Casco Viejo Investment Report: Hotels & Restored Apartments

Casco Viejo – Panama – Casco Antiguo

Real Estate For Sale, For Rent at Panama`s Historic District

Anyone who lived through the revitalization of  Cartagena, Colombia could tell you that prices in the area (and the activity in general) gained momentum with the opening of the Santa Clara Hotel.  Currently, beautiful restored apartments in their protected historic district go from $4,000 to $7,000 per square meter, depending on amenities.

Today, in Casco Viejo, Panama, high end restored properties go for anything between $2,300 to close to $3,000 per mt2.  Several small hotels are already under construction, two have already opened (Canal House Panama with 3 suites and Las Clementinas with 6 fully equipped one bedroom apartments).  And this week American Trade hotel broke ground at Plaza Herrera. Fifty elegant rooms (most with plaza and water views), a convention center or events space and a jazz bar are part of the amenities that will be built in this four building compound that will be accessed from both Plaza Herrera and Central Avenue.

If you are looking to invest in the area and take advantage of what is to come, here is the short list of what is available now for sale on restored apartments and commercial spaces.

1. Best Value Purchase: Benedetti Hermanos 1C.

Why:  Great floorplan in one level, 2 bedrooms, includes parking and building has elevator, pool and social area, which is quite unique in Casco Viejo, not to mention amenities such as central air, central gas and original WeatherShield windows.

Price: $440,000    Size: 174 mt2    Bedrooms: 2       Parking: yes! included.

2. Colonial Charm: La Merced Apt 4 or 5

Why: Right next to American Trade, La Merced will be noisy for a while but at the end will be wall to wall with the hotel and has that classic “Colonial Casco” look and feel. Two bedrooms, and a private roof terrace with views. Floorplan in three levels. Building has elevator. Parking is available for individual purchase at $20,000 each.

Prices:

Unit 4  $561,591    Size: 244 mt2  Bedrooms: 2   Parking: not included. Available for Purchase.

Unit 5  $552,828  Size: 240 mt2  Bedrooms: 2    Parking: not included. Available for Purchase.

3.  Under $300,000 Options: Montefiori

Why: They are good one bedrooms for single tenants, and as a matter of fact both units are currently rented producing between $1100 to $1200 per month.

Montefiori Unit 3: $260,000   Area: 123 mt2   Wrap Around Balcony, One Bedroom

Montefiori Unit 4: $270,000  Area: 148.85 mt2  Private Roof Terrace with Water Views

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