When many people think of Panama, they think of the Canal, the big city skyline, and the beaches. These days, you can add Boquete to that list. If Panama is considered one of the world’s top retirement destinations, Boquete is considered the top retirement town. Nesting in the hills of western Panama, Boquete is a decent-sized town of about 25,000, with around 15% of the population being expats. It’s got an agreeable climate, lush mountainous backdrop, low cost of living, and is a quick flight to Panama City. For many retirees, Boquete isn’t just the first choice for retiring in Panama; it’s the only one. Here’s why:
Boquete is Low-Cost, and High Value
People have been raving about the low cost of living in Panama for years, but some retirees find that the newly developed and urban capital can be a bit pricier than they expected, especially on a fixed income. Boquete, however, is different. The day-to-day cost of living is some of the cheapest in the world, and real estate is very affordable, and very plentiful. As in any competitive market there are a fare share of higher-cost options, however, in Boquete you get much more for your dollar.
For example, as far as housing, you can buy a nicely finished 2-bedroom house, between 1,500-2,000 sq. ft. for around $150,000. If you’re looking for something a bit bigger, and higher-end, you can get a villa for around $300,000-$350,000. And the best part of real estate in Boquete is that many properties come with a decent sized plot of land. It’s mountain living, so not for everyone, but as far as land and property size, the value is unmistakable.
It’s also a great place for renters who choose not to buy, or need an intermediate place before buying. A typical 1-2 bedroom house can be rented for around $450-$700 a month in town, with bigger, more luxurious options ranging from about $800-$1,200.
Check out our latest Real Estate Infographic for more on buying/renting property in Boquete.
Great Location, and a Vibrant Expat Community
Boquete is very much a small town at heart. It’s got a great community of locals and expats who strive to make it a friendly place. It offers many seasonal cultural events, including a Jazz Festival, and has lots of natural excursions for nature lovers. Because of the vibrant expat community, many in Boquete speak English, making it easier for non-Spanish speaking visitors and residents to adjust. You will find many great local businesses that cater to an expat community, as well as services that are geared towards retirees.
Its location and temperature are also very sought after by expat retirees. Unlike most of Panama, Boquete is relatively cool year round. The average temperature is about 70 degrees, and it is significantly dryer and less humid than the beaches or the city. It is a mountain town, and has lots of outdoor sport options, rafting, mountain biking, and walking/hiking trails. It is in the coffee growing region of the country, and much like wine in Napa, you can take a variety of coffee plantation tours, and explore the local agriculture scene.
If you’re looking to retire or relocate to Panama, we recommend checking out a few places before making your decisions. In the end, it all comes down to what type of lifestyle you want, your budget, and what type of surrounding you feel the most comfortable in. There are many great options in Panama, and literally something for everyone if you know how to find it. And if you’re looking for a quiet mountain life, at a fraction of the cost in the US and Canada, Boquete should be at the top of your list.
