Casco Viejo is an old, colonial part of Panama City where you have 100 year old houses that belonged to aristocratic families later becoming boarding houses. This area has now become an interesting real estate market where many restoration projects are either in process or planned. Due to high perceived values in this section prices are high compared to Punta Pacifica or Punta Paitilla.
It turns out that it is expensive to live in Casco Viejo, due to its historic value from colonial times and for being declared monumental group in 1976 and a year later, decreed cultural heritage by UNESCO. The restored square meter in Casco Viejo oscillates between 850 and twelve hundred dollars, thus there must be a delicate balance between the architecture and the art.
There are 940 properties in Casco Viejo, of these 747 are private and of which they have only been able to restore 70 houses, since in the last years there weren’t that many investments, because people were dedicated to buying and selling without restoring the properties of the Casco Viejo.
 Foreigners like the U.S., Holland, France and Canadians have been investing in Casco Viejo. 90% of transactions are residential with a few commercial acquistions taking place as well.Casco Viejo plans to turn into a center for tourism, gastronomy and secure residences, due to this a nocturnal surveillance plan which has been created by the Ministry of Government and Justice and the National Police.
With regards to the accessibility, at the Casco Viejo a feasibility study is being done that includes the restoring of the streetcar that was used to transit in the Panama Canal Zone area. The parking lots in Casco Viejo are a key point for investing, since from the beginning public space was not considered, for the transit of automobiles through Casco Viejo in Panama.
 The Panamanian Institute of Tourism (IPAT) has 200 parking spaces in Casco Viejo that will soon be used by the public. In addition, IPAT is planning to free up additional parking spaces in Casco Viejo in that could be rented on a monthly basis.In the restructuring that are being done in Casco Viejo they are currently working with former gang members that paint, file and clean the structures of Casco Viejo. They are also planning to educate to dwellers, in order for them to work daily on the housings of Casco Viejo in Panama that will be shared as a “second home” by the foreigners.
For information on available property in Casco Viejo and other Panama real estate options please contact us directly at Inter Panama Real Estate Agency. |
