Panama City’s Casco Viejo “A Cultural Cornerstone” Says New York Times

Panama City’s Casco Viejo neighborhood is receiving more praise as Panama City’s hottest neighborhood and was called “a cultural cornerstone” rivaling Miami’s South Beach in the New York Times. Panama City’s up-and-coming historic neighborhood has attracted the attention of international media outlets. Last month Casco Vieio was featured in an article in The Guardian. The Times article describes the neighborhood as conjuring images of Havana, yet bursting with energy as historic colonial buildings are being renovated and converted to luxury apartments and boutiques.

At a time when other real estate sectors are slouching, Casco Viejo provides interesting opportunities for real estate and development, particularly for anyone willing to take on historic preservation and reservation.

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Panama City’s Casco Viejo Neighborhood Is “One Of The Hippest Barrios In Latin America,” Says The Guardian

The Casco Viejo neighborhood of Panama City (also called Casco Antiguo) is “one of the hippest barrios in Latin America,” according to a recent article in the Guardian. The article describes the growing popularity of Panama’s capital city as one of the fastest growing tourist destinations in Latin America. Once a stopping off point for tourists visiting the Panama Canal, Panama City is now becoming a base for tourists due to its bustling nightlife, close proximity to both Pacific and Caribbean beaches, and access to unique tropical ecosystems teeming with biodiversity. Panama is also gaining a reputation as a cultural center in Latin America, particularly in the realm of music. Local bands have begun to receive more regional attention throughout Latin America, in addition to a thriving jazz scene in and around Panama City.

This article highlights many of the strengths in Panama’s growing tourism economy. Given the level of media attention the country is receiving in the United Kingdom, due in part because of the scandalous ‘canoe man’ incident, and the upcoming James Bond film, it is likely that tourism from the United Kingdom and Europe will likely increase. Given Panama’s currency’s ties to the dollar, it is almost certain that the country will increasingly gain attention from European travelers for the foreseeable future (or until the euro and the pound begin to lose value to the dollar).

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Historic Buildings In Panama City Becoming Increasingly Rare

Historic buildings are becoming increasingly difficult to find in Panama City, according to an article in The Panama Report. Many historic buildings are being torn down in favor of higher density condominiums, which lack the local character and charm of older buildings. In Neighborhoods such as San Francisco, Marbella, and Bella Vista, many of the existing French-Caribbean and Spanish architecture influenced buildings are being replaced with these high rise condominiums. Casco Viejo, as a UNESCO world heritage site, is one of the few neighborhoods protected by historic preservation laws. The article states that as a result, Panama has fallen behind other Latin American cities such as Cartagena, Colombia and Antigua, Guatemala in protecting local historic architecture.

Investing in historic buildings can help to protect the culture and character of Panama’s older neighborhoods

Despite the growth in new construction in Panama City, investing in historic buildings can be extremely rewarding for real estate investors. Historic architecture helps to retain the local characteristics of a neighborhood, which in an increasingly globalized and homogenous world add value to the real estate. In addition to this, restored historic buildings are attractive to tourists, which is a major force in Panama’s economy. As more historic buildings are demolished, the demand for these types of buildings will only increase, making investing in restored historic buildings a valuable strategy for long term investments. By investing in historic buildings investors can help to protect the culture and character of Panama’s older neighborhoods.

Antigua, Guatemala is an example of a city that has benefited through historical preservation (Photo courtesy of Wikipedia)

Source:

Panama Real Estate Losing Its Historic Appeal (Thepanamareport.com)

For more information on investing in rare houses internationally or domestically, check out this article in NuWire Investor: Rare Homes: Not Just Antiques And Custom-Built Mansions

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Take A Virtual Tour Of Panama City’s Casco Antiguo

As I mentioned in a post last month, Panama City’s historic district, Casco Antiguo (also known as Casco Viejo), has become one of the hottest places to buy property in the city. I came across a nice site today that allows you to take a virtual tour of the Casco, and visit some of the landmarks of the area. The tour takes you to the magnificent Plaza Catedral, the stately Presidency, around Plaza Bolivar, and inside the Teatro Nacional. Arcos Property, a real estate brokerage that focuses on historic properties in Panama City, also has maps and photographs of the Casco on their site, including an interactive map that locates renovated properties in the area.

Casco Antiguo is a fascinating historic neighborhood, and internationally recognized by UNESCO as a world heritage site

In addition to the interactive tours and maps of Casco Antiguo, Arcos also publishes a Casco Viejo blog that discusses living in and around the Casco. The blog has interesting tidbits of information about the neighborhood, including links to some fantastic photographs. One post of particular interest to real estate investors details a few things potential buyers should consider before purchasing property in the Casco.

Casco Antiguo is a fascinating historic neighborhood, and internationally recognized by UNESCO as a world heritage site. For more information and a history of the area, be sure to check out their site.

An overhead view of Casco Antiguo (from Wikipedia)

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More Information On Casco Viejo

Here’s a quick follow-up to my previous post on real estate in Casco Viejo. For more information on the area check out the UNESCO World Heritage Site for Panama Viejo.

Also, check out this video from youtube showing buildings in the area:

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Casco Viejo One Of Panama City’s “Hottest Secrets”

The newspaper The Guardian recently reviewed the Panama City neighborhood of Casco Viejo as one of the Panama’s “hottest secrets.” Situated on the western side of Panama City, the neighborhood looks over the water at the growing skyline of the city. The article compares the area favorably to the French Quarter of New Orleans, and describes it as an up-and-coming location with an old world charm that is hard to find in some of the newer sections of the city. The following is an excerpt from the article:

“Sometimes compared with the French Quarter of New Orleans, there’s a faded romance to its townhouses, with their wrought-iron balconies and long, wood shutters. Although intimidating at first glance (and locals will advise you to avoid the so-called zona rojas – red light districts – such as neighbouring Chorrillo), the area becomes endlessly beguiling on closer inspection. An occasional art deco edifice catches you by surprise. As does seeing the sky in places you shouldn’t; the hollow insides of many buildings enabling you to look right through them.”

While there may still be investment opportunities in the area, many of the most coveted locations have already been acquired by investors and developers. According to the article, a lot that several years ago may have cost $70,000 USD is now valued at over $700,000. Yet, assuming the housing market continues to grow in Panama as it recently has, Casco Viejo may very well be an area to keep an eye on.

source:

Panama’s hottest secret (Guardian.co.uk)

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