Panama listed in Forbes top 10 retirement havens
November 13th, 2009
Panama joins 9 other countries on the hit-list: Austria, Thailand, Italy, Ireland, Australia, France, Malaysia, Spain and Canada.
Forbes pulled together the list of top 10 retirement havens using a range of criteria from “safety to retiree-friendly visa requirements to decent medical care.” Quality of life, cost of living and climate for retirees were also factored in.
Sam Taliaferro picked this up over at his Panama Investor Blog where he listed some of the positives for Panama:
“Positives: Panama has almost everything: year-round sun, low taxes, massive discounts for seniors, first-world amenities, quality private hospitals, bird-filled rainforests, a dollar economy and easy flights from the U.S. Panama City is considered safest of all Central American cities, with worldly buzz because of the canal, and a World Heritage Site.”
Of course each country has “assets and liabilities” and much depends on what kind of lifestyle you are looking for. So the key to a successful retirement as an ex-pat? Know yourself and do your homework.
Read the full analysis at Forbes.
Tags: Panama
Posted in Property news | 1 Comment »
Nicaragua real estate snapshot: Tola Riviera and Popoyo
November 12th, 2009
International real estate in Nicaragua (or any market for that matter) is best analyzed on a granular, market by market and asset-by-asset basis. So to help buyers and sellers get to grips with the market, we’re writing a series of posts looking at the main property purchasing destinations in Central America.
This first post in the series looks at the ‘Tola Riveria and Popoyo’ area in Nicaragua. We’ve answered 5 questions designed to give you a quick market snapshot of the area. You’ll find that the post dives straight into the real estate nitty gritty, so if you first want to step back and read a description of the area, then click here. Onto the questions:
1. What real estate is available in the Tola Rivieria & Popoyo area of Nicaragua?
We follow 12 master planned communities in the area. The projects range from large destination style resorts with a host of amenities, ambitious hotel & spa resorts to smaller-scale surf-focused projects and subdivisions offering serviced lots.
The bulk of real estate on offer in the area is serviced lots (or homesites), with buyers choosing between ocean view, golf front, ‘tropical view’ and beach front positions. The larger projects, and those more advanced in their plans (see question 3 on amenities) also offer condos and single family houses for sale.
2. How much does property cost in Tola Riviera and Popoyo?
The table below shows the median price for condos and lots in the main real estate developments. If you want to see more detail then click through to each development where the prices are split out into additional categories (e.g. beachfront, ocean view, long ocean view and so on).
| Name of real estate development in Tola Rivieria & Popoyo | Median price/sqft condos and houses* | Median price/sqft serviced lots** |
|---|---|---|
| Rancho Santana | $195 | $5 |
| The Village at Aqua | $165 | _ |
| Iguana Golf Condominiums | $142 | _ |
| Bella Vista Guasacate, Nicaragua | _ | $12 |
| La Vista Nicaragua | _ | $2 |
| Bella Mar Nica | _ | $5 |
| Hacienda Iguana | _ | $7 |
| Hills of Santa Marta | _ | $6 |
| Prana del Sol | _ | $3 |
| Selva del Mar | _ | $5 |
| Guacalito | no data | no data |
| Los Perros | no data | no data |
* Average of the median asking price for each real estate development. Data collected July to September 2009.
3. What amenities are the developers offering?
Rancho Santana, The Village at Aqua and Hacienda Iguana are the furthest ahead in the completion of their masterplan. Some of the smaller subdivisions that do not plan on-site amenities, intend to make use of memberships offered by the other projects in the area (e.g. corporate membership to the Iguana Golf Club).
| Name of real estate development | Completed community amenities | Planned community amenities |
|---|---|---|
| Rancho Santana | Clubhouse; Racquet courts; Hotel, Restaurant; Stables/equestrian center; Swimming Pool | |
| The Village at Aqua | Restaurant | Spa/yoga center; Gym/fitness center; Hotel |
| Iguana Golf Condominiums | 9-hole golf course; Hotel; Restaurant | _ |
| Bella Vista Guasacate, Nicaragua | _ | _ |
| La Vista Nicaragua | _ | _ |
| Bella Mar Nica | _ | _ |
| Hacienda Iguana | 9-hole golf course; Restaurant | _ |
| Hills of Santa Marta | _ | _ |
| Prana del Sol | _ | _ |
| Selva del Mar | _ | Clubhouse |
| Guacalito | _ | Hotel; Clubhouse; 18-hole golf course |
| Los Perros | Clubhouse; Racquet courts; Hotel; Restaurant; Stables/equestrian center | _ |
4. How do prices compare with Nicaragua as a whole and the average for Reveal Real Estate?
For condos and single family homes, median prices in Tola Riviera are similar to the medians for Nicaragua as a whole, but well below the Reveal Real Estate average (which also takes into account property in Costa Rica, Belize and Panama).
For serviced lots the picture is more varied although for the most part the median for Tola is still below country and regional averages. The full chart can be seen on the Tola Riviera page (scroll down and click on the tabs)
5. What’s the year-on-year price trend?
The table below shows the year on year price trend for the area compared with other purchasing destinations in Belize, Costa Rica, Nicaragua and Panama.
| Purchasing destination | Country | Y-O-Y change in price (%) | Median price per sq/ft* | Rank by price |
|---|---|---|---|---|
| Tola Riviera and Popoyo | Nicaragua | -10.00% | 168.62 | 10 |
| Placencia | Belize | -9.91% | 253.98 | 5 |
| San Juan del Sur | Nicaragua | -9.90% | 203.15 | 8 |
| Bocas del Toro | Panama | -9.00% | 241.65 | 6 |
| Tamarindo | Costa Rica | -6.12% | 241.26 | 7 |
| Boquete | Panama | -5.13% | 110.26 | 11 |
| Papagayo, hermosa and Coco | Costa Rica | -4.49% | 283.39 | 2 |
| Jaco | Costa Rica | -3.41% | 287.53 | 1 |
| Panama City | Panama | -3.23% | 269.21 | 4 |
| Coronado & San Carlos | Panama | -2.14% | 201.03 | 9 |
| Ambergris Caye | Belize | -0.14% | 268.57 | 3 |
*Data looks at condos and townhouses for sale in international real estate developments
The developments that we follow in Tola showed an overall drop in asking price of 10% year-on-year to September 2009. Although higher than the other property markets we track, the falls are less than those we’ve become used to seeing in the US and other developed world markets. For more analysis on the trends in the table, check out an article we wrote over at International Property Journal.
That’s it for a quick market snapshot of master planned communities in Tola Riviera & Popoyo. Any questions or comments, please reply below. We’d love to have your feedback. And stay tuned for the next one.
Tags: Nicaragua, Tola Riviera Popoyo
Posted in Market statistics and data | 3 Comments »
I seem to spend a lot of my time bumping along unpaved roads in Central America on my way to see how real estate developments are progressing.
Sometimes this can give you the feeling that you’ve arrived at a secret paradise, miles from anywhere, when the bumpy road suddenly opens out to sweeping vistas, lush gardens and well appointed homes. Ahh, you think, no one except other discriminating investors like myself will take the time to reach and assess this opportunity so I’m guaranteed exclusivity, privacy and maybe somewhat of a discount due to the access. But, more often, the bumpy trip can leave you tired and grumpy and heaven help a developer who doesn’t then have a cool drink on hand and something worthwhile to show you as an investment opportunity.
It’s important to be prepared before you set out - to know exactly where the project is located, how long it will take to get there and on what sort of road. So on RevealRealEstate we include a location map for each real estate development and answer these 3 questions:
- Is the road paved from the nearest international airport? (if it’s not paved, we’ve estimated the amount of driving time on unpaved sections)
- What is the total driving time from the international airport?
- How long does it take to drive to the closest town with a decent sized grocery store?
This data is useful on a project-by-project basis when planning a trip, doing a price comparison, or for tossing up real estate options; but there’s also something to learn from aggregating the data and analyzing by country. So here’s the picture for Panama, Costa Rica and Nicaragua.
Is the road paved from the nearest international airport?
In broad terms the data reflects the level of investment each county has made on its infrastructure and the remoteness of the main property purchasing destinations. Panama leads the field when it comes to paving. You can drive in comfort, on paved roads, to most of the real estate developments featured on RevealRealEstate, including of course all the condo projects in Panama City.
Costa Rica follows close behind with over 70% of the developments having paved access. We haven’t yet seen the new section of road between Quepos and Dominical, but this should improve driving comfort further.
In Nicaragua be prepared for a bumpier ride. Only 20% of the projects on RevealRealEstate have paved access. But if the planned coastal road from the border with Costa Rica heading northwards following the ribbon of development ever gets off the drawing board, this would change the picture quite dramatically.
How long does it take to drive to the airport and the nearest grocery store?
The pattern between the countries is similar when it comes to driving times. Real estate developments in Panama and Costa Rica have a shorter driving time on average to the airport and to a decent sized grovery store than those located in Nicaragua.
If you need to pop out to a grocery store with a decent range of items you’re looking at a 9 minute drive, on average, in Costa Rica. In Nicaragua, your grocery run is 23 minutes on average. Of course this varies considerably for each real estate development. Check each development page for individual driving times.
What about Belize real estate?
We’ve included the Belize data separately as it’s not directly comparable to the other countries. The terrain is quite different, particularly on the coast, and visitors mostly get about by taking short internal flights and then getting in a golf cart for the final stretch. Many of the projects on Ambergris Caye for example do not have paved access but in practice all this means is a short golf cart ride on a sand road.
Infrastructure is steadily improving in Belize. The paving of the 16 mile road along the Placencia Peninsula is underway with the section from Maya Beach to Placencia Village already completed. So the only bumping we’ll do on our next trip to Placencia will be over speed-bumps.
So what does all of this mean for pricing? Does paved access lessen a development’s exclusivity? Does a long driving time from the airport or grocery store mean that prices will be lower for comparable real estate? We’ll be looking at this in our second post on accessibility. Stay tuned.
Tags: Ambergris Caye, Belize, Costa Rica, Nicaragua, Panama, Panama City Real Estate, Placencia real estate
Posted in Market statistics and data | 1 Comment »
Knight Frank included 33 countries in their Global House Price Index for the second quarter of 2009. Unfortunately none of the markets we cover - Costa Rica, Nicaragua, Belize and Panama - form part of the index. We’ve written before about the lack of comparable data in Central America and how we plan to help fill the data gap for international real estate.
Still the global context is important for regional buyers and sellers, so we’ve summarized the results below. The full data and analysis from Knight Frank can be seen here.
- House prices increased in almost half of the locations reporting prices for the second quarter of 2009.
- The picture has improved from the first quarter where double-digit falls were seen in a number of locations. In the second quarter, price falls did not exceed 10% in any country.
- Dubai recorded the largest year-on-year falls at 47%, but prices seem to be falling at a slower rate now - losing 7.5% from the first quarter 2009
- In Israel house prices increased 12.5% over a 12 month period, making it the top performer in the sample.
- The report concludes that although there are signs that the prices are beginning to bottom out, the market is still “fragile and patchy.”
From Reveal Real Estate - charting international real estate trends in Central America.
Posted in Property news | No Comments »
We’re excited to be hosting Carnival of Real Estate #164 this week from Nicaragua.
In our work in Central America we regularly draw inspiration from the US RE.net on online marketing and ways to equip buyers and sellers with tools to help them make better decisions. This makes us avid followers of the Carnival. We use it as a quick way into the best real estate posts each week.
Not a huge list of submissions this time round, but still a few nice articles in the mix. We’ve picked out the three we liked most and added in a runner up.
The top three real estate posts:
We enjoyed reading Jim’s advice to Rent Forever, Don’t Buy A Home posted at Blueprint for Financial Prosperity. It’s always refreshing to see an article ”tackle the cornerstones of well-accepted advice.” You may not agree with everything he’s saying. But maybe that’s the point.
We’re always exploring rankings, rating and lists in our work to help buyers get to grips with the local market. So we appreciated Whitney Tyner’s Trick-or-Treat Housing Index: Top 5 Seattle Neighborhoods posted at Zillow Blog which lists neighborhoods that “provide the most candy, with the least walking, and minimum safety risks”. Perhaps we need to inject some more fun into our own rankings?
Also in our top three is a post from Cindy Jones on Short Sale Train Wreck Coming to Northern Virginia Soon posted at VA Real Estate Talk. She may be right about conflicts between agents as a result of the way some short sales are being handled.
And the runner up:
We’ll close this Carnival with a runner up prize to Saundra Washington for her 12 Terrific Topics for Your Real Estate Blog posted at Technology Tools for Real Estate. It seems that there can never be enough list posts helping real estate bloggers come up with new content day after day.
That concludes this edition of CORE. To participate next week please submit your best post using the carnival submission form.
From Reveal Real Estate - charting international real estate trends in Central America.
Posted in Property news | No Comments »
Take your time when buying international real estate is the advice from the Association of International Property Professionals. AAIP is the independent industry body for international property. They’ve put together 5 tips to help investors buy overseas property safely.
We’ve added them below as a complement to the insider tips to real estate investing in Central America we published in April.
The advice from the AAIP is solid and you should certainly keep the tips front of mind when considering investing in real estate in Costa Rica, Panama, Belize or Nicaragua - the markets we cover on this site.
Here are the 5 tips from AAIP:
1. Independent lawyer
- No matter what anybody tells you, no matter how easy it all seems and no matter how lovely the agent seems, ALWAYS use an independent lawyer to represent you throughout the purchase of your property overseas.
- It is the lawyer’s job to protect you and inform you.
- You will need to pay the lawyer a fee – accept that as part of your purchase costs. This is not an area in which to keep costs down.
- The definition of ‘independent’ is that the lawyer represents you and only you.
2. Do the numbers
- Make sure you know your budget before you start looking at properties – this should include at least a provisional mortgage offer if you’re borrowing money.
- Don’t then be tempted to buy more properties than you can afford (particularly on off-plan properties) hoping to sell the extra properties before completion unless you fully understand the risks as well as the rewards (see point 5).
- If borrowing money, your repayments will stretch over several years, years in which lending criteria and borrowing costs may change. Discuss the long term repayment with a financial specialist before proceeding.
3. Beware exchange rate movements
- The rates do not need to move substantially to affect the value of your purchase. When you start looking, £100,000 may buy you a certain property – a 10% drop in the value of the £ against the Euro, for example, may then put that property out of your budget. If you’ve already signed contracts to buy, this could cause you a problem. Speak to specialists in this area and secure your rate of exchange early.
- The rate fluctuations will also affect the costs of mortgages (if you raise the mortgage overseas and earn your income at home). Again, speak to a foreign exchange specialist to highlight the risks and to take appropriate action.
4. Use professional agents and developers
- There are few, if any, guarantees when buying property, at home or overseas. Using an independent lawyer (see point 1) significantly reduces the risks you take on an overseas property purchase and employing a professional agent or buying from a professional developer will also help you.
- Ask lots of questions. 3 year old children are known for asking lots of questions (why? why? why?) and you should follow their lead when talking to agents about a purchase. Initially, focus questions on the company itself, not the properties for sale. Dig around for details on the founders of the company and the track record of the company. Ask for client testimonials (real ones) and make sure you find out in detail exactly what service they offer. Don’t just take their word for it – ask for details on their service in writing, preferably in the form of some type of ‘Terms of Business’.
5. Remember the reward : risk ratio
- If you are buying property overseas as an investment (as many people have done in recent years), you need to bear in mind that big returns may come with significant risks. Be careful to assess the possible downsides to an investment property as well as the enticing investment numbers that could be achieved if all goes to plan.
Take your time and follow these tips and there is no reason why you’ll be taking any more risk buying overseas than you do at home.
The 5 tips have been reposted from AAIP. You can view the article on AAIPs website here.
Posted in Buyers tips | 1 Comment »
45 international real estate developments stand out in new green ranking
October 24th, 2009
Welcome to our inaugural real estate GreenList where we highlight the greenest master planned communities and international real estate developments in Costa Rica, Panama, Nicaragua and Belize. We’re releasing the list just as an earthship makes landfall in Nicaragua at Casa Llanta. It’s the first building of its kind in Central America - totally off grid and made out of recycled materials. Today is also International Day of Climate Action so it seems like a good time to showcase the greenest real estate developments in Central America.
There is no global standard yet for green building, but there are initiatives in the pipeline and plenty of guidance, webinars, TV shows and research reports on what constitutes a green approach to construction and development.
To build the 2009 GreenList we reviewed public disclosures made by real estate owners and developers against the following 5 criteria: Biodiversity, Energy Management, Green Building, Water & Waste Management and Social Responsibility & Giving Back.
Developments with a general environmental slogan (e.g. “eco-friendly”, “earth-friendly”, “eco-luxury”) that did not provide additional evidence of social and environmental action steps taken or planned were not included.
Like many green rankings, the list is imperfect. It captures commitment (and at worst, just good public relations) and not effectiveness. Also the list probably under-reports what is going on in the region as some developers may keep information private.
We’ll be improving the list over time. But for now these real estate developers are laying down an environmental commitment, and we’re keen to recognize this.
Keeping track of the green pioneers
As more buyers actively seek to invest in a way that helps produce a healthy and livable world for all, how real estate developments perform on environmental and social issues will have a direct impact on their competitiveness and profitability. They’ll be perfectly poised for future growth driven by buyers looking to live green and invest well.
Buyers, if you’re interested in buying green then have a look at these places.
The 2009 GreenList
Click on the table headers to sort them. You’ll find more information in the right hand sidebar of each development page by following the links in the table.
B=Biodiversity, E=Energy Management, G=Green Building, W=Water & Waste Management and S=Social Responsibility & Giving Back.
| Name of development | Country | Location | B | E | G | W | S |
|---|---|---|---|---|---|---|---|
| Casa Llanta, Nicaragua | Nicaragua | South of San Juan del Sur | Yes | Yes | Yes | Yes | Yes |
| Finca del Mar | Nicaragua | Central Pacific Nicaragua | _ | Yes | _ | Yes | Yes |
| Tierra Pacifica | Costa Rica | Playa Junquillal | _ | _ | _ | Yes | Yes |
| Better in Belize | Belize | Belmopan | Yes | Yes | Yes | _ | Yes |
| Finca las Brisas, Costa Rica | Costa Rica | Nicoya | Yes | _ | Yes | _ | Yes |
| Las Fincas de Escamequita and Las Haciendas | Nicaragua | South of San Juan del Sur | Yes | Yes | _ | _ | Yes |
| El Encanto del Sur | Nicaragua | San Juan del Sur | _ | Yes | _ | _ | Yes |
| Montecristo Beach and Golf Resort | Nicaragua | Central Pacific Nicaragua | Yes | _ | _ | _ | Yes |
| Portasol | Costa Rica | Dominical | _ | _ | _ | _ | Yes |
| Piedras y Olas a Pelican Eyes Resort | Nicaragua | San Juan del Sur | _ | _ | _ | _ | Yes |
| Parque Maritimo el Coco | Nicaragua | South of San Juan del Sur | _ | _ | _ | _ | Yes |
| Orchid Bay | Belize | Corozal | - | _ | _ | _ | Yes |
| Gran Pacifica | Nicaragua | Central Pacific Nicaragua | - | _ | _ | _ | Yes |
| Finca Java | Nicaragua | Matagalpa and Jinotega | - | _ | _ | _ | Yes |
| Alegria Costa Rica | Costa Rica | Flamingo | - | _ | _ | _ | Yes |
| Los Faros de Panama | Panama | Panama City | - | Yes | Yes | Yes | _ |
| Sea Breeze Mountain | Costa Rica | Tamarindo | - | Yes | _ | Yes | _ |
| Paradise Dreams | Panama | Bocas del Toro | - | Yes | _ | Yes | _ |
| Palmetto Bay Maya Beach Belize | Belize | Placencia | - | Yes | _ | Yes | _ |
| Los Suenos Marriott Ocean and Golf Resort | Costa Rica | Herradura | Yes | _ | _ | Yes | _ |
| San Buena Golf | Costa Rica | Southern Pacific | Yes | _ | _ | Yes | _ |
| Reserva Conchal | Costa Rica | Flamingo | Yes | _ | _ | Yes | _ |
| Secret Cove | Nicaragua | South of San Juan del Sur | - | _ | _ | Yes | _ |
| Rancho Villa Real, Costa Rica | Costa Rica | Tamarindo | - | _ | _ | Yes | _ |
| Balcones de Majagual | Nicaragua | Marsella / Maderas | - | Yes | Yes | _ | _ |
| Belize Reserve | Belize | Cayo | - | Yes | Yes | _ | _ |
| Pacific Palms Jaco | Costa Rica | Jaco | - | _ | Yes | _ | _ |
| Apanas Lake Estates | Nicaragua | Matagalpa and Jinotega | - | _ | Yes | _ | _ |
| Valle Escondido | Panama | Boquete | - | Yes | _ | _ | _ |
| Lake View Estates | Panama | Cumbres Lake | - | Yes | _ | _ | _ |
| Isla Viveros Panama | Panama | Isla Viveros (Pearl Island) | - | Yes | _ | _ | _ |
| Waterside | Belize | Flowers Bank | Yes | _ | _ | _ | _ |
| Villas Cabo Vela | Costa Rica | Playa Grande | Yes | _ | _ | _ | _ |
| Sittee Point | Belize | Hopkins | Yes | _ | _ | _ | _ |
| Selva del Mar | Nicaragua | Tola | Yes | _ | _ | _ | _ |
| Pura Jungla, Costa Rica | Costa Rica | Paraiso | Yes | _ | _ | _ | _ |
| Paraiso de Amelia | Nicaragua | San Juan del Sur | Yes | _ | _ | _ | _ |
| Montanas de Caldera | Panama | Boquete | Yes | _ | _ | _ | _ |
| Lomas del Mar, Costa Rica | Costa Rica | Playas del Coco | Yes | _ | _ | _ | _ |
| Ladera del Mar | Costa Rica | Playas de Coco | Yes | _ | _ | _ | _ |
| Hacienda Matapalo Costa Rica | Costa Rica | Matapalo | Yes | _ | _ | _ | _ |
| Casa Grande Bambito | Panama | Chiriqui Highlands | Yes | _ | _ | _ | _ |
| Camino Del Rio | Belize | Belmopan | Yes | _ | _ | _ | _ |
| Brisas del Los Lagos | Panama | Chorrera | Yes | _ | _ | _ | _ |
| Azueros | Panama | Azueros Peninsula | Yes | _ | _ | _ | _ |
More details on the 5 criteria:
- Biodiversity (for example re-forestation project; large dedicated green areas that will not be developed, accreditation as a private reserve)
- Energy management (use of renewable energy sources such as solar, wind, thermal energy)
- Green building (eco-friendly architectural design such as solar chimneys, natural ventilation, thermal exchange, roof overhands, water catchment systems and green building materials such as FSC certified wood products, recycled materials, straw bale)
- Water and waste management (for example water catchment systems, grey water recycling)
- Social responsibility and giving back (support for local charities and community groups; use of local suppliers of goods and services and local employment schemes)
Owners and developers, if our analysis has missed social and environmental action steps that you have taken, we’d love to hear from you, so please contact us with the details or reply in the comments.
From Reveal Real Estate - charting international real estate trends in Central America.
How to understand the real estate market in Central America in 10 seconds
October 16th, 2009
You may have noticed that we’re big advocates of putting real estate market information into the hands of consumers. Why? Because good market data helps you make the best decisions about buying or selling real estate. To make this process quick and easy, we’ve developed a PriceRank table that will give you a snapshot of the international real estate market in seconds.
We can’t overlook the fact that no Multiple Listing Service (MLS) exists for Costa Rica, Panama Nicaragua or Belize and official market data is not published. Or that sales prices recorded in the Public Registry can be different from actual sales prices, making it hard to compare one property to the next. But we can try and build the next best thing to a MLS and help improve the flow of market information to buyers and sellers.
Keeping things simple
We’ve started with a simple international real estate PriceRank table where we compare the median asking price for condos and houses in master planned communities, condo projects and resort developments. We’ll be following this up with a second PriceRank table, this time ranking developments with serviced lots for sale.
We could have split out other categories such as long ocean view houses or golf view condos or even distance from the airport and whether roads are paved. But for now, since we’re in the business of ’simple-making’, we wanted to provide the most straightforward representation of the market.
The 2009 Annual Central America International Real Estate PriceRank
Here’s the short story for 2009 for international real estate developments with condos and houses for sale:
- As the most mature market in the region, Costa Rica tops the ranking with the Four Seasons, Papagayo Peninsula. The project is located in northern Guanacaste close to Costa Rica’s second international airport at Liberia, a region peppered with luxury brands and top end resorts. The least expensive community is Belize Reserve an ‘eco-community’ located in Cayo, the forested hilly district in western Belize.
- Costa Rica holds 6 of the top 10 spots in the PriceRank. Panama has 2 real estate developments in the top 10 and Belize has 1. Nicaragua, the most ‘emerging’ of the markets has none.
- The most expensive real estate development in Belize is the Placencia Residence, located at the northern end of the Placencia Peninsula. In Panama, the Trump Ocean Club, perhaps its most well-known development, leads the field. Portofino Condos overlooking the bay of San Juan del Sur is Nicaragua’s highest entry (but ranked 44th overall) and, yes, the Four Seasons at Papagayo tops the list in Costa Rica.
- Turning to the least expensive; it’s Belize Reserve in Belize, the Condos Montemar (also in San Juan del Sur) for Nicaragua, Rancho Las Lomas in Costa Rica, and for Panama, Montanas de Caldera has the lowest median price.
- Master-planned communities on or near the ocean percolate to the top of the list whereas developments in lake/river/lagoon areas make up the more ‘affordable’ market-share in international real estate.
So dive into the detail and sort the table by clicking on the headers. You can also follow the links for further information on the real estate developments including amenties, location maps and price comparisons with the country medians.
The 2009 PriceRank table
| Rank | Name of real estate development | Country | Location | Location Type | Median price/sqft* |
|---|---|---|---|---|---|
| 1 | The Four Seasons Papagayo Peninsula | Costa Rica | Papagayo | Ocean | $652 |
| 2 | Las Olas Costa Rica | Costa Rica | Dominical | Ocean | $592 |
| 3 | Placencia Residences | Belize | Placencia | Ocean | $547 |
| 4 | Tamarindo Preserve | Costa Rica | Tamarindo | Ocean | $535 |
| 5 | The Palms at Playa Flamingo | Costa Rica | Flamingo | Ocean | $502 |
| 6 | Jade Condo Resort Residences & Beach Club | Costa Rica | Quepos/Manuel Antonio | Ocean | $488 |
| 7 | Trump Ocean Club International Hotel and Tower | Panama | Panama City | Urban | $483 |
| 8 | Los Faros de Panama | Panama | Panama City | Urban | $463 |
| 9 | Los Suenos Marriott Ocean and Golf Resort | Costa Rica | Herradura | Ocean | $450 |
| 10 | Reserva Conchal | Costa Rica | Flamingo | Ocean | $430 |
| 11 | Brisas de Amador Panama | Panama | Panama City | Urban | $418 |
| 12 | Wyndham Jaco Beach Resort and Condominiums | Costa Rica | Jaco | Ocean | $411 |
| 13 | Caye Casa | Belize | Ambergris Caye | Ocean | $405 |
| 14 | Yoopanama by Stark | Panama | Panama City | Urban | $389 |
| 15 | Sonesta Jaco | Costa Rica | Jaco | Ocean | $384 |
| 16 | Breakwater Point | Costa Rica | Jaco | Ocean | $372 |
| 17 | Hopkins Bay Resort | Belize | Hopkins | Ocean | $370 |
| 18 | Denovo | Panama | Panama City | Urban | $368 |
| 19 | White Tower Panama City | Panama | Panama City | Urban | $365 |
| 20 | La Paloma Blanca | Costa Rica | Jaco | Ocean | $364 |
| 21 | Waters on the Bay | Panama | Panama City | Urban | $360 |
| 22 | Arts Tower | Panama | Panama City | Urban | $357 |
| 23 | Azueros | Panama | Azueros Peninsula | Ocean | $345 |
| 24 | Pelican Reef Villas | Belize | Ambergris Caye | Ocean | $345 |
| 25 | Yacht Club Tower Panama | Panama | Panama City | Urban | $344 |
| 26 | Isla Viveros Panama | Panama | Isla Viveros (Pearl Island) | Ocean | $341 |
| 27 | Element Tower | Panama | Panama City | Urban | $339 |
| 28 | El Coquito Condo Resort Hotel | Costa Rica | Matapalo | Ocean | $338 |
| 29 | 180 Blue Beach Residences | Costa Rica | Playa Hermosa | Ocean | $331 |
| 30 | Playa Bonita Residences | Panama | Fort Kobbe | Ocean | $330 |
| 31 | Ladera del Mar | Costa Rica | Playas de Coco | Ocean | $324 |
| 32 | The Palms | Costa Rica | Jaco | Ocean | $318 |
| 33 | Los Altos Beach Club & Spa | Costa Rica | Quepos/Manuel Antonio | Ocean | $317 |
| 34 | Azul Paraiso Residences | Costa Rica | Playas del Coco | Ocean | $311 |
| 35 | Marisol | Costa Rica | Dominical | Ocean | $305 |
| 36 | Canto del Mar | Costa Rica | Dominical | Ocean | $303 |
| 37 | Coco Bay Estates | Costa Rica | Playas del Coco | Ocean | $300 |
| 38 | Brahma Blue | Belize | Ambergris Caye | Ocean | $299 |
| 39 | Villa del Mar | Panama | Panama City | Urban | $295 |
| 40 | Grand Caribe Suites and Residences | Belize | Ambergris Caye | Ocean | $289 |
| 41 | Isla Moin | Costa Rica | Limon | Ocean | $289 |
| 42 | Las Terrazas | Belize | Ambergris Caye | Ocean | $286 |
| 43 | Whispering Waves Belize | Belize | Ambergris Caye | Ocean | $286 |
| 44 | Portofino Nicaragua | Nicaragua | San Juan del Sur | Ocean | $285 |
| 45 | Bahia Encantada | Costa Rica | Jaco | Ocean | $280 |
| 46 | Cabo Caletas Costa Rica | Costa Rica | Esterillos | Ocean | $279 |
| 47 | Nikki Beach Playa Blanca | Panama | Farallon | Ocean | $279 |
| 48 | Athens Gate | Belize | Ambergris Caye | Ocean | $277 |
| 49 | The Villas at Cocoplum | Belize | Placencia | Ocean | $277 |
| 50 | Sunset Point Bocas | Panama | Bocas del Toro | Ocean | $274 |
| 51 | El Club Suites | Nicaragua | Granada | Urban | $272 |
| 52 | Grand Tower Panama | Panama | Panama City | Urban | $272 |
| 53 | Oasis Punta Pacifica | Panama | Panama City | Urban | $272 |
| 54 | Placencia Yacht Club | Belize | Placencia | Ocean | $271 |
| 55 | Bermuda Beach Belize | Belize | Ambergris Caye | Ocean | $270 |
| 56 | Solaria Villas | Belize | Ambergris Caye | Ocean | $270 |
| 57 | Buenaventura | Panama | Farallon | Ocean | $264 |
| 58 | Jaco Bay Ramada Condominums and Resorts | Costa Rica | Jaco | Ocean | $263 |
| 59 | Vista Mar Residences | Costa Rica | Jaco | Ocean | $260 |
| 60 | Diamante del Sol | Costa Rica | Jaco | Ocean | $256 |
| 61 | Leora Pacifico Costa Rica | Costa Rica | Tamarindo | Ocean | $255 |
| 62 | Peninsula Playa Langosta | Costa Rica | Tamarindo | Ocean | $255 |
| 63 | Vista del Mar | Panama | Panama City | Urban | $255 |
| 64 | Tres Regalos | Costa Rica | Jaco | Ocean | $253 |
| 65 | Bella Maya Resort and Residences | Belize | Placencia | Ocean | $251 |
| 66 | Oceanaire | Panama | Panama City | Urban | $251 |
| 67 | Palmetto Bay Maya Beach Belize | Belize | Placencia | Ocean | $250 |
| 68 | Grand Villa Suites at Roberts Grove | Belize | Placencia | Ocean | $249 |
| 69 | La Perla Condominiums | Costa Rica | Tamarindo | Ocean | $249 |
| 70 | San Buena Golf | Costa Rica | Southern Pacific | Ocean | $247 |
| 71 | Dupont Tower | Panama | Panama City | Urban | $246 |
| 72 | Las Palmas Condominiums | Nicaragua | San Juan del Sur | Ocean | $245 |
| 73 | Sittee Point | Belize | Hopkins | Ocean | $244 |
| 74 | Asia Tower | Panama | Panama City | Urban | $241 |
| 75 | Sarkiki Reef Resort | Belize | Hopkins | Ocean | $240 |
| 76 | Brightwaters Beach Resort | Belize | Ambergris Caye | Ocean | $237 |
| 77 | Pearl at the Sea | Panama | Panama City | Urban | $236 |
| 78 | Alegria Costa Rica | Costa Rica | Flamingo | Ocean | $235 |
| 79 | Milagro del Mar | Nicaragua | Central Pacific Nicaragua | Ocean | $234 |
| 80 | Go Go Beach Tower | Panama | Gorgona | Ocean | $232 |
| 81 | Cerro Fresco | Costa Rica | Jaco | Ocean | $230 |
| 82 | Sapphire Beach Resort | Belize | Ambergris Caye | Ocean | $230 |
| 83 | Seahorse Tropics | Nicaragua | San Juan del Sur | Ocean | $223 |
| 84 | Rio Mar | Panama | Rio Mar | Ocean | $222 |
| 85 | The Phoenix | Belize | Ambergris Caye | Ocean | $222 |
| 86 | Hacienda Matapalo Costa Rica | Costa Rica | Matapalo | Ocean | $221 |
| 87 | Sky Residences Panama Bay | Panama | Panama City | Urban | $220 |
| 88 | Hacienda Pinilla | Costa Rica | Tamarindo | Ocean | $216 |
| 89 | Terrazas at Playa Blanca Beach Resort | Panama | San Carlos | Ocean | $215 |
| 90 | Villas Venado Condos at Guacmaya lodge | Costa Rica | Playa Venado | Ocean | $215 |
| 91 | Piedras y Olas a Pelican Eyes Resort | Nicaragua | San Juan del Sur | Ocean | $212 |
| 92 | Red Frog Beach | Panama | Bocas del Toro | Ocean | $212 |
| 93 | Costa Paraiso | Nicaragua | South of San Juan del Sur | Ocean | $211 |
| 94 | Pacific Village & Marina | Panama | Panama City | Urban | $211 |
| 95 | Hermosa del Mar | Costa Rica | Playa Hermosa | Ocean | $209 |
| 96 | Laguna Reef Resort | Panama | Bocas del Toro | Ocean | $209 |
| 97 | Lora Hills Costa Rica | Costa Rica | Playa Ostional | Ocean | $209 |
| 98 | Q Tower Panama City | Panama | Panama City | Urban | $208 |
| 99 | The Villas at Contadora | Panama | Isla Contadora | Ocean | $205 |
| 100 | Coronado Bay Tower | Panama | Coronado | Ocean | $204 |
| 101 | Los Porticos | Belize | Placencia | Ocean | $204 |
| 102 | Talanguera Condominiums | Nicaragua | San Juan del Sur | Ocean | $204 |
| 103 | Franklin Pointe Vista Del Mar | Belize | Belize City | Ocean | $200 |
| 104 | Ocean Breeze at Hermosa | Costa Rica | Playa Hermosa | Ocean | $200 |
| 105 | Moon Tower Panama City | Panama | Panama City | Urban | $198 |
| 106 | Gran Pacifica | Nicaragua | Central Pacific Nicaragua | Ocean | $197 |
| 107 | Los Delfines Golf & Country Club | Costa Rica | Tambor (Nicoya Peninsula) | Ocean | $195 |
| 108 | Ocean at Playa Blanca Beach Resort | Panama | Farallon | Ocean | $195 |
| 109 | Rancho Santana | Nicaragua | Tola | Ocean | $195 |
| 110 | Hermosa Highlands | Costa Rica | Jaco | Ocean | $194 |
| 111 | Serenity at the Bay | Panama | Panama City | Urban | $194 |
| 112 | Grand Baymen | Belize | Ambergris Caye | Ocean | $191 |
| 113 | Manuel Antonio Estates | Costa Rica | Quepos/Manuel Antonio | Ocean | $191 |
| 114 | Bahia Resort Panama | Panama | Gorgona | Ocean | $187 |
| 115 | Buena Vista Surf Club | Nicaragua | Marsella / Maderas | Ocean | $187 |
| 116 | Water View Tower | Panama | Panama City | Urban | $187 |
| 117 | Pelican at Coronado Golf | Panama | Coronado | Ocean | $184 |
| 118 | Pacific Palms Jaco | Costa Rica | Jaco | Ocean | $183 |
| 119 | Hacienda El Dorado | Costa Rica | Central Valley | Highlands | $180 |
| 120 | Harmony Tower Panama | Panama | Panama City | Urban | $179 |
| 121 | Icon Tower | Panama | Panama City | Urban | $178 |
| 122 | Le Mare Coco del Mar | Panama | Panama City | Urban | $177 |
| 123 | Sandpiper Punta Chame | Panama | Punta Chame | Ocean | $176 |
| 124 | Island Oasis Resort | Belize | Caye Caulker | Ocean | $174 |
| 125 | Landmark Punta Patilla | Panama | Panama City | Urban | $174 |
| 126 | Nautica Coco del Mar | Panama | Panama City | Urban | $173 |
| 127 | Bahia del Sol Villas and Condos | Nicaragua | San Juan del Sur | Ocean | $171 |
| 128 | Playa Coco Nicaragua | Nicaragua | South of San Juan del Sur | Ocean | $170 |
| 129 | Montecristo Beach and Golf Resort | Nicaragua | Central Pacific Nicaragua | Ocean | $169 |
| 130 | Casa Grande Bambito | Panama | Chiriqui Highlands | Highlands | $168 |
| 131 | Ara Macao Resort and Marina | Belize | Placencia | Ocean | $165 |
| 132 | La Reserve Condominums | Costa Rica | Herradura / Jaco | Ocean | $165 |
| 133 | The Village at Aqua | Nicaragua | Tola | Ocean | $165 |
| 134 | Joy Tower San Francisco | Panama | Panama City | Urban | $164 |
| 135 | Coronado Escapes | Panama | Coronado | Ocean | $163 |
| 136 | Isla Saboga | Panama | Isla Saboga | Ocean | $162 |
| 137 | El Alcazar de Coronado | Panama | Coronado | Ocean | $161 |
| 138 | Lake View Estates | Panama | Cumbres Lake | Lake/river/lagoon | $159 |
| 139 | Royal Decameron Villas | Panama | Farallon | Ocean | $158 |
| 140 | Vista Boquete Condominiums | Panama | Boquete | Highlands | $153 |
| 141 | Pacific Sun Estates | Costa Rica | Herradura / Jaco | Ocean | $148 |
| 142 | Cala Azul | Nicaragua | San Juan del Sur | Ocean | $147 |
| 143 | Starfish Reef | Panama | Bocas del Toro | Ocean | $146 |
| 144 | Xalteva Condominiums | Nicaragua | Granada | Urban | $144 |
| 145 | El Club del Mar | Nicaragua | South of San Juan del Sur | Ocean | $143 |
| 146 | Reef Village Belize | Belize | Ambergris Caye | Ocean | $143 |
| 147 | Iguana Golf Condominiums | Nicaragua | Tola | Ocean | $142 |
| 148 | Sevilla Costa del Este | Panama | Panama City | Urban | $142 |
| 149 | Congo Hills | Nicaragua | San Juan del Sur | Ocean | $141 |
| 150 | Consejo Shores Belize | Belize | Corozal | Ocean | $138 |
| 151 | Cuesta del Sol Condominiums | Panama | David | Urban | $138 |
| 152 | Orchid Bay | Belize | Corozal | Ocean | $138 |
| 153 | Mango Rosa | Nicaragua | Marsella / Maderas | Ocean | $137 |
| 154 | Paraiso de Amelia | Nicaragua | San Juan del Sur | Ocean | $137 |
| 155 | Agua de Lechuga | Costa Rica | Playas del Coco | Ocean | $136 |
| 156 | Big World Villas | Panama | Santa Catalina | Ocean | $135 |
| 157 | Hacienda Los Molinos | Panama | Boquete | Highlands | $130 |
| 158 | El Valle Las Nubes | Panama | El Valle | Highlands | $129 |
| 159 | Boquete Country Club | Panama | Boquete | Highlands | $128 |
| 160 | Secret Cove | Nicaragua | South of San Juan del Sur | Ocean | $128 |
| 161 | Valle Escondido | Panama | Boquete | Highlands | $125 |
| 162 | Valle del Rio | Panama | Boquete | Highlands | $121 |
| 163 | Altos de Maria | Panama | Chame | Highlands | $117 |
| 164 | Camino Del Rio | Belize | Belmopan | Lake/river/lagoon | $117 |
| 165 | Turtle Cove Lake and Yacht Club | Costa Rica | Arenal | Lake/river/lagoon | $117 |
| 166 | El Camino del Sol | Nicaragua | San Juan del Sur | Ocean | $115 |
| 167 | Brisas del Lago | Nicaragua | Granada | Lake/river/lagoon | $111 |
| 168 | Club Vistalagos | Nicaragua | Laguna de Apoyo | Lake/river/lagoon | $107 |
| 169 | Villas Cabo Vela | Costa Rica | Playa Grande | Ocean | $105 |
| 170 | Villa Lagos | Nicaragua | Granada | Lake/river/lagoon | $99 |
| 171 | Rancho Los Suenos | Panama | Espave | Pastoral | $98 |
| 172 | Villas de Palermo | Nicaragua | San Juan del Sur | Ocean | $97 |
| 173 | Rancho Las Lomas | Costa Rica | Parrita | Ocean | $95 |
| 174 | Apanas Lake Estates | Nicaragua | Matagalpa and Jinotega | Lake/river/lagoon | $92 |
| 175 | Villa Davina | Panama | David | Lake/river/lagoon | $82 |
| 176 | Bosques del Mar | Nicaragua | Marsella / Maderas | Ocean | $77 |
| 177 | Condominiums Montemar | Nicaragua | San Juan del Sur | Ocean | $77 |
| 178 | Boquete Meadows | Panama | Boquete | Highlands | $75 |
| 179 | Montanas de Caldera | Panama | Boquete | Highlands | $73 |
| 180 | Belize Reserve | Belize | Cayo | Pastoral | $61 |
* Average of the median asking price for condos and single family homes for each real estate development. Data collected July to September 2009. More information on the data.
That’s it. Any questions, niggles or comments, just write back. Our goal is to be comprehensive - while keeping things simple - and to provide a useful resource.
From Reveal Real Estate - charting international real estate trends in Central America.
Infographic revealing data on international real estate in Central America
October 12th, 2009
The real estate data for 2009 is in. It covers master-planned communities in Costa Rica, Belize, Panama and Nicaragua and we’ve put it together into a picture of what is going on in the markets.
The images for each country in the infographic come from each of the Tourist Boards. I’d say that the strap-lines vary in effectiveness. Costa Rica’s “No Artificial Ingredients” fit’s with Costa Rica’s eco-theme and works better than Nicaragua’s “Unique … Original” which could apply to practically any country. The same for Panama’s “It stays with you.” It does not feel specific to Panama. But the slogan for Belize “Mother Nature’s Best Kept Secret” works. Belize is a tiny country, often overlooked by world travelers despite having the largest barrier reef in the western hemisphere. Hence the secret.
As we’re on the subject of vacations, a solid piece of advice for property investors is to visit the country first on a vacation. So we thought we’d link up some travel sites for those of you mulling over whether Central America is right for you. Check out 1costaricalink.com for travel guides and hotels in Costa Rica or costaricantrails.com for vacation packages. In Panama, panamatrails.com has a selection of vacations and tours for you to review. Or here’s a broader overview of travel in Latin America. Happy traveling!
From Reveal Real Estate - charting international real estate trends in Central America.The current state of international real estate in Costa Rica
October 6th, 2009
Between 2005 to mid-2008, property developers in Costa Rica witnessed enormous increases in property launches and sales as vacant land on the ocean and in the highlands was developed into second homes for North Americans and Europeans.
There were three key factors supporting the boom:
- Political stability – Costa Rica has had over half a century of uninterrupted democracy, making it one of the most stable countries in the region.
- Its long-standing as an eco-tourism destination – Costa Rica’s express commitment to environmental conservation and it’s rich biodiversity have enabled it to develop a unique “eco” travel product.
- US retiree haven status – With more US citizens venturing abroad, Costa Rica has benefited enormously from its retiree haven status.
The morning after
But since the global economic collapse the Costa Rica real estate landscape has changed. Large scale, ultra leveraged properties have suspended operations, others have stalled or cut-back on the more ambitious aspects of the master plan, and prices have been cut for the first time since the boom.
Still, asking prices in the luxury end of the housing market (ie: master-planned communities, resort developments and condo projects catering to the international buyer) have held up relatively well compared with the sharper declines experienced in the developed world. Our year-on-year numbers to September 2009 show relatively modest fall of 8.75% for serviced lots, 3.73% for condos and 8.92% for single-family homes across the main master-planned communities.
So what are the takeaways from this?
Optimists will find some solace in the fact that Costa Rica has been shielded somewhat from the collapse in house prices witnessed in the developed world. It’s relatively underdeveloped mortgage market, formerly considered a weakness, has meant that it has avoided the rampant foreclosures that have tugged at the bottom of the market in the US.
But property pessimists will doubtless point to the high profile project suspensions such as the St Regis Project, the Rosewood Residences at Costa Carmel and La Punta Papagayo in Gunacaste. They may also insist that with re-sales (sales from end-user to end-user) continuing to undercut developer direct prices, the data under-reports the extent of the decline and there are more falls to come.
We’d love to hear your views. Leave a comment below or write a review on one of Costa Rica’s international property hotspots.
From Reveal Real Estate - charting international real estate trends in Central America.
