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In August of 1519, nearly three decades after Columbus arrived in the Americas, Pedro Arias Dávila founded the city of Panama. It became the first Spanish city on the Pacific coast and was soon established as the capital of Castilla del Oro.

Panama City was a political and strategic hub for the Spanish Empire for decades, serving as a vital point for conquests across the continent. However, everything changed dramatically in 1671 when the English pirate Henry Morgan, accompanied by more than 400 men, attacked the city.

According to Alexandre O. Exquemelin, a doctor aboard Morgan’s crew, the pirate was not content with merely looting. He allegedly ordered his men to burn the entire city. There is also a theory that the city’s mayor issued the order to set it ablaze, but Exquemelin’s diary suggests Morgan himself started this rumor.

The near-total destruction of the city forced the authorities to relocate to a safer site to prevent future attacks. With the help of mules and other pack animals, the city was moved over 10 kilometers to a new location, what we now know as Panama’s Old Town or Casco Antiguo in Spanish.

Casco Antiguo quickly became the center of Panamanian life.

Thanks to its privileged location on a peninsula and the wall that protected it at night, high-society families lived in the area with relative tranquility. However, by the 1930s, Casco Antiguo began to decline, following a trend seen in many Latin American cities. The wealthy population that had kept the historic district vibrant started moving to the suburbs, leading to the area’s gradual deterioration.

Over the years, and in response to the evident decline of the historic district, Panamanian authorities took steps to revitalize the area in the 1990s. They introduced incentives and leveraged the UNESCO designation as a World Heritage Site. These actions marked a turning point, bringing about significant change to the area.

Nowadays, Casco Antiguo stands as one of Panama City’s premier tourist destinations and a coveted area for real estate investment. As a UNESCO World Heritage Site, its cobblestone streets, colonial architecture, and vibrant plazas create a unique blend of historical charm and modern amenities. The district’s cultural richness, with art galleries, museums, theaters, and a dynamic culinary scene featuring world-class restaurants and cafes, makes it a hub for both locals and visitors.

For, nomads, investors, and buyers, Casco Antiguo offers a rare real estate market with beautifully restored historic buildings, converted into modern residences and commercial spaces. The demand for properties continues to rise, driven by its appeal to those seeking a unique, walkable lifestyle steeped in history yet minutes away from Panama City’s modernity. Government incentives, including tax exemptions for restoration and preservation, further enhance its investment appeal.

With its strategic location, blending culture, gastronomy, and convenience, Casco Antiguo is a thriving community that perfectly balances tradition and innovation. Whether you’re seeking a charming home, a profitable investment, or an extraordinary lifestyle, this district offers unparalleled opportunities.

For more information, don’t hesitate to contact us!