for those who don’t intend to live there all year round.

More than 60 percent of the homes, apartments, and commercial spaces are sold at this point, so sign up to get more info if this coastal retirement or vacation home opportunity looks intriguing. This is a straightforward path to grab a spot in the vibrant yet charmingly laid-back Azuero region, known for the warmth of its people, the pristine beauty of its beaches, and the effervescence of its festivals.

Panama is known as the Miami of Central America, full of skyscrapers, international banks, and lots of wheeling and dealing. It’s a thriving business center that has shrugged off the worldwide recession and kept growing at a frantic pace.

If you’re a tourist, however, this pace—on top of the heat and humidity—can be a bit daunting. Your main impressions if you stay where most Panama City luxury hotels are located may end up being of construction noise and traffic.

For leisure travelers who like to stroll to dinner instead of hail a cab, the historic Casco Viejo area might be a better bet. There are no big hotels in this area of architecture on a more human scale. We’ve just reviewed three upscale boutique hotels in Casco Viejo though: Las Clemantinas, Canal House, and Casa del Horno.

These are small buildings with limited amenities, so don’t book here expecting giant gyms and meeting rooms. What you do get at these is an interesting place to sleep, personal service, and often a kitchen or living room. Hey, one of them was good enough for Daniel Craig when he was shooting a James Bond film and Panama’s equivalent of the White House is in this area (and also white–easy to spot).

Casco Viejo is a UNESCO World Heritage site, so many tourists come here for a quick stop on some kind of bus tour. If you stay here, however, you can visit the local cafes and bars after they’ve all left. Plus instead of seeing the Panama skyline from the middle of it, you see it from afar, lit up and beautiful at night.

See the full round-up of luxury boutique hotels in old Panama City.

When the Westin brand continued their Latin America expansion and set up in Panama, they didn’t build another skyscraper in the middle of Panama City. Instead they located it on a nearby beach on the other side of the Panama Canal entrance: Playa Bonita.

The location is close enough to the capital to stay here on business and get meetings done, but it’s a resort you’d be happy to bring your family to so they can play while you’re working. Naturally it’s going after the meeting and convention business as well, but there’s only one other hotel on this beach – the Intercontinental Playa Bonita – and you’re next to jungle. So it’s never going to feel very crowded.

For leisure travelers, staying here can make a lot more sense than being right in the city:

Right on the Westin’s premises, at the office of Gamboa Tours, guests can plan half-day or full-day outings in the hotel’s proximity. Popular sightseeing attractions include Casco Viejo, Panama City’s picturesque historic quarter, now a UNESCO World Heritage site; the Panama Canal’s fascinating visitor center at Miraflores Locks; the wildlife-rich Gamboa Rainforest and other nature reserves; the Embera Indian Indigenous Village; and the unique Museum of Biodiversity, designed by renowned architect Frank Gehry.

Of course if you just want to laze your day away by the large pool complex, that’s fine too. You get a unique vista here: ships waiting for their radio call so they can proceed through the Panama Canal.

See our full review of Westin Playa Bonita near Panama City.

Bocas del Toro has long been the Caribbean’s Badlands, a string of islands for rugged castaways and those escaping something—or someone. This string of islands off the coast of Panama has long been touted, along with Honduras’ Bay Islands, as one of the last real values in the Caribbean.

For a while, the trajectory seemed to have nowhere to go but up and those who got in early profited handsomely for being ahead of the pack. Eventually the pack catches up, however, and the infrastructure hits its limits. Also, outside factors can have a big impact, like a complete housing crash in the U.S., for example.

One of our regular writers covering Central America, Beverly Gallagher, wrote a story several years ago on the real estate scene in Bocas del Toro and expressed a few caveats about the big boom predictions. She recently returned to scope it out again and we’ve posted the story. Check out Luxury Real Estate in a Holding Pattern on Panama’s Caribbean Islands.

As with much of Latin America, prices aren’t likely to go down much from here, if at all. Instead homes just stay on the market longer and new developers have to dangle more incentives to get people to put down a deposit. With good reason, buyers are skittish. Is it a buyer’s market? Clearly yes, but your time horizon is the key. Read the Bocas del Toro real estate article.

For just paying the region a visit, check out our Luxury Travel in Panama section.

Some define luxury lodging as a place with lots of gold and marble, others by pampering service, and some by private exclusivity.

Laguna Azul, on a Caribbean island off the coast of Panama, falls into the latter category, with a dose of green travel guilt reduction for good measure. You can only reach it by private boat transfer and once you’re there, you certainly don’t have to worry about vendors bothering you to buy bead jewelry or rowdy 20-somethings partying late into the night. This is a sedate, relaxing spot meant to make your cares melt away.

Plus where most upscale resorts seem to treat energy and pollution as an inevitable by-product, Laguna Azul does its best to

Biodegradable soaps and products are available throughout the property. Waste water is treated and used to irrigate the landscaped grounds, and the hotel’s roof is designed to collect rainwater. Solar energy complements a generator. Laguna Azul also strives to thrive hand-in-hand with the local indigenous community. Currently, fifty percent of the workforce (with a goal of at least seventy percent) is from the Ngöbe community.

Considering all that’s included: meals, drinks, boat transfers, a daily tour, and on-site activities, the rates here a great value: $500 per couple any time of the year.

See our full review of Laguna Azul Resort in Bocas del Toro.