- Crisis May Strengthen Boquete, Panama's Real Estate Market
While the Boquete real estate market feels the pinch of the economy along with the rest of the world, the current crisis may be more of a blessing than a curse - with demands on infrastructure and dependence on loans and speculators alleviated.
Boquete is no stranger to the international spotlight. Located in Panama's Chiriqui province on the eastern slope of the dormant Baru volcano, the mountain community at a cool 1000 meters (3200 feet) above sea level claims a long history of immigrants seeking peace and prosperity. Inhabited first by the Doraz Indians and then Spanish conquistadors, European and North American settlers drawn to fertile lands, and even gold-crazed 49ers looking to cut their journey in half by crossing the Panama isthmus en route to California, Boquete has evolved into a multi-cultural area. Being named in Fortune and International Living as one of the top retirement destinations worldwide has meant a flood of investors in the verdant Boquete valley.
Sam Taliaferro, the developer who put Boquete on the retirement destination map with the creation of Valle Escondido says, "Boquete's growth will slow, which is a good thing. Too many developers had jumped in undercapitalized or with just bad timing." Similarly, John Villegas, six year resident, luxury homebuilder, and owner of Boquete Legacy Real Estate agrees. "Based on our metrics and our day-to-day experience, we are certain that Boquete will continue to flourish, but at a more sustainable, realistic pace…quick flip speculators have moved on or gone bust." [ read entire article ]