Within the metropolitan area of Panama, there are areas where housing is in high demand and therefore quick to place on the market. This is the case of Casco Antiguo, Punta Pacifica – Paitilla and Costa del Este; which are located in the top three of the five areas with most successful home sales.
Factors such as location, roads, business services, education and health are crucial. There are real estate projects throughout the city: residential; shopping centers (such is the case Atrium Mall in Costa del Este); hospitals; buildings, among others.
Today, people who decide to move to Panama seek the best area under to your needs. So here we tell you what are the most sought areas in the metropolitan area of Panama are.
Analysis of the most sought after areas of the metropolitan area of Panama
In these areas, are benefited by its geographic position and proximity to restaurants, schools and corporate areas, shopping malls, hospitals, parks. Get to know what are the more potential places to live in the metropolitan area of Panama.
The real estate portal Gogetit conducted an analysis on the five areas that are key and are the most sought after due to its location, transportation, dining and entertainment offerings as well as its corporate growth.
Below, we present the five most sought after areas of the metropolitan area of Panama.
A 34% of users focuses their search to Punta Pacifica and Paitilla to be always one of the most exclusive areas with good views offered by many of its buildings are also very well located.
The Casco Antiguo Panama is favorite by 24% of users. It is the most sought after for many reasons, because now many investors are focused on investing there by the situation changed with the adoption of Law No. 9 of 1997, which created tax incentives to promote the development of the Old Town of Panama and invest in this real estate market.
A 17% are interested certainly in Costa del Este, being a business area and with more multinational companies. It has many projects to door, making it an area with many facilities and access therefore highly valued and desired by.
Balboa Avenue is a favorite, as 13% frequently sought this area. It has one of the highest prices per square meter in the country, but it is one of the most sought after areas, as it is very famous for having very beautiful, exclusive and frontline beachfront buildings.
And last but not least, is San Francisco, almost on par searches with Avenida Balboa. A 12% are looking for this area because it is one of the most traditional residential in Panama and has mostly modern buildings, with different styles and with greater variety of prices. People like this area because it is a very central area, with faster access to the corridor.
Average price per square meter (m2)
Below is a comparative table with information about the price of m2 in the most sought after areas of the metropolitan area of Panama in the period 2015 – 2016. As you can see, some of the results are surprising. For example, the average price of m2 sale in Casco Antiguo, that compared to other areas, is less expensive, which makes it a more attractive area to potential investors.
1. Punta Pacifica and Paitilla
Punta Pacífica and Paitilla have remained at the top for more than 2 years as it has always been a desirable place to live for its services area, urban infrastructure and transportation and exclusivity.
Punta Pacifica has one of the highest prices per square meter in the country as it is a luxury residential area with easy access to major business centers of the country. Next to Punta Paitilla, one of the oldest areas of Panama, characterized by concentrating the Panamanian upper class, form one of the areas with the highest population density of the city.
2. Casco Antiguo
Casco Antiguo Panama has one of the most important real estate developments of the last decade in the region. It has managed to keep its essence and personality. In recent years, it has increased real estate development in the area respecting the historical legacy and making it one of the major tourist attractions in the country.
The Old Town, as is well known in Panama, offers spectacular views of the city of Panama both day and night. Quaint bars and restaurants, cultural activities and a vibrant nightlife intertwine to give life to this unique area of the city.
3. Costa del Este
Costa del Este Panama is a popular and convenient area due to its proximity to Panama City, just 5 minutes away, direct access to major highways and the country’s main international airport, which is only 10 minutes by taking the South Corridor access.
Costa del Este Panama was made thinking of everything. If you have to walk somewhere, you can use the spacious sidewalks throughout the area. It also has the Paseo Del Mar boulevard, specially designed for biking and exercising.
4. Avenida Balboa
In terms of real estate in Panama, Avenida Balboa Panama is the most modern way in Latin America and the more spacious in metropolitan area. It is believed, because the avenue is finite, is well connected and will soon have the sea in front of which you can enjoy the style of Copacabana, Brazil and Surfer Paradise, Australia. In addition to this, it is very well located and offers incredible views from many of its buildings, is sought by many foreigners, expatriates and young couples.
5. San Francisco
San Francisco Panama has the country’s largest shopping street, Calle 50, with iconic buildings like the Revolution Tower, comprise one of the most important business centers in the country.
In this district, there is also located the Atlapa Convention Center, the largest in the country and one of the most important in the region. In this center, most international events, exhibitions and concerts are held in the city take place.
The most sought after these are Bella Vista, Coco del Mar, Obarrio, El Cangrejo, Bethania, Parque Lefevre, Calidonia and Pueblo Nuevo.
The development of Panama is a beautiful example of the promotion of a site and an advantageous geographical location. The Panama Canal and its expansion, greatly valued this geographical position.
In contrast to other Latin American countries, Panama grew to boost foreign trade. The degree of linkage of social groups with foreign capital, was defining the spaces occupied by the sectors of high and low income. Cycles of boom or recession and its effect on the interoceanic transit through the Isthmus reflected particularly in the increase or decrease of the population of the metropolitan region.