Over $140 million in highway projects for the Chiriqui Province have begun and Panama has invited Tenders for another $116 Million in projects for neighboring Veraguas.

      

The first of many infrastructure improvements have begun in Chiriqui with the contract awards for four laning of the PanAmerican Highway from David to Tole and four laning of the road from David to Boquete.  This along with the $25 million expansion of the International Airport at David bode well for the growth here in Chiriqui.  This week CentralAmericaData.com reported that Panama has invited Tenders for $116 Million in roadway improvements in Veraguas.  As I am always curious about where all these roads lead to, I decided to map out some of the routes to see where they go and what that means for the real estate markets that will benefit from these huge improvements.      

First let’s look at a map of Panama so we can see the two provinces that I speak of.  Stay with me on this as there is more than just a story and there will be a lot of money made by those who understand what I am going to show you.   The orange line is the PanAmerican Highway that runs from Panama City to David and on to Costa Rica.  I have highlighted the new roadway in yellow that caught my interest, especially the roadway from Sona to Santa Catalina and the resurfacing work planned for the old PanAmerican Highway from Sona to Tole. If you drill down into the report and go to the government bid page, you can view detailed maps of all the planned roadway improments. Read more     

     

     

Let’s look at a little more detail and see if I can draw a picture for you on what this route will do for some pretty, but isolated areas of Panama.  I have already mentioned Boquete, the town where I live in the mountains and how the four laning will impact this market.  I have also mentioned the fact that we have Panama’s second largest city with an International Airport just 40 minutes away in David.  From there you can drive to Tole in around an hour and when they four lane the PanAmercian Highway, it will be more like 45 minutes or less.      

      

     

A couple of years ago I decided to explore the areas between David and Tole and of course I was immediately struck by the beauty of Boca Chica.  I have mentioned this before in  Why I Live in Panama.  The Boca Chica area will be even closer to my home when the highway is expanded and the travel time from the mountains to the boat dock is cut to a little over an hour.  From the David International Airport,  Boca Chica will be less than an hour.   There are some huge opportunties in the Boca Chica area as this part of the coast is beautiful and it is the jumping off point to hundreds of islands offshore.      

Last year I decided to travel to Santiago via the old PanAmerican Highway just to see what was on the “otherside of the hill”.  I first visited my friend Chad Marquis at his Paradise Fishing Lodge  in Quebrada de Piedra.  Located just off the New PanAmerican Highway before the town of Tole, is the turn off that takes you on the Old Highway.  What another beautiful area this is and one that was left behind in time when the new Highway by-passed it and the road slipped into disrepair.   We caught our first Marlin back to back with a huge yellow fin Tuna the fist day out on Hannibal Bank and Chad’s place is one of the closest put in points to Coiba Island and the Bank.  In the distance of this photo you can see Punta Estrada which is the entrance to this incredible protected estuary.  The Panamanian Navy have a base here and there are some large marinas planned in the future for this market.     

     

Here is a map of the Quebrada de Piedra area that we are highly recomending for investment and I have circled the Punta.     

     

      

Here is a picture of the Punta Estrada  and this is an example of one of the opportunities that exist in these markets.  This peninsula that is just a few minutes boat ride from Chad’s place has a protected bay area for a boat dock and a hill top that has 360 degree views from the mountains out to the islands in the Pacific that is incredible.  From the hill top you could cut in a road to the beach below and you would have access to the excellent surfing at Morro Nergrito Beach.      

      

     

      

Consisting of over 100 hectares, or over 260 acres, the rights of possession have been held for over 80 years and are transferable.  The property is priced as such at $500,000 or under 50 cents a square meter or less than 5 cents per square foot.  While it is not titled, this price reflects about 10% of the value if it was and it may be in the future.  In the interim you can still use the property for an exclusive retreat and put in a small boutique eco resort similar to what was done on Ilsa Secas which lies just off shore in the distance.     

      

      

      

I need to focus back to the last map and discuss with you on the next section of the roadway improvements and what it means to investors who look to the near term and mid term growth that these improvements will bring so let’s look at the next leg from Sona to Santa Catalina.    Santa Catalina is the closest point to Isla Coiba and some of the best diving in the region.  A friend of mine recently went there on a dive trip and even though it took him over 5 hours to get to Santa Catalina from Boquete he said he had one of the most spectacular dives in his life.   He saw 4 whale sharks, huge manta rays and hundreds of sharks schooling in some of the clearest waters he has been in in the Pacific.  This roadwork will shorten the distance from David to Santa Catalina to around 3 hours.  I think my picture is getting clearer on the implications that these new roadway legs will do for these markets.     

      

      

In case you don’t know what a whale shark or manta ray looks like, here we are.  These are magnificent creatures and very diver friendly.     

       

Besides the diving, Santa Catalina is home to the upcoming  International Surf Competition as it has some of the most incredible surf in Panama and even Costa Rica.  A surfer friend of mine describes Santa Catalina as a wave machine as the waves are consitent and huge.     

        

OK, so let’s say you can get to Santa Catalina from David in around three hours.  From Santa Catalina you can hop a boat ride out to Isla Cebaco 20 minutes away where I have another property that offers some huge upside in the future.    Here on Cebaco Island the waters are calm, the primary rainforest meets the sea, monkeys come down to great you on the beach and the emerald waters are warm and wonderful to swim in and snorkel.     

       

This property is being offered for $1,200,000 or 39 cents per square meter, that’s under 4 cents per square foot.  -The land is not titled, but the possession rights and the surveys are registered with the Office of Catastro, the Agrarian Reform, and also the local municipality.  Again the rights of possession are old and transferable.  Application for the marina concession already made to National Maritime Authority.   Under Panama Civil Law one can have control over a land parcel or property not only as a duly recorded owner but as a possessor.     There are still numerous land parcels and properties in Panama that are under the control of individuals or entities who have never filed an application before the competent authority to obtain title.  Those in this situation have rights of possession.  According to the Civil Law System an individual –or entity- has rights of possession over a property when he/she occupies/controls/holds a piece of land or a property, under certain conditions, and considers him/herself the owner of said property, without having title.  In general terms, rights of possession can be transferred, inherited, attached, encumbered, foreclosed and titled.  They are protected by law as a stage prior to titled property.  Those who hold rights of possession are entitled to file lawsuits against squatters, build improvements, apply for title, prevent/demolish improvements from third parties, etc.      

That said, newly enacted Law and recent Decrees have spurred hope that Panama is on the right path towards addressing the issue of Rights of Possession properties and the ability for individuals to apply for title.  The Government understands the importance of these issues as it impacts the future growth and foreign investment in coastal and island properties in Panama.      

Isla Cebaco is one of the largest and most beautiful islands in the Pacific Coast of Panama. With over 8500 hectares covered in primary forest, it is also one of the most pristine and ecological zones in Central America. The property is located on the northern part of the island, facing the island of Coiba, a World Heritage of Mankind and a National Park. This Island Property has 305 hectares of land (750 acres) and boasts 3 kilometers of oceanfront, of which one and a half kilometers consists of privately secluded beaches and the rest of breathtaking sea cliffs. -The land is hilly and covered with a pristine primary tropical forest. It is ideal for construction of homes with sea views.  The ocean is emerald green and quiet year round and thus ideal for scuba diving and snorkeling. Whales can be seen from the beach year round. The longest beach is sandy white and the other two sandy mixed with white pebbles.  The entire property has an excellent depth which allows for the construction of a marina. There are more wonders as you can watch Humpback Whales from the beach and fish some of the most incredible waters just offshore.      

       

Cebaco Island is home to another friend of mine’s fishing operation that is one of the most impressive in Panama called Cebaco Bay.  Jim Wiese’s operation is equipped with some very nice toys and he also has one of the largest fueling stations in the area for yachts making there way around the Pacific waters off of Panama.