Tuesday, May 29, 2007

The Real Estate of Casco Viejo in Panama City, Panama

One of my favorite places in Panama! Be careful...The real estate is so hot there you might get burnt! Okay, that was cheesey, but it's true. Real estate in Casco Viejo is booming right now. Click here to watch a program about the architectural beauty of Panama.

Romantic, bohemian and cozy, Panama’s Casco Viejo offers the charm of another era for visitors as well as its residents. Founded in 1673, Casco Viejo is the second Panama City, built after the famous pirate Henry Morgan attacked and destroyed the first city center, Panama La Vieja, forcing its inhabitants to move to a new location 2 kilometers west-southeast of the original city.

Casco Viejo, located in the San Felipe neighborhood, was declared a World Heritage Center by UNESCO in 1997. Strolling along the narrow streets and alleyways of Casco Viejo, one can admire an architectural legacy and mix of colonial, European and Neoclassical art, above all from Spain and France.

Furthermore, Casco Viejo is a fantastic place to invest. For example, the Panamanian government passed legislation that provides incentives for the purchase, restoration and commercialization of properties in Casco Viejo, to encourage the area’s resurrection to its original splendor. Thanks to this legislation, Casco Viejo has been able to restore a large part of the historic properties, many that date back more than a century, which further increases the value of real estate in Casco Viejo.

Individuals that are looking for a vibrant lifestyle, and a panache property to match, will surely find it amongst Casco Viejo’s narrow streets of brick and its facades with large, beautifully forged balconies and generous spaces, which overlook the area’s rich nightlife and ample cultural variety.

The price per square meter oscillates around $2,000, depending on the characteristics of the property, many of which possess a privileged ocean view, twos-stories, walls of original stone, niches and other beautiful characteristics of colonial architecture, which today are combined with the facilities of modern life, such as Internet access and cable television.

The restored homes of Casco Viejo provide the perfect balance of history and modernism, possessing an authentic flavor and unique atmosphere that is difficult to imitate. Casco Viejo is definitely a place to live or invest.


Damon said...

This area is so beautiful it is a shame that the prices are getting so high. I found a site that from time to time does have properties listed by the seller which means properties can be $50k or more less as they are without agent commission. The site is www.real-estate.com.pa, however I have noticed properties do come & go fast when something good does come available

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