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–Recommended  Reading –

Going Fast: $30,000 Homes as Forgotten Peninsula Becomes Exclusive Retreat

A famous French architect is about to transform a quiet tropical peninsula into one of the world’s most exclusive retreats for the rich and famous. New York Magazine has hailed it: “the latest eco-playground with panache.” And now a torrent of big-name Hollywood stars have begun to descend on the area including Mick Jagger, Tom Cruise, Bruce Willis, Mel Gibson, Eddie Murphy, Brad Pitt, and Arnold Schwarzenegger. But you can still buy homes today along this peculiar piece of paradise for as little $30,000! Read More Here!

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Not so. The town of Cerro Azul, where Paul lives, was one of the trendiest places to have a home until the late 1980s or early 1990s. Then, for no apparent reason, the elite turned its attention to beach locations like Coronado, making Cerro Azul feel like something of a ghost town. From 2004 to 2008, when real estate prices all over Panama were steadily rising, Cerro Azul stayed surprisingly affordable. This was probably because expats flooding the country didn’t know about it. They were too busy in trendy locations like Boquete and Bocas del Toro.

But little Cerro Azul couldn’t remain a secret forever. Word got out, little by little, and a small expat community began to grow here. Today, Paul says at least 70 expats live in Cerro Azul. The effect has been a revitalization of sorts. Members of the Panamanian elite have rediscovered Cerro Azul as a weekend destination—just 30 minutes by car and you’ve left the city and its madness behind. And the full-time population continues to grow…

I went recently to check it out. The drive out of Panama City was easy, thanks to the excellent road. As we ascended, it seemed we were driving up, up, up into the clouds. Passing dairy farms and ranches, we came upon a colorful Chinese arch—an exotic accent amid the greenery and a signal that we were there.

Some people say that Cerro Azul is an “energy center,” and that in certain areas you can watch your compass go haywire. Perhaps this is why local groups come here for yoga and other spiritual retreats. Or perhaps they come simply because the pines and mountain peaks are an uplifting sight, complimented by jewel-toned hummingbirds and ginger flowers as tall as a ten-year-old.

You will find plenty of property for sale here, and if you get here now, you’re sure to uncover some real bargains. One lot for sale is just off an unpaved road and has water and energy service already installed. The lot is in a residential zone and is well over a half acre. Asking price: $17,600. For $40,000 you can get a half-acre lot in a gated community. A creek runs through the lot, which is in a cul-de-sac and has a distant ocean view.

If you prefer to buy a house and move right in, you’ll find even more options, from inexpensive cottages to big mountain mansions. One home is on offer for $80,000 and comes furnished. The four-bedroom, two-bath home comes with maid’s quarters with separate bath and a covered terrace. Another four-bedroom home is on offer for $90,000. It sits on a lot of nearly half an acre and comes with a pool, storage locker, and two covered terraces.

If your budget is in the $100,000 to $150,000 range, you will have even more options to choose from. One Swiss-style chalet is $120,000. It has four bedrooms and two baths, a balcony, and a patio.

Almost anything grows in abundance, from orchids to bromeliads that pop up wherever you look. It’s close to Panama City and to the international airport, but quiet and peaceful. Far from the city’s light pollution, you can actually see the stars…and there’s no noise to keep you from hearing the nightly symphony of frogs and crickets.

Most importantly, Cerro Azul may be right for you if you want breathtaking views but don’t want to pay hundreds of thousands of dollars for property.

Where did I find these great property listings? Here!

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If you can do it properly, the time to buy may be now. Recognized as one of the Cheapest Places to Live and Best Place to retire Boquete Real Estate just got better.

The new government is committed to giving occupants title to their land protecting their rights and creating a stable environment for investment. President Ricardo Martinelli said in his inauguration address that “We will begin a massive land titling program, so what I can tell everyone who’s listening who has possessory rights, prepare these rights because you’re going to have your piece of land titled.”

The new governments first attempt at improving the titling process, Law 23, 2009, is a promising piece of legislation that equitably accounts for the needs of residents, investorsand government. Even if it isn’t implemented as well as it’s conceived, it’s only a matter of time before all ROP land is titled.

Purchasing Panama ROP Real Estate can pose  Challenges

Some of the best Panama property is claimed under the confusing ROP system instead of being fully titled. The best deals will be for land that isn’t fully titled. This is one thing that makes Boquete Panama one of the Cheapest Places to Live and Best Place to retire. Once titled, the competition for prime Panamanian properties will be much greater and the price much higher, but the risk will be much lower.

Under the ROP system, it is quite possible to find several conflicting claims to a plot of land, both registered and unregistered. This can cause a situation where the person selling the ROP may not actually be in a position to sell. The difficulties that some developers have had with ROP has scared a number of potential investors, but it has also educated people about the risks so they can now do something about them. There isn’t much Boquete Real Estate that falls into this category but there is plenty of property on the Caribbean Coast that does.

Trick to Investing in Panama ROP Real Estate

All it takes to discover these problems is a little investigation. Competing claims typically come from family members and neighbors so it is fairly straightforward to send investigators in to a potential land purchase to interview and get signed affidavits from  the family and neighbors.

Even with the recent correction in real estate prices, Panamanian vacation and retirement properties have a lot of promise. Tourism continues to grow and so do the number of foreigners looking to buy a holiday property in Panama and Boquete Panama in particular. It’s possible to buy ROP land quite safely with a little knowledge and effort and soon those ROP holdings will be fully titled.

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