Panama, Casco Antiguo
Casco Viejo, San Felipe
Investing in Real Estate in Panama. I often comment to my clients that Casco Antiguo is like Woody Allen: either you hate it or you love it, there is no “in between”. For the right person (and here are 5 steps to know if that is you) it is very easy to fall in love with it on their first visit. For those who have been following the markets at historic cities, Casco Viejo is a no- brainer: historic, diverse, full of activity, in a country that is a hub to the region in transportation, communication and soon even might be on energy supply. Ten minutes away from the modern Panama and ten from the ex Canal Zone.
This is the one concrete type of investment that is safer as it gathers several fundamentals: uniqueness, beauty, vibrancy, content, potential. If this is your first time looking at Casco Antiguo real estate, please start by reading these few tips. They are very useful in organizing your thoughts, especially if you are planning to travel soon to Panama. If you are already familiar with the Casco Antiguo market, keep reading!
Construction is an intense business, especially in Casco Antiguo. Yesterday, analizing with a client his options for owning a historic property in Casco Viejo, we went through the numbers of restoring vs buying an already restored condo and there wasn´t even a question about where the good deal was: shift the risk to a professional developer, and not only you´ll get a finished product way cheaper than building it yourself but far less headache and more appreciation/ flexibility.
Here is a list of what´s out there currently on pre construction or under construction:
Residential: UNDER CONSTRUCTION
Benedetti Hermanos: Currently under construction, two units have just been released to the market: Unit 7C and Penthouse B. Located at Central Avenue and 10th street, this is the only project that includes pool, yoga room and underground parking. Unit 7 C has 220 mt2 and no mezzanine, for which you´ll enjoy the full height of the already tall ceilings. It also includes bamboo flooring, central air, central gas, and full kitchen appliances. Click on the units to see the e- brochure for each one. Units will be tax free on property taxes for 20 years!
La Posada Isabella: Under construction, they are working already in the finishes for which it will be able to deliver units in Summer 2009 the latest, for which you´ll be able to get the 20 year property tax exemption. These are 2 bedrooms, 2 bathrooms, 1 parking and storage included. Download the e brochure here.
Casa Garay: Just started construction, it is scheduled to be delivered in a year, although we tend to think it will be a year and a half. There are two units in the market: a lovely one bedroom and a 2 bedroom apartment.
La Merced (Plaza Herrera): Under construction. They´ve put floors up and are ready to roof. Might be ready to deliver in less than a year. There are two units available, both with private roof terraces overlooking Plaza Herrera and with water views towards the entrance of the Panama Canal. Parking available for individual purchase.
Cuatro Casas: Delivering units as we speak! the place looks great and although they are still doing work on some of the units, there will be a couple of units available soon for rent. If you would like to buy a 2 bedroom, click here.
Casa Ruigar: Under construction, right at the side of 4 Casas and still a year to go. Unit 5 is on the market, click here for more information.
Casa Kliemman: Under construction, near La Posada Isabela. This project might still have one more year to go. Groundfloor units that can be purchased either as commercial or residential are available, which is interesting for small business owners as it is next to Luna´s Castle, with a young built in clientele.
Commercial: UNDER CONSTRUCTION
Hotel Central: Just re started construction. After a while of having stopped because of legal issues with Patrimonio Historico, one of the biggest hotel sites in the Casco has just started it´s works again. Having a hotel nearby injects important appreciation to the area. Nearby projects include: Cuatro Casas and Casa Ruigar. Other nearby buildings with finished condos are: Las Monjas, Art Deco 2B and Art Deco 3A
Club Union Hotel Site: The architects are moving headquarters to Casco Antiguo, so we should be expecting some important advances soon!