Panama Old Town, an important historical district of the city, was receiving few tourists a decade ago. Its buildings were declining over the years and the area was very dangerous. In the 1930s, the richest city residents began to move away from the streets and by the end of the century. In 1997, UNESCO named this place heritage site, and work began to restore its dense network of cobbled streets and colonial buildings. Today, tourists and Panamanians are returning to the Casco Viejo, which for the past 10 years has seen a boom in renovation of historic buildings, consisting primarily of the development of small condominium suites in restored historic mansions .
Panama Old Town – Gogetit Highlights
* Panama Old Town is 25 minutes drive from Tocumen International Airport.
* Maintenance costs tend to be high in the Old Town, considering that most of the restored buildings have a small number of units and fewer owners to share the costs of operation. This can reduce rental yields.
* In recent years, Panama Old Town has positioned itself as a cool place to live. It has many apartments for sale and for rent.
Panama Old Town, with its bohemian atmosphere, is now one of the most visited sites in the country. Crime in Panama is declining, according to statistics from the United States Department of State: In 2014, there were 519 homicides, compared to 800 that occurred in 2009. A “tourism unit” is active in the helmet, making people feel safe, and there are companies who use ex-gang members as tour guides.
In an article published in the Financial Times, the way in which many private investors, along with strong government investment, have led to the Panama Old Town to have major restorations of historic buildings and facades evidence; and thus, the apartments in the Old Town, are a perfect choice to live.
A clear example of this is the building known as American Trade Hotel, the last of the global chain of Atelier Ace boutique hotels. One of the owners, Ramón Arias said that “the building is a symbol of the history of Panama.” Arias is one of many Panamanians who have returned to the area and helped to restore. What is the appeal? “Best of a Latin American tropical city, is condensed into 40 blocks.”
Similarly, in Panama Old Town, you can find mixed-use development with commercial space on the ground floor and residential on top. The increase in available commercial space, means that the cultural scene has flourished in the Old Town. Restaurants, bars, lounges and galleries are regularly attracting local tributaries, previously when their main markets were tourists.
Several developers have been buying land for investment in these areas for years. Panama’s government is also trying to remove barriers to trade, to attract wealthy immigrants and make the investment is increasing.
There is no doubt that the Panama Old Town, will have much more funding over the years, and this area will become a favorite place to live.