LatAm Listings | Volume #3
Cheap in Argentina and a few "odd" ideas in Panama...
The mental masturbation has increased as of late.
A couple of my Costa Rica investments are closing in on delivery and the numbers are looking good. So of course, I’m scrolling listings when I should be working, looking for the next one.
Asi es la vida.
LatAm Listings | Volume #3
One of the three this week is in Isla Contadora, Panama.
I've been chomping at the bit to find something there. The families that own most of the land and homes "gate-keep" hard. Legit some of the best beaches in Panama and almost no one knows about it.
Cheap in Córdoba 🇦🇷
Location: Córdoba, Argentina 🇦🇷
Neighborhood: Güemes/Nuevo Córdoba
Price: $75,000
Beds + Baths: 1 BD / 1 BA
Size: 50 m² (45 m² built)
Price/m²: $1,500/m²
Newer 1-bedroom in Güemes, the nightlife zone pegged to Nueva Córdoba. North-facing front unit, balcony, roofto with parrillas, parking, and commercial spaces on the ground floor.
The building is Novaterra III, developed by DyCSA. The apartment offers ceramic floors, granite kitchen counter, prewired for split AC, video intercom, CCTV, internet.
This one is all about location.
Walking distance to La Cañada, Plaza España, Parque Sarmiento, Patio Olmos, and the bars and restaurants of Güemes.
I’d probably look at a lowball offer here, maybe $59,000 to start and see what happens. Don’t love this one at $75,000, but would love it at $59,000 and like it around $65,000.
HOA fees, or Expensas, run $90,000 ARS/month, roughly $70 USD at current rates. Low overhead.
Put some time and money into the finishes, furniture, and make sure you have a fantastic remote worker setup.
If you made this the premier Airbnb for westerner remote workers in Córdoba, you could see very good yield.
Downsides?
It’s small. 45 m² fits a single tenant or a couple.
You’re buying Argentina. Peso volatility, capital controls that come and go, a political pendulum that swings hard. Buying real estate in USD hedges some of that, but you still have to get dollars into the country.
You’re also buying in Córdoba, which means low liquidity when you decide to sell.
At $1,500/m², the pricing is fair for newer construction in this corridor. Nueva Córdoba new builds typically run $1,800–2,500/m². Güemes is technically a step off the prime address, but it’s the better place to actually live or rent. Restaurants, bars, art galleries, and the Paseo de las Artes weekend market are all on your doorstep.
See the listing →
Outside the Box in Panama 🇵🇦
Location: Isla Contadora, Panama 🇵🇦
Region: Pearl Islands archipelago
Price: $650,000
Beds + Baths: 6 BD / 6 BA (duplex, two 3BR units)
Size: 340 m² built (3,660 sq ft) on 600 m²
Price/m²: $1,912/m²
Duplex on Isla Contadora, a Pearl Islands destination with regular flights and ferry service from Panama City. Each unit is a fully furnished 3-bedroom, 3-bath. Built in 2015, galvanized steel and mold-resistant exteriors, 4-car garage.
The pitch is the track record. Listing says the property has consistently pulled $5,000+/month during peak seasons for the last four years.
I think that’s low.
There’s also an adjacent 600 m² lot included. That’s optionality: build a third villa, add a pool for tenants, or put up a personal home next to the cash flow.
If it were mine, I’d include golf carts with the rental (along with ferry or airstrip pickup), as they’re a must to move about the island. Probably add a pool too.
Then I’d bump the price up to $300 a night give or take, per apartment with the golf cart included.
That’s a potential yield of $18,000 per month. Shoot for 50% occupancy year around.
The other thing you could do is partner with a company that does yacht rentals and offer a package — private yacht ride to/from the island + a 3-night stay for a set price.
This is the cash flow play for someone who wants Panama exposure, a turnkey income stream, and the option to develop more later. Contadora’s a 15-minute flight from Panama City or a 90-minute ferry. Beaches, snorkeling, and humpback whale season July through October.
Probably only makes sense for someone living in Panama City, Panama. Plus, this is not a liquid property, so I’d lowball hard here. But the beaches on this island are truly stunning.
Downsides?
It’s an island. Resale buyer pool is thinner than a Panama City condo. If you need to exit fast, you might wait.
Vacation rental income is lumpy. $5K during peak doesn’t mean $5K every month. Get the trailing 12-month statements before you commit. Peak season alone is marketing.
Logistics matter. Every guest, every contractor, every Costco run requires a plane or a ferry. Steel walls don’t fix a broken AC on a Saturday night.
The Contadora market is also smaller than Coronado or Pedasí, where comparable sales activity is easier to track and exits are cleaner.
At $1,912/m² for a fully furnished duplex with a track record and a buildable second lot, the price is fair. Run the realized 12-month cap rate. That’s the number that matters.
See the listing →
The El Valle 🇵🇦 Mountain Play
Location: El Valle de Antón, Panama 🇵🇦
Region: Mountain town, 600m elevation
Price: $485,000
Beds + Baths: 3 BD / 3 BA (all ensuite)
Size: 175 m² built (1,884 sq ft) on 1,350 m²
Price/m²: $2,771/m²
Three-bedroom single-family home in El Valle de Antón, the mountain town built inside an extinct volcano crater two hours northwest of Panama City. Built in 2014, modern architecture, high ceilings. All three bedrooms are ensuite, master upstairs and two more on the ground floor. Large terrace, multiple balconies, 1,350 m² lot.
You’ve also got two separate structures, one an office and another a two-bedroom, two-bath. Which is why I’m a little confused at the square footage here. Seems low vs. the photos.
El Valle sits at 600 meters and stays cool year-round. No AC needed. Electric bills run a fraction of what a Panama City condo costs.
Two-car garage, city water, no HOA.
If it were mine, I’d use it as the family base and weekend escape from Panama City. Mornings on the terrace, afternoons hiking the trails, weekend trips to the Pacific beaches an hour south. The 1,350 m² lot has room for a garden, a pool, or just kids running around. Lifestyle play only.
El Valle has supermarkets, restaurants, a mall, a gym, and a daily farmers market. Canopy zip lines and hot springs for the weekends. Two hours to Tocumen for international flights, one hour to the Pacific coast.
Not sure what the market is like here, but I’d imagine low liquidity and there’s some wiggle room.
Just seemed like a lot of house in a beautiful spot for the price.
Downsides?
This is not a yield play. The price reflects geography. El Valle is the closest mountain town to Panama City. If you want better dollars per square meter, Boquete or Volcán are cheaper. They’re also seven hours from the capital.
This is a primary residence or a serious second home. Short-term rental potential exists, but demand peaks on weekends and during high season. The numbers won’t pencil for yield.
Two hours from Panama City. The Pan-American portion is easy. The 30-40 minute climb up the mountain road takes focus.
Mountain humidity is real. Properties at this elevation deal with mold and mildew if they’re not maintained. Ask about ventilation and the seller’s maintenance history before you commit.
For a family relocating to Panama or a Panama City professional who wants a weekend base, the math makes sense.
See the listing →
Final Thoughts…
Mixed it up this week.
That Contadora duplex won’t work for most readers. Island property, thin resale, vacation rental seasonality. But there’s a path to 15%+ yield if you negotiate the price down and run both units year-round.
Which was your favorite? What kind of property should I look at next?
Colonial style narco hacienda, on the vision board!