Chiriquí Province is the Texas of Panama, full of steers, beers, big hats, and a spirit of independence found nowhere else in the country. Located in western Panama, Chiriquí even declared itself its own republic back in the 60s.
It’s famous for agricultural production, particularly cattle. Its capital, David, is a middle-class town built on farming—a fundamentally down-to-earth, straightforward kind of place…
But with its strategic location, reputation for affordability, and high level of convenience, David is attracting attention and developing rapidly. Over the past few decades, it has risen from its humble beginnings to become one of the most important cities in the country.
David is the transport hub of western Panama. It was put on the map by the Pan-American Highway, which connects it to Costa Rica (only an hour’s drive west) and makes it one of the main import-export points between Panama and Costa Rica.
David is also the hub of Chiriquí’s agricultural, financial, and commercial sectors—all major industries, in fact. It continues to develop and improve itself, now boasting solid infrastructure that provides high-speed internet, reliable electricity, and dependable telephone and water services.
David has its own airport, which facilitates travel to the national capital, Panama City (about six hours away by car).
It has several hospitals, including two high-quality private hospitals, Centro Médico Mae Lewis and Hospital Chiriquí. People from all over western Panama flock here to have their health care needs taken care of.
In fact, they flock here for all kinds of things… Want to shop in a modern mall for new Levi’s or Nikes? David has the brand-new City Mall, which has a wide variety of shops, restaurants, and entertainment.
Need a new car? You’ll find all kinds of dealerships, from Ford to Nissan to Hyundai. Want a night on the town? There’s upscale dining, casinos, and movie theaters.
David has banks, sports complexes and stadiums, fast-food chains, several universities, public and private international schools, gyms, big-box stores similar to Costco, business centers, coworking spaces, and more…
You get the idea. It has everything you could want from a modern metropolitan zone, with infrastructure and amenities to rival Panama City. In a country with few concentrated population zones, it stands out for its size and busyness.
If you’re looking to make a smart investment in Panama, up-and-coming David should be on your radar.
David’s Growing Middle Class
One of the mega trends in real estate right now is in Latin America’s growing middle class. Panama in particular is experiencing breakneck growth.
This is one of the fastest-growing economies in the world thanks to the Panama Canal and a booming financial sector. According to a recent IMF study, “Panama is converging to U.S. living standards faster than any other country in the region.”
David is one of the fastest-growing cities in the country, currently the third-largest in terms of population, with over 150,000 people. It has a well-established middle class and low unemployment and poverty rates.
Large-scale public construction projects have taken off in David and the surrounding area, including the expansion of the David Airport and the David-Boquete highway and the renovation of the Kenny Serracín baseball stadium.
This plus the development of the banking and increased commercial activity has spurred on David’s growth.
David is one of the best places in Panama to do business, and it’s increasingly popular with entrepreneurs…
“If you’re looking to start a business in Panama, David is the place to be,” says Panama Letter contributor Rebecca Teeters, who’s based in western Panama. “It’s growing with industry in mind…
“Many business owners are heading to David to escape the bureaucracy in Panama City. The government in David is more forgiving. It wants your company and is willing to hold your hand through the process of setting up.
“There’s an abundance of eager, young, educated people looking for work in David. Many come from throughout the region to find better-paying jobs. They’re often supporting large families and are hardworking and eager to impress.”
David’s Middle-Income Housing Shortage
David has a growing population and a sizeable middle class… and one of the most popular housing options for middle-class folks in Panama is an urbanización.
These are planned residential developments that are much like gated communities or subdivisions. All the houses in an urbanización have similar designs; the streets are organized; shared amenities, like green spaces and parks, are available. They’re safe, clean, desirable places to live.
The trouble is that David and all of Panama are lacking in this type of housing. The country is currently facing a deficit of 100,000 low- and middle-income homes.
To address the shortage and prevent a crisis, the Panamanian government has invested $1 billion in housing. Part of this plan includes zero-to-low-interest loans for middle-income buyers, and David will be one of the areas that benefits.
This leads me to an opportunity with a local developer who is targeting the incredible demand for housing in David and capitalizing on the financial support available through Panama’s government, making this a safe and easy play for investors…
Profiting From David’s Growth—30% Returns In 24 Months
We’ve partnered with a group that’s developing high-quality but affordable urbanización-style housing in David with full government approval. They have a 42-hectare site in a prime location that’s 5 to 15 minutes from David’s main amenities.
The developers are tapping into a ready-built list of folks who are planning to buy a home under the government’s preferred interest mortgage scheme, and hundreds of them have pre-qualified for this particular project.
Earlier phases of this project have sold out, and houses have been built and delivered to end-users. Residents are now living in these homes, and a true community is taking shape. Plans to create a commercial area with cafés, pharmacies, and so on are in the works.
How can you get involved as an investor? The developer is opening a new phase of this project with limited inventory available to new investors. Capital requirements are low, and your money goes toward building the homes.
Your return comes from the resale of the houses to the end-users. That return is paid out at a fixed rate of 30% in 24 months. You’re essentially pre-buying a housing unit that the developer will resell for you at a fixed rate of return.
This project is so straightforward and easy, your fellow readers have not only invested here, they’ve bought multiple units, collected their pay-outs, and reinvested again for additional pay-outs…
In the last 12 months alone, this investment has paid out a staggering $3.3 million. Find out how you can get a piece of these profits by joining us for the $3.3 Million Fast-Track Profit Plan Spotlight Event on Friday, Feb. 7, at 11 a.m. ET.
To smooth travels and successful property buys,
Sophia Titley
Editor, Overseas Property Alert