In 1671, after the pirate Henry Morgan attacked, looted and destroyed the Old City, (Old Panama Ruins). Its residents and settlers, desperate for a safer and easier place to defend themselves from future sieges, decided on what is now Casco Antiguo.
This city consists of Spanish colonial architecture from the 16th and 17th centuries, it is a jewel that since 1997 is a UNESCO World Heritage Site. Soon after, foreign investments and expatriates began to pour into this sector in what has been one of the largest and fastest urban revitalizations in the entire continent.
Multicultural Community Full of Contrasts
Today, Casco Antiguo is a vibrant community that features a stark contrast between old and new, local and foreign. The buildings are in various stages of remodeling and renovation, with a strictly enforced standard of historic authenticity. There is a great culture and feeling that is unique only in this sector of Panama City.
In Casco Antiguo you will find a melting pot of many cultures that converge in a place that is unlike any other in the entire country. This area is home to the Presidential Palace (Palace of the Herons), named for the resident herons that live in the courtyard of this Moorish-inspired mansion. The Casco Antiguo squares, such as Plaza de Catedral, Plaza Bolivar, Plaza de Francia, Plaza Herrera and others, are social gathering places for both residents and visitors. There are also restaurants (some of the best in the city), cafes, boutiques, shops, beautiful buildings surrounding the squares and impeccably maintained gardens.
Friendly Environment Between Local Residents and Expats
Expats living in this historic neighborhood from Europe, North America, and South America are treated well by the Panamanian neighbors from all income levels with whom they work together in the community. The environment is very friendly to the point that many of its residents interact more now that they live in Casco Antiguo than in the places where they had lived in their countries of origin.
Virtually all the buildings in Casco Antiguo have shops at street level, for sale or rent, so it is easy to find convenience stores, supermarkets, restaurants, banks and bars at street level throughout the neighborhood. The businesses that predominate in the area are restaurants, bars, hotels and hostels.
Real Estate Agent, Options and Pricing
All foreigners can purchase real estate in Casco Antiguo, however, it is advisable to have a reliable real estate agent or lawyer who is familiar with local laws.
Many property options can be found from apartments and condos to townhouses and even historic buildings that have been transformed into residences, you will find something to suit your needs.
The properties prices varies significantly, depending on the size, location and condition of the property. Generally speaking, prices can range from $300k to over a million dollars for larger, more luxurious homes.
Advantages of Acquiring a Property
Having a property in Casco Antiguo has its advantages, since the district has great cultural and historical importance that promotes the value of properties and makes them even more attractive. Additionally, the tourism industry in this district is one of the most active in the country, so it presents many possibilities for generating income through short-term rentals or vacation homes.
When thinking about investing in real estate in Casco Antiguo, many factors must be carefully considered; such as the location, the condition of the building, as well as the local market.
