Opportunity seekers look east

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By Staff at Panama Offshore Legal Services

E-Mail: info@pos-inc.com Phone: (507) 227 – 6645

The discovery of petroleum in eastern Panama could possibly create a bigger boom for the region than the draw of Bayano Lake.

The discovery of petroleum in eastern Panama could possibly create a bigger boom for the region than the draw of Bayano Lake.

Panama’s final frontier lies to the east. It is a surprise for many foreigners and expats upon learning that very good real estate investment opportunities exist east of Panama City. This includes the Districts of Chepo and Chimán in Panama Province (including part of Panama City), and the entire Darién Province.

Land investments here will provide great value and increases over the next year as infrastructure improves and more foreign investors arrive.

On the lake

The centerpiece of this realization, a discovery for many, is Lake Bayano. This body of water is simply too beautiful, too tranquil and too close to the city to be ignored over the next decade. Located an hour and a half drive from downtown Panama City, the lake is known for its caves, a major tourist attraction. It’s variety of wildlife, including rarely-seen bird species, is another feature that draws attention.

The Guna and Embera Indians own 80% of the lake’s waterfront, upon which they maintain their traditional cultural ways. This ensures that the beauty and wildlife will remain intact as these areas will not be sold to outsiders and suffer becoming commercially exploited. Lakefront real estate is available at prices that are a fraction of similarly situated real estate west of the city.

Faster to the provincial border

Tortí is a small city on the border of Panama and Darien provinces where some major land purchases are being made by foreign investors. The Pan-American Highway from Panama City to Tortí has almost entirely been upgraded. What used to take four and a half hours drive from Panama City (maneuvering around the many potholes) now only takes two and a half hours. This is due to recent repaving of the highway from Panama City to Lake Bayano along with the installations of new bridges that now have two lanes. There is only one hotel in Tortí, mainly catering to bird watchers and more recently European and South American investors. Trip Advisor gives this hotel an excellent review for its clean rooms, service, pool, and outdoor restaurant.

Highway Improvements

The government recently announced the spending of $30 million for highway improvements east of Tortí to Metetí. In addition, the government will spend $69 million to build the first paved road in the region from the PanAmerican Highway that will give access to the Pacific Ocean. This project will measure 80 kilometers.

Metetí is the last significant town on the highway before it ends at Yaviza. Many of this town’s residents are originally from the Chiriquí province. The town has a bank with an ATM, a few restaurants and hotels, a police station, and a gas station.

Striking oil

Substantial natural gas and oil reserves have been discovered in the region. Speculators say this alone should draw unprecedented attention to this region within a year.

Always consult with a reliable Panama real estate law firm before making offers in this final frontier.

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