How about in the bay of San Juan del Sur or on Balboa Avenue, Panama City? The results, from a revealrealestate study carried out in August 2008, are below:

Is this what you would expect?

Ambergris Caye, Tamarindo, Panama City (Balboa) and San Juan del Sur are prime real estate areas. Each tops the table for tourism and real estate investment activity for their respective country.

San Juan del Sur and Tamarindo are similar in character and geography (dramatic coastline and sweeping bay) but Tamarindo has better infrastructure links (less than 1 hr to Liberia international airport) is more established as a vacation destination (less than 1 hr to multiple golf courses) and Costa Rica has been on the second home investment map for decades.

You might expect Ambergris Caye to rank higher but Belize seems to be often overlooked as an investment market. Balboa Avenue is one of the most sought after addresses in Panama City. The price per sq/ft is higher than on Punta Pacifica or Costa de Este, although the gap is narrowing. Coronado and the San Carlos/Farallon area, 60-90 minutes from Panama City, are more your classic beach destination. These come in a little lower at around the $240 sq/ft mark.