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The Panama City to Colon highway or Interoceanic Highway is slated for completion soon. President Torrijos said April 15, which was the official goal but the minister of public works says June. In either case the drive between Panama City and Colon is about to become a commute. Panama Investment has to be the founding factor.

The roughly $400 million road between Panama City and Colon is nearly done. The press reports overruns and notes the high cost of the road-building project. There is a question about the contractor subbing part of the work to a foreign firm with prior approval.

From the view of Panama real estate the details of the road’s construction are not important. What is important is that it will shorten the drive between Panama’s two largest cities and allow for more traffic. This will increase the value of real estate on Panama’s Caribbean coast.

Real Estate in Colon, Panama

Colon has traditionally been Panama City’s poor sister. Now the new road will not only make Colon closer to Panama City but it will make Colon closer to Tocumen International Airport. Tocumen is fast becoming a major hub airport for the Americas. With its central location Tocumen and Panama’s flag carrier, COPA, have flights to North, Central, and South America. Easier access to and from Tocumen will raise real estate values in Colon and along the Caribbean coast of Colon Province.

Cheap Panama Caribbean Real Estate

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 homeowners. With local road improvements, previously difficult to reach beachfront 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.

Two distinct Panama Real Estate Opportunities

The current pause in the high end of Panama’s housing market, especially in Panama City will provide below market deals for those with cash through mid 2009.

The expected development of real estate in and around Colon, Panama will reward the early investor for years to come. Before a flood of North Americans, Europeans, and wealthy Latin Americans arrive at the end of the recession now is the time to buy residential real estate along the Caribbean coast near Colon.

Panama road building campaign is linking previously hard to reach areas to Colon and thus to Panama City. Thus beachfront property near Colon will be only a few hours distant from major US cities.

If you want to call Panama home and cheap Caribbean real estate in Panama interests you come to see us at ABPanama.