UPDATE: The price increase has been postponed until March 16, 2019.
We did this in response to our newsletter subscribers who wanted more advance notice of the increase.
Note: We posted about the price increase on our site in November. However, we did not announce it in our Newsletter until January 1st.
The November Post – Updated (below)
Property prices, in still sleepy Puerto Armuelles, are going up.
And ours are too.
We are raising our property prices on March 16, 2019.
On average, prices will rise by 10%.
The good news is that we will continue to provide some of the best quality and lowest-priced properties in the area.
Why The Price Increase
Our price increase reflects several factors. We list 7 significant ones below.
1st, Panama’s property price history. For over a decade, property prices all over Panama have steadily increased.
Meanwhile, Puerto Armuelles, hidden away on the Pacific in the Northwest corner of Panama, has not seen those same price increases.
Puerto Armuelles is now finally hitting stride to catch up with the rest of Panama. Consequently, real estate prices here are increasing.
2nd, Property Improvements. Over many years, we have steadily and continually made improvements to our properties. This means that we can offer you the best-looking properties in Puerto. Finally, we will be pricing our properties accordingly.
3rd, Costs Increasing. The cost of various permits, infrastructure, and maintenance has been rising. This means the cost of continually improving our properties has been increasing. We want to continue to improve and maintain our properties so they are ready for our future clients (you) to take the reins.
4th, A definite buzz about Puerto Armuelles these days. This is something that has been lacking for the past 2 decades, ever since Chiquita Banana pulled out. There has been a big and noticeable uptick in new people, esp. foreigners, spotted in Puerto Armuelles. This spike in interest goes beyond more visitors and retirees. There is also a significant push to develop more and expanded space for shops, restaurants, and offices. Granted these new spaces are modest in size, after all, this is still Puerto Armuelles.
5th, Puerto is getting more services. Renovations and construction of public services is at an all-time high in Puerto Armuelles. I mention 4 significant improvements underway below:
- A new hospital. Currently, Puerto’s hospital is undergoing a major renovation and expansion. The 1st phase of the construction is expected to be completed in Feb. 2019.
- Brand new public fish and produce market is currently under construction. This market is expected to be completed in Feb. 2019.
- Puerto’s airport renovation is once again on the fast track. The goal is to get Air Panama flights into and out of Puerto Armuelles. Officials predict the airport renovations will be finished in early 2019.
- The new sewer system is now 90% complete. Puerto’s sewer system is anticipated to be fully functional by early 2019.
As with all markets, when more services are provided, more people are attracted, and that brings up prices.
6th, Arrival of Del Monte. Since Del Monte Foods arrived in Puerto Armuelles, about a year ago, there has been a big uptick in interest in our town, both by investors and prospective retirees.
In short, Del Monte is a sign of better economic times for Puerto. Not only will Del Monte’s banana operations provide significant annual revenue to the city, but they will be cutting regular paychecks for many of its residents. It is clear that Puerto’s dark ages after the departure of Chiquita Banana are in the past, and Puerto Armuelles’ Renaissance is underway.
Lastly, Puerto’s return on investment looks very promising. The Republic of Panama continues to attract investments from all over the world. More and more, a percentage of that investment money is showing up in Puerto Armuelles.
It would not surprise us if Puerto Armuelles provided retirees, investors, and 2nd home buyers with the biggest returns in all of Panama. Time will tell.
What This Means For You.
If you have been thinking about buying a property from us, give it another hard look before the end of this year. Our price increases do not take effect until March 16, 2019. If you have questions, please feel free to contact us.
Have you not yet visited Puerto? Why not buy a ticket and come on down this year? Let us know you are coming and we will give you a tour.
You will never know if Puerto is right for you until you visit.
Already Reserved or Making Payments on a Property
Do you currently have a property on Reserve? Or are you making payments on a property? In both of those cases, these price changes do not apply to you. However, they do indicate that you can easily sell your property for more than you paid for it.
Freeze Prices For 60 Days
If you reserve one of our properties before March 16th, you will effectively freeze the current price for 60 days. This means you will be able to pay 2018 prices in 2019. Anyone else who wants to buy a property after March 16th, will have to pay more.
It is fast, easy, and inexpensive to reserve your property. Learn more about reserving a property here.
So far, 2018 has definitely been a big year for Puerto Armuelles. And 2019 promises to be even bigger.