Real Estate in Boquete, Panama
Last updated on Mar 02, 2023
Summary: The most desirable neighborhoods in Boquete, Panama are Alto Boquete, Valle Escondido, and Los Molinos. On average, a nice 2 bedroom home in Boquete can cost anywhere from $150,000 to $250,000 USD, while a nice 3 bedroom home can cost anywhere from $200,000 to $350,000 USD. These properties typically include modern amenities such as air conditioning, stainless steel appliances, and granite countertops. Foreigners are allowed to own property in Boquete, however, they are not allowed to own land within 50 kilometers of the border. The best way for an expat to search for a home to buy in Boquete is to use a real estate agent or broker. They can help you find the perfect home for your needs and budget. Additionally, you can search online for listings in Boquete, or attend open houses to get a better feel for the area.
How do I find a place to live in Boquete?
We asked expats how they chose their neighborhood and found a place to live. They answered:
"One of the best ways to find a place to live in Boquete is to search online for rental listings. There are many websites that offer listings for apartments, houses, and other types of rental properties in Boquete. Additionally, you can also search for local real estate agents who specialize in Boquete rentals. They can provide you with more information about the area and help you find the perfect place to live. Additionally, you can also ask around in the local community for recommendations on rental properties," said one expat who made the move to Boquete.
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What is a typical expat home or apartment like in Boquete?
"3 bedroom 2 bath homes. In Boquete it is typical to have a home but there are some apartments available. When you make any change to your house you will be overcharged and you will receive poor quality work. Your electricity will be high, and undependable, and you will never have the bill delivered to your house. It is your responsible to know when the bill is due and your responsibility to go to them and pay it. (the Post Office does not deliver mail. you may not even have a street name and house number.)," remarked one member in Boquete.
"Homes in Boquete range from quite rustic Panamanian style homes to large luxury homes. It all depends on your desires and budget! Most homes in Panama are concrete block construction. I will disagree with the previous poster, most homes in Boquete do not have either AC or heat, as it is not needed due to the stable and comfortable air temperature. As you drive from Boquete to David it get significantly hotter and AC would be highly desirable in those areas. See homes at https://casasolution.com," explained one expat living in Boquete, Panama.
"Typical construction of homes in Boquete, or all of Panama, is lack of insulation. During rainy season the rain drops, size of marbles on a tin roof is deafening. You may want to keep ear plugs nearby," said one person in Boquete.
"We are renting a home. It is typical housing; concrete outside. This home has a lot of wood including ceilings. We just paid for an exterminator to gas the house. It is large. It has 4 bedrooms, one barely larger than a closet. The kitchens in older homes have no drawers. Think table service settings. Small countertop, limited storage in overhead cabinets. My eating area has steel shelving that I brought from the US. It provides storage for the mixer, baking equipment extra dishes and bowls. It's has a very Restoration Hardware look about it. I think that new construction has limited storage space as well. If you have books or dvds, buy shelving. Linen closets often don't exist. I store my linens and fabric in antique suitcases. Even if you buy kitchenware in Panama, you have to store it somewhere," said one expat who made the move to Alto Boquete.
"We have a 2 bedroom rental house up the hill from Boquete town. It is our preferred area. We were lucky and planned well in advance of moving here," explained one foreigner living in Boquete, Panama.
What is the average cost of housing in Boquete?
If you are thinking about moving to Boquete, cost of living in probably a key consideration. Expats commented about the cost of housing:
"Our rent (including electric, gas and high-speed internet) is less than half of just our mortgage in S. Florida. Tip: if internet is important to you, don't ask, "do you have internet" since everyone can get it. Ask, "what speed internet can I get and how much does it cost?" We pay about $50 for 5G megs mo. Five minutes away it is $150 for 1meg," remarked one member in Boquete.
Should I buy or rent a home in Boquete?
If you have not spent a lot of time in Boquete, you should rent before even thinking about buying. We asked expats there about the buy vs. rent decision:
"Rent. Not difficult, but a bit seasonal. Purchasing is easy, but selling a home takes a very, very long time, so it's advisable to rent first, always," said one expat in Boquete.
"Buying a home in Boquete can be a great investment, as the area is known for its beautiful scenery and pleasant climate. Renting a home in Boquete can also be a great option, as it allows you to experience the area without the long-term commitment of buying a home. Ultimately, the decision to buy or rent a home in Boquete should be based on your individual needs and preferences," remarked one member in Boquete.
What do I need to know when buying property in Boquete?
When we asked expats what advice they would give a foreigner before buying a property in Boquete, they said:
"When buying property in Boquete, it is important to research the area and the local laws and regulations. It is also important to understand the local real estate market and to work with a reputable real estate agent or lawyer who is familiar with the area. Additionally, it is important to understand the tax implications of buying property in Panama, as well as the costs associated with purchasing and maintaining a property. Finally, it is important to ensure that the property is properly registered and that all necessary paperwork is in order," said one in Boquete.
"Use only a well known reputable realtor and have an attorney. If you hire professionals listen to their advice. We bought prior to moving here 2 1/2 years ago, and we bought sight unseen as it was an unusual opportunity. The process went smoothly, no issues. We couldn't be happier with our property and in retrospect we really got a great deal on a great property," explained one expat in Boquete.
Are foreigners allowed to own property in Boquete?
When we asked expats what advice they would give a foreigner before buying a property in Boquete, they said...
"Yes, foreigners are allowed to own property in Boquete. The country has a law known as the Foreign Investment Act, which allows foreign citizens to purchase and own property in Panama. This law also provides certain tax benefits to foreign investors, such as exemption from capital gains tax and exemption from income tax on rental income. Additionally, foreigners are allowed to purchase property through a Panamanian corporation, which can provide additional legal protection," explained one foreigner living in Boquete, Panama.
What appliances are typically included in a rental?
We asked foreigners in Boquete what appliances are typically included in a rental, and, if there is anything else included or not included that a newcomer would not expect. Replies included:
"Rental properties in Boquete typically include a refrigerator, stove, oven, and washing machine. Some properties may also include a dishwasher, microwave, and other small kitchen appliances. Additionally, many properties come with air conditioning units and ceiling fans," explained one foreigner living in Boquete, Panama.
Additional Information about Searching for a Home in Boquete:
We asked foreigners in Boquete what appliances are typically included in a rental, and, if there is anything else included or not included that a newcomer would not expect. Replies included...
"I would recommend using a reputable agent! Highly recommend Lauretta Bonfiglio with Boquete Land and Realty and also affiliated with Casa Solution. Highly knowledgeable," said one expat in Boquete.
"Expats can search for homes in Boquete by looking online for real estate listings, contacting local real estate agents, and asking other expats for recommendations. They can also search for rental listings on websites such as Airbnb and VRBO, or look for classified ads in local newspapers and online forums. Additionally, expats can attend open houses and visit local real estate offices to get a better sense of the area and the available properties," said one foreigner living in Boquete, Panama.
About the Author
Joshua Wood, LPC is one of the Founders of Digital Nomad Exchange and serves as Co-President of Expat Exchange. Prior to Expat Exchange and Digital Nomad Exchange, Joshua worked for NBC Cable (MSNBC and CNBC Primetime). Joshua has a BA from Syracuse and a Master's in Clinical and Counseling Psychology from Fairleigh Dickinson University. Mr. Wood is also a licensed counselor and psychotherapist.
Some of Joshua's articles include Pros and Cons of Living in Portugal, 10 Best Places to Live in Ireland and Pros and Cons of Living in Uruguay. Connect with Joshua on LinkedIn.
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