Baltimore, MD (PRWEB) February 27, 2013
Buyers can now snap up Panamanian real estate in the popular expat town of Boquete at prices that are as much as 50% off-peak, according to a new report from InternationalLiving.com.
Boquete’s relaxed pace of life and cool mountain climate have made it an appealing choice for expats in Panama and there has been strong growth in property prices over the past decade.
Boquete was described by AARP as offering “something close to heaven for American retirees” in an article it carried on the best places to retire abroad.
However, the economic downturn in the U.S. led to reduced demand for expat-orientated real estate in the town, and property prices have fallen dramatically.
“Now is a good time to buy in Boquete,” explains report author and real estate expert Ronan McMahon.
He continued, “The economic woes in the U.S. hit the Boquete market hard. The pool of buyers dried up. Latin buyers kept the Panama City market ticking over. Not so in Boquete. The market ground to a halt.”
Despite the slow-down, McMahon believes Boquete still has a lot to offer expats: “Boquete is still a great place to spend time…and the boom years brought some nice additions to the town, too—a modern supermarket, chic cafés and restaurants, and boutique hotels. There’s a theater group, jazz and coffee festival and an active expat community.”
With prices down by up to 50%, there is no shortage of high-quality real estate available around the town at a discount.
One example is a 2,700-square-foot, four-bedroom house five minutes from downtown Boquete. It comes with two bathrooms, open-plan kitchen, a large patio and yard planted with coffee and orange trees.
The property was originally listed for $280,000 but can now be purchased for as little as $200,000—or $74 per square foot.
McMahon added, “Expect to pay $100 or more per square foot in the newer projects. That’s still up to 50% off what you could have paid before.”
The full report on Boquete, which appeared in the February edition of International Living magazine, can be read here: "Up to 50% Off Property Prices in Boquete, Panama".
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