Israeli Entrepreneurs Transform Remote Panamanian Beach into Luxury Hub
A remote bay in Panama, once barren grazing land, has been transformed into a premier global tourism and real estate destination by a group of Israeli entrepreneurs. The project, known as Playa Venao, began in 2008 when Assaf Alush and four partners purchased the central bay with the vision of building a settlement from scratch, according to TheMarker.
The founders initially lived in containers, lacking basic amenities like internet and running water. They subsequently drilled wells, paved roads, and established advanced infrastructure. Today, the formerly pristine beach boasts kosher shawarma stands, hummus eateries, footvolley clubs, large Independence Day parties, and a distinctly Israeli atmosphere that attracts backpackers and families seeking an escape.
The venture's success has led to an unprecedented surge in real estate prices. Land acquired for $10,000 per dunam (approximately 1,000 square meters) now sells for over $200,000, with luxury villas priced in the millions of dollars. Alush himself revealed he rejected a $15 million offer for the hotel he built on the beach, stating that no amount of money could buy the dream he realized.
Playa Venao also served as the origin for the hospitality giant Selina, founded by Israeli entrepreneurs Rafi Musri and Daniel Rhodesvesky. Selina started as a hostel on the Panamanian beach and grew into a global network, raising hundreds of millions of dollars and achieving a valuation of $1.2 billion. However, the company faced significant financial difficulties and entered liquidation proceedings in early 2025.
