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Cheap Caribbean Real Estate? Try Panama's Colon Province
Is cheap Caribbean real estate in Panama a thing of the past? Not necessarily. Colon, the Panama City of the Caribbean end of the Panama Canal and the home of the Colon Duty Free Zone is past due for price increases.
Colon has often had to play the poor sister to Panama City but now that the new main road is nearing completion the trip from Panama City to Colon will become a commute of less than an hour. Property values around Colon are expected to rise substantially making today's Panama Caribbean real estate prices cheap in comparison. In addition to the effects of the new road, the beautiful coast of Colon Province is opening up to investors and home owners. With local road improvements, previously difficult to reach beach front is becoming very accessible. Most of the land offered in the Costa Abajo area is in large lots of 60 acres and larger. Nevertheless, asking prices for these properties are in the $3 to $4 per sq meter range. $3.33 a square meter is $13,320 per acre for beach front Caribbean property in pristine condition. One acre lots and smaller typically sell for up to $300,000 on the Pacific coast and in Bocas del Toro $100,000 for a half acre lot is a good price.
Prices of real estate in Panama are often quoted in price per square meter. Prices are also quoted in hectares, a hectare being 10,000 square meters. A hectare is about 2.5 acres so take 40% of a price per hectare and you will have price per acre. Price per square meter times 4,000 also will give you price per acre. Learn the system to help spot cheap Caribbean real estate.
Cheap Panama Caribbean Real Estate; Price per Acre Examples on the Colon Province Coast
|$800,000 per 24 hectares
||$13,333 per acre
|$6,720,000 per 224 hectares
||$12,000 per acre
|$15,000,000 per 50 hectares
||$120,000 per acre
|$1,400,000 per 7 hectares
||$80,000 per acre
|$15,000,000 per 5,000 hectares
||$1,200 per acre
|$900,000 per 19.2 hectares
||$18,750 per acre
As you can see there is still relatively cheap Caribbean real estate in Panama.
Cheap Panama Caribbean real estate is still available in and around the city of Colon, Panama. A three bedroom home in Colon is selling for $54,500 and a beach resort in Porto Bello is selling units starting from $115,000.
Also in Colon $70,000 will get you one and a half acres of cheap Caribbean real estate beach front.
You can still find cheap Caribbean real estate, either price per acre or in absolute value if you look. In addition to the current examples quoted above there are good deals every day. However, to take advantage of cheap prices you need to stay in touch with the market as the individual cheap Caribbean real estate buys do not last long. In addition the situation in Colon Province will begin to move soon and even for larger purchases the prices per acre will appreciate. Buy cheap Caribbean real estate now and watch your property appreciate for years to come.