Pino Alto Boquete

As of 9 May 2026, by phase:

Phase 3 (newest, roughly 24 months out): 47 m² hotel-style one-bedroom $220,900; 56 m² hotel-style $263,200; 106 m² two-bedroom-plus-studio $477,000; 114 m² $513,000. That is $4,700 per m² on the small plans and $4,500 on the large.

Phase 2: hotel-style from $252,000, two-bedroom from $584,800.

Phase 1 (delivered May 2026, nearly sold out): 145 to 149 m² from $558,250, or $3,747 to $3,850 per m².

Always ask which phase a quote belongs to. Phase 1 is the cheapest per square metre and the scarcest; Phase 3 carries a 20 to 25 percent premium per square metre over it.

Because the project sells three phases at once at different price levels, and most listings do not say which phase they are quoting.

This page previously carried $245,000 to $395,000 and assumed the cheaper units circulating elsewhere were leftovers from an early phase. That was wrong. The 47 and 56 m² units at $220,900 and $263,200 are Phase 3, the newest release, and Phase 1 holds the largest and dearest apartments at $558,250 and up. A price alone tells you almost nothing here. Get the phase, the unit size and the delivery date together.

15 percent at contract signing, then 10 percent at six months, 10 percent at twelve months and 5 percent at eighteen months, with the balance on delivery. That is 40 percent during a roughly 24-month build. Alternatively you can put down an extra 10 percent and finance the balance with the developer over five years.

Developer financing is available from as little as 50 percent down with no pre-approval required. The developer also says it holds buyer deposits in a trust account, which is worth confirming in writing: ask which institution holds it, on what terms the developer can draw from it, and what happens to your money if the project stalls. A trust account is only as good as its release conditions.

The developer's offer is that $300,000 placed at signing earns 4 percent across the roughly two-year build, which it presents as about $24,000 off the price.

Two things to check before treating that as free money. First, what the money is actually in. Four percent on a developer's trust account is not the same risk as 4 percent at a bank, and the question is what happens to your $300,000 if the project does not complete. Second, whether the discount is real or the list price was set to absorb it. Compare the net figure against what a buyer paying the standard staged schedule is quoted for the same unit on the same day.

Separately, if the deposit is also meant to serve a residency application, have an immigration attorney confirm that independently. The two purposes have different rules and the developer is not the authority on either.

Almost certainly, and so is nearly every other property in Boquete. The rule people have in mind is article 21 of Ley 80 de 2012, which prohibits letting for under 45 days without an alojamiento público turístico permit. Its text applies "en el distrito de Panamá", and Boquete is in the distrito de Boquete, Chiriquí. The Sala Tercera upheld the article on 25 May 2017 in Panama Center Apartments S.A. v. ATP without extending its geography.

So nightly letting in Boquete is not restricted by this law, and the hotel licence the developer advertises as unique to this project does not exempt you from a rule that never applied. Two separate things can still restrict you: municipal rules, and your building's reglamento de copropiedad, the registered co-ownership rules. Check both before you underwrite rental income.

Less than the marketing claims. It is sold on an Autoridad de Turismo approval for short-term rental, and the developer describes it as the only condo project in Boquete holding a hotel licence. But Ley 80's 45-day prohibition applies only in the distrito de Panamá, so it does not reach Boquete and there is nothing here for that permit to exempt you from.

What could still matter is article 4 of the same law, which gives tourism lodging outside the capital district a fifteen-year exemption from property tax on assets inscribed in the Registro Nacional de Turismo. Whether Pino Alto holds that inscription, and whether it was granted before the window closed on 31 December 2025, we have not established.

What is genuinely distinctive is more prosaic: purpose-built, furnished, ready-to-operate units with premium finishes and a management programme attached, rather than a house retrofitted for letting. And Phase 1 has actually been delivered, so unlike most projects at this price you can walk through the finished product before buying into a later phase.

Possibly, and it is worth more than the Airbnb angle if it does. Article 4 of Ley 80 de 2012 grants tourism lodging located outside the distrito de Panamá, on a minimum investment of B/.250,000, a fifteen-year total exemption from impuesto de inmueble on land and improvements inscribed in the Registro Nacional de Turismo, plus five years' import duty on construction materials and ten on furnishings and equipment. In a mixed-use building the tourism area has to be segregated for the exemption to attach.

The constraint is the deadline: Ley 82 de 2019 rewrote article 25 so that the inscription period for companies outside the capital district expired on 31 December 2025, and inscriptions already in place keep their benefits to term, capped at twenty years. We have not verified whether Pino Alto is inscribed or when. Ask for the number and the date, and which phases it covers.

Three phases of three-storey buildings inside Boquete Country Club, sold as Phases 1, 2 and 3 (also labelled A, B1 and B2 in some material).

Phase 1 was delivered in May 2026 and is nearly sold out. Phases 2 and 3 are in pre-sale with roughly 24 months to delivery. That sequencing is unusual and useful: you can inspect finished Phase 1 units and the completed common areas before committing to an unbuilt phase.

Empresas Bern, one of Panama's largest and most established development groups, building the project in three phases inside Boquete Country Club.

One thing to weigh on the developer. On 24 May 2024 an arbitral tribunal seated at the Centro de Conciliación y Arbitraje de Panamá ruled against Grupo Empresas Bern in a dispute with its partners in Town Center Costa del Este. La Prensa reported the award at $77.7 million in damages and costs. La Estrella de Panamá reported $82.6 million and published a breakdown putting $41.3 million on construction deficiencies and $19.8 million on deficient project administration. La Prensa also reported that the tribunal awarded the hotel site and its improvements entirely to the Town Center side, having found the hotel was built without shareholder authorisation, and that Bern's $61.1 million counterclaim was rejected in full.

Bern rejects the award as legally unacceptable, alleges evident defects of nullity, and filed an annulment action with the Supreme Court in July 2024. The Sala Cuarta de Negocios Generales had still not resolved it as of August 2025, and in July 2026 Bern said the judicial process continues with no final decision. Bern also says the entities involved have no legal, administrative, financial or operational relationship to its current business units. Nothing there has been finally decided and none of it concerns Pino Alto, but construction quality is one of the headings in the award. Confirm which Bern entity signs your contract.

$2.50 per m² per month, confirmed by the developer. That is roughly $118 on a 47 m² Phase 3 unit, $285 on a 114 m², and $363 on a 145 m² Phase 1 apartment. On the small units it is a meaningful share of a slow month's rental income, so build it into any yield you model.

We have not independently verified title status or a Registro Público finca number for this project. Phase 1 has been delivered, so units there should by now have their own finca numbers under a registered horizontal property regime, which is worth asking about specifically since it is checkable in a way that pre-construction phases are not. Confirm with an attorney before any deposit.

Roughly 40 minutes by car from David's Enrique Malek International Airport, the same distance as the rest of Boquete.