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.