Construction at Las Olas
Las Olas remains on schedule and the expected delivery date for the first condos is late 2025.
As you can see below, construction is progressing well. The initial construction stages, which include piles, foundations, and the main structure of the buildings, have been completed in most of the towers.
The construction team at Las Olas is making steady progress.
The construction team are currently in the masonry stage, which involves tasks such as enclosing the perimeter of the buildings, laying blocks, applying the plaster, and installing partition walls within the condos.
Once the masonry work is completed, the team will begin installing the finishes. This will include painting, flooring, cabinetry, and countertops.
Deliveries at Las Olas are expected to take place in late 2025.
Rental Prices at Las Olas
Earlier phases of Las Olas have already been completed. The buildings and condos both look amazing, and they’re right on the beach at Playa Caracol.
This condo was from an earlier phase in Las Olas. It looks fantastic, right on the beach, and it’s generating rental income.
These completed condos are already earning rental income for their owners.
The condos are being rented by Grupo Los Pueblos, the developer behind Playa Caracol. As well as building Playa Caracol (and many other high-end communities in Panama, including the prestigious Ocean Reef islands) GLP provide a rental management program at Playa Caracol, helping owners like you to rent out their properties.
You’re under no obligation to rent your property through GLP, but they’re on site. Speak with Gareth at the GLP team who can tell you more. His email is cm@playacaracolrentals.com.
GLP shared a current rental price list for ocean-view condos in Las Olas, which I’ve shared below. You’ll notice that the price includes breakfast—it’s a perk of having the Grupo Los Pueblos property management team at Playa Caracol rent your condo.
Rental Price for a Three-Bed Condo at Las Olas
Sunday to Thursday: Three-bedroom condos with ocean views list for up to $349 per night (with breakfast included for up to eight people).
Friday to Saturday: Three-bed condos with ocean views list for up to $369 per night (again with breakfast included for up to eight people).
Two-Bed Condos Elsewhere in Playa Caracol
GLP don’t have any two-bed condos in Las Olas currently available for rent. But they shared some rental prices for similar two-bed condos with ocean views in nearby buildings. Firstly, for the Sanctuary building, close to Surfside Hotel.
Sunday to Thursday: Two-bed condos list for up to $159 per night (with breakfast included for up to four people).
Friday to Saturday: The price increases up to $179 per night (including breakfast for up to four people).
And in Ventanas del Mar…
Sunday to Thursday: A two-bed condo lists for up to $169 per night (with breakfast included for up to four people).
Friday to Saturday: The price is up to $189 per night (including breakfast for up to four people).
Remember these listings aren’t like for like. There are currently no prices available for the two-bed condos in Las Olas. But the listings do give you an idea of the rental market at Playa Caracol.
Playa Caracol is Growing Fast
Playa Caracol is developing at an incredible speed. A member of the Smart Money Homes team visited recently and couldn’t believe how much had changed since his last visit 10 months ago.
For example, the Playa Caracol mini supermarket is now open. The store has all the essentials you and your guests might need to make the most of your stay. There are plans to open a small clinic next to the supermarket very soon.
The mini-supermarket stocks all the essentials and is located just behind the Surfside Hotel.
Surfside Hotel is open for business, guests are already arriving, and deliveries in the residences will begin soon. The Surfside Amenities, like the swimming pool, fire pit, and restaurant, are now open and available to RETA members who own at Las Olas at the special price of $5 per month.
The Surfside Hotel infinity pool is ocean view and includes a spacious jacuzzi. A poolside bar will be opening soon, but for now staff at the hotel restaurant will visit you poolside to take your food and drink orders.
The infinity pool at Surfside Hotel has ocean views. A poolside bar is approaching completion.
The finishing touches are being put on the gym, which is expected to open in the coming weeks. With ocean views, it’s an amazing place to work out. The equipment and machines are all of the highest standard.
The ocean-view gym at Surfside is nearly complete. The machines and free-weights here are of the highest quality.
The menu at the Surfside Hotel is a real treat. A specialty is the fish, freshly caught by local fishermen. For a first course the fresh ceviche is a great option, and both the red snapper and sea bass are delicious main courses.
And right next door to Surfside, the surf shop is also open for business.
The surf shop has plenty of beachwear and more… Surfboard hire is also available.
The Margaritaville sales office has arrived in Playa Caracol. The Margaritaville resort is expected to open in mid-2027. As an owner at Las Olas, you’ll have access to the restaurants and outdoor amenities.
Playa Caracol is also partnering with local tour operators to provide even more activities for owners and their guests.
A welcome center will be built in nearby Punta Chame, making whale-watching trips and sea fishing more accessible than ever before.
There are plans for extensive bike trails to be built in both Playa Caracol and the surrounding areas. And a jet-ski hire center will also be opening, too.
There’s so much to do nearby, from hiking, swimming, visiting stunning waterfalls, relaxing in volcanic hot springs and much more.
Panama to Build New Railway Connecting the Country
The railway line will reduce travel time between Panama City and nearby Chame to around 40 minutes.
Panamanian government has proposed a rail project connecting Panama City to David, the capital of Chiriquí province.
This is great news for Panama, and incredible news for owners in Playa Caracol…because the railway will stop at Chame, which is just a short drive away. From there, you can reach Playa Caracol via taxi or Uber.
With the new railway in operation, it would be possible to get from Panama City to Playa Caracol in under an hour!
Plans for the new railway call for a 243-mile route which would reduce travel time between Panama City and David from six hours by car to two and a half hours by train.
President José Raúl Mulino, who took office in July 2024, has made this $4 billion project a priority of his administration.
The rail line is expected to improve transportation efficiency, reduce reliance on cars, and stimulate economic growth.
Panama Named as Best Leisure Destination in Latin and South America
Panama has been named “Best Leisure Destination” in Latin and South America three years in a row. Image source: iStock
Panama has been named “Best Leisure Destination” in Latin and South America for the third consecutive year by Global Traveler magazine’s Leisure Lifestyle Awards. The country was recognized for its culture, biodiversity, and architecture, beating out destinations like Bogota and Buenos Aires.
Global Traveler highlighted activities such as hiking, gastronomy, water sports, and indigenous community visits.
Global Traveler, a U.S. publication with over 500,000 readers, conducted a survey from July 2023 to March 2024 to determine winners in various leisure, luxury, and lifestyle travel categories.
Panama Seeks to Encourage More Tourists with Stopover Plans
The Stop Over program hopes to encourage passengers passing through Panama International Airport to spend some time in Panama. Image source: iStock
Panama manages 31% of Latin America’s air connections, with Tocumen International Airport handling 17.8 million passengers in 2023. But nearly three quarters of these passengers are transfers who don’t leave the airport.
Panama’s Copa Airlines in collaboration with the Panamanian Government, aims to attract over 150,000 tourists to Panama in 2024 through its Stop Over program, which allows transit passengers to visit Panama as a “free” second destination. From 2019 to 2022, the program attracted 320,000 visitors, with 120,000 in 2023 alone.
Passengers with layovers in Panama City on Copa Airlines flights are eligible to participate and can extend their layover for up to seven days without incurring additional airfare costs.
To encourage visitors to explore Panama, the program often includes special rates on hotels, tours, and attractions.
And Panama City continues to attract new routes. In June, Copa launched three new routes: Raleigh-Durham in the U.S., Florianópolis, Brazil and Tulum, Mexico.
That’s all for me from now. I’ll be writing again soon with another update from Olas del Mar.
In the meantime, if you have any questions about your condo, the Smart Money Homes team and I are here to help.
Email us at info@smartmoneyhomes.com and we’ll get back to you with the answer.
Yours sincerely,
Viviana Diaz
Chief Real Estate Advisor with Smart Money Homes
