Panama has been an interesting Latin American real estate story over the past two decades. At first nobody knew about it, then the government started offering amazing incentives to lure foreign investors. That did the trick, especially after publications like International Living started talking up the country as the best retirement option out there. Then when rich Venezuelans and Colombians started fleeing from problems at home, the market got even more frothy.

Things have started to level off now with the global economic slump, but prices are still a bit out of whack in popular spots. There are others though that are still off the radar of most investors. This is a story about one of those: Real Estate in the Azueros Peninsula.

This is a prime waterfront area where things are still sleepy and there’s not much development. The centerpiece is the Azueros development itself, part of a wide-reaching plan that includes the luxe hotel Villa Camilla. This is an area to keep an eye on and if you’re in property-scouting mode right now, take a detour from the capital and see it for yourself.