Farallon : Panama

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What it's Like to Retire in Farallon

Farallon is a new and rapidly developing area on the coast south of Panama City and Coronado Beach.  It is located in the province of Cocle, which has other well known beaches including Santa Clara and Rio Hato, and tourist activity has increased in recent years. The province had a population of 233,708 habitants in 2010. Two important infrastructure developments are driving the development: a new airport that is about to open, Scarlett Martinez International Airport in Rio Hato; and the Pan American Highway, which opened in the 1990s. The area is popular with vacationers from Panama and abroad, as well as a expatriates, many of whom are looking to retire either full or part time in Panama. 

Farallon has laws protecting against high rise developments.  The New York Times recently reported that there are at least 30 developments in the planning or construction process between Farallon and nearby Coronado Beach.  The latter area has more shopping and big box developments.

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Where to Retire in Farallon and Home Prices

Farallon is relatively undeveloped in early 2014 but is poised to be a significant vacation and retirement destination in the years to come. Some of the big resorts include the Royal Decameron and Bristol Buenaventura. Prices stumbled in this and nearby Coronado during the recession but have picked up significantly. Prices in the nicest buildings will be about $2300 per square meter. Prices for condominiums in towers overlooking Playa Coronado tend to be in the mid $200's, whereas small bungalows in a gated community in Coronado might be in the low $300s. Inside Panama Real Estate site will give you an idea of prices and type of housing.

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What is special about Farallon

Great beaches in a community that is just being developed now.  A brand new airport and good road to Panama City.  Big resorts with all kinds of amenities, nearby Coronado has plenty of shopping for American tastes. Panama is a relatively stable country politically and economically, considered friendly to expats from America and elsewhere. The $US is the official currency.

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What is not special about Farallon

It is mostly new so you would be moving into a bit of a blank slate. The temperature is hot year round.

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Who will like retirement in Farallon

The people living in Farallon are a mix of Panamanians, Venezuelans, Central America,and those from the USA. Some come seasonally while others might move her full time. Some are retirees, while others are looking for a second home.

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Local economy is driven by

Tourism is very important and the main driver of the economy.

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Climate and Physical Environment

Farallon is along the coast, south of Panama City and Coronada, and on the Pacific side. April to December is the rainy season when a lot of rain can fall. The temperature is quite uniform throughout the year  - rarely below 75F or above 90F.

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Restaurants & Cultural Scene

Towards Coronado and Panama City there are more restaurants and shopping. This is a beach and resort area so cultural opportunities are more touristic than usual.

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Crime

Most expats tend to live in gated communiities or protected enclaves which minimizes what crime there might be.

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Medical facilities

For quality medical care one will probably want to go toward Panama CIty.

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Transportation

The area is blessed with a new airport and the Pan American Highway, which makes getting to the area much easier than a few years ago.

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Valuable Links

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What people are saying about Farallon

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Facts about FARALLON
  • State: PANAMA
  • Environment: Coastal,
  • City Population: 25,001-50,000
  • Median age of Population: 25-44
  • Avg Jan Temperature: 61 +
  • Avg July Temperature: 81+
  • Median HH Income: 20,001-40,000
  • Average Home Price (MLS): $100,000-$200,000
  • Annual Property Tax on a $200,000 house: NA
  • Total Crime Index: 101-110 (slightly above average)
  • Cost of Living Index: 91-100 (slightly below average)
  • Culture Index: <80 (Very low)
  • State Sales Tax: No
  • State Income Tax: Yes
  • Name of the Guide: boomer1

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