Panama has been growing very fast for the last 8 years. A "miracle" made by a curious mix of tourism, investment and other countries misfortunes (Alias Venezuela and Chavez or Colombia and the FARC). Although on the short term there´s been a great impulse by the construction sector, consider Panama´s big three big long term fundamental investments: the Panama Canal Expansion project (which has already started), the relocation of the regional office of very important companies such as Caterpillar, Maersk, Dell, Procter and Gamble, Aventis and finally the oil refinary project in Puerto Armuelles

Multiple websites and adds mention Panama as Paradise. Is it really? what about Casco Viejo?

Last Saturday a nice article came out about Casco Viejo (which in Panama is known as San Felipe, Catedral, la Ciudad... so many names!). I looked for it in the electronic version of La Prensa, but couldn´t find it. So here is my translation and the original piece scanned at the bottom. It talks about speculation, restoration, patrimony (human and architectural) and what has been done in the past 10 years.

While everybody is excited today about Beijing´s dramatic opening for the Olimpics (which, by the way, where simply amazing! wao), another bright sun shined this morning over the newspaper as they announced

While the Panama Canal Expansion has gotten all the national and international media attention, oil companies like Occidental Petroleum (OXY) and Qatar Petroleum have entered almost through the back door...

The oldest inside joke in Casco Viejo is that it isn´t a colonial city at all. As a matter of fact,

Buying a restored apartment is one of the best investments you can make in Casco Viejo. It is an almost risk free enterprise where your costs are known and very little variation occurs. Also, you can get it rented almost immediately and your big gain is in the appreciation, so you can legally "sit on it" forever. But there are a couple of things you need to know.

Ciudad del Saber or City of Knowledge is literally a city within one of the former US military bases called Clayton. One of the most visionary compounds in Panama, it has become a technopark that holds universities, laboratories, incubators for young entrepreneurs and just all sorts of new stuff. If it is revolutionary, ground breaking, you can get in and benefit from a wide platform of incentives. So who is there and what is it exactly that they do? for example,

The Oficina del Casco Antiguo has been quite busy. From cultural events to the urban planning of the Casco there are very few aspects where they aren´t present. It´s Director is a dinamyc architect with a passion for historic cities, which makes it perfect. In this interview, he speaks about the train project , the advances against speculation, the controversial projects at Hotel Central and the old Club Union.

Panama will have a Renaissance Hotel (by Marriott) by 2011. This announcement was made by Edward Fuller, president and executive director for Marriott International in the region, who mentioned this would be an investment of about 40 million dollars. "Panama´s economics are strong and the hotel industry is in constant growth". Renaissance Panama Hotel is expected to have

Looking to open a business in Casco Viejo, Panama? Or maybe to rent an apartment? There is always limited product, but from time to time things will come to market (and get rented right away). I actually had to pull out 2 units while writing this issue!

Have you seen those TV shows where they take a one level house and turn it into a mansion or where they promise you to look at least ten years younger by changing your makeup, style or even surgery? I have seen some incredible human makeovers in a show that is all about plastic surgery. Well, in a way, restorations at Casco Viejo have the same incredible effects.

Ah! La Bella Roma! From the cradle of Western civilization to a huge melting pot, for those who have visited or lived in Rome it blows your mind away and steals a piece of your heart. But if you actually want to own a piece of Rome, you’d better be prepared to give also your kidney away (the good one), an eye and seriously consider adding up one of your lungs to sweeten the deal. Wao. The incredible thing isn’t that prices are astronomically high; it is that at over $20,000 US dollars per mt2 or $2,000 per ft2 people are still buying.

From time to time, I like refreshing some information that has been useful to my readers as where to stay and what to do in Casco Viejo is constantly changing:

Someone once told me that if he wanted to know who was going to win the elections he would ask a taxi driver. To know how a country is doing on the investment side, my taxi driver is called hotel occupation. Who is showing up and how frequently will tell you a lot about the current state and the future of a place. Check out the latest Panama news!

Ok. So Panama is about 20 years behind on releasing its E Commerce legislation, but ... hey! ... at least it is out there now! know more about it, download the law.

Panama hosts DHL´s largest hub in the region. This small phrase means a lot for a country so small. But then again, Panama has always been in the middle of the Americas, joining land and separating oceans. From Columbus to the Colon Free Trade Zone, the phrase "all roads lead to Panama" might not be too far off...

Meditating about what has value and what doesn´t is a profound activity, almost zen-like. It has to do with the fundamentals of the property, but on a bigger picture even that is subdued to one and only factor: what makes a human happy.

Last night most of Panama´s socialites (or our version of it anyways) gathered in Paseo Las Bovedas, to the launch party of Quintessentially in Casco Antiguo. Don´t miss the photos, I´m sure they´ll be quite popular between some of our visitors...

Our friend Mary sent us this interesting article. I smiled at the phrase "the secret is out" since it´s been out for a while now, but a good word out is always welcomed!

Where to eat, where to stay and what to do in Casco Viejo, Panama. Restaurants, bars, theatres and more

Like a soldier holding the fort under "extreme weather conditions" (meaning the day was hot as hell) Mery held her head high and smiling during the last Casco Viejo Flea Market, all for a good cause: to provide information to the local population about...

I held a very interesting conversation the other day with two young fund managers about the US recession and it´s impact on Panama. One an optimist, the other a pesimist, myself in the middle, all three actually had a basic common opinion about investment here. Somehow, Bear Stearns shares it too...

Italians step into Casco Viejo! Café Due opens its doors on Avenida A and Calle 1era.

I had an interesting conversation yesterday with a client. He was looking for a property in Casco, mainly an apartment, and he asked me what was the best purchase he could make. Here are 5 easy steps to answer that question.

Fitch Ratings revised its outlook on the Republic of Panama to positive from stable, citing growth momentum and fiscal consolidation, which has put Panama's public and external debt indicators on a downward path.

Panama is investing more than $4 million dollars on airport infrastructure all around the country. At the same time, new carriers are adding up and current ones are increasing routes and flights. France is now only 10 hours away, KLM will start direct flights into Amsterdams hub in February.

Panama Real Estate Investment: This is a small project which we hope plant the seed for a big change and help raise the bar in developments in the area. It will be the first project in the old city to have...

Cinta Costera Panama: For those who thought it would never happen, or that it would take ages... it is real and going forward at full speed. What does it means for Casco Viejo residents and investors?

You open the newspaper anywhere in the world (Panama is not the exception!) and all you see is trouble. Get to the "international" section and you are splashed with the blood of all the current conflicts overseas, which are, sad enough, many.  The environment is suffering no matter what people say or don´t say and everything sounds so apocaliptic it makes you unsensitive. It surpasses your level of caring. What can I do? I´m just one person. Problems are just so overwhealming. We have too many of our own problems to be worrying about water, pollution, poverty and war.

But then I get to work, to my "mini" environment, to those small things I can control and contribute. From home composting to donating courses for low income families to get their children to the Scouts or the mothers back to school. Small details that change their lives forever, a great return for little money and a lot of good will. 

One of the things I enjoy the most from living, working and investing in Casco Viejo is that it gives me the opportunity to help others around me. I didn´t have that compelling thrive when I lived outside Casco. The phrase "To Live, to love, to learn and to leave a legacy" was confined to teaching ballet the best I could to my young students.

But in Casco Viejo you can be the difference. And the multiplying effect is almost immediate.

Families growing happier, step by step taking control of their lives. Children learning new skills with a smile on their face. Buildings getting restored, history recovered. A city coming back to life.

At the end of the day, we don´t need to save the world. We only need to save as much as our street. Not even our neighborhood! that will fall naturally. Sometimes I think the problem is when people say: either I go for the big stuff or I don´t do it at all. Well... Big stuff is important, but starting on the lower level sometimes is more meaningful and creates the basis for the big stuff to happen when things are ready.

And what do I gain? directly: happy neighbors! In my own small way, I believe a better neighborhood makes for a better country and a better future.

 

Panama Real Estate Investments: In 2007, Panamanian economy grew 9.5%. This is Panama´s 4th year of sustained growth where the GNP per person has incremented 7.7%. Public debt was reduced (from 61% to 54%) and public investment increased. Find out more!

Is Panama on its way to become the new Hong Kong of Latin America? a wild thought, and quite unthinkable ten years ago... but not all that crazy these days. The Canal Expansion alone is generating masive amount of business, but ironically it is only one of many other indicators that are either at the same volume or more. A well balanced economy, in the middle of the America´s Continent. It´s rapidly becoming the best hub to access the region. See some numbers for 2007 here...

Panama got a 40 Million Dollar financing to clean Panama´s bay. A "simple" task with endless positive effects. What does this mean for Panama City? for Casco Viejo?

It´s official: 20 Year Property Tax Exoneration for new apartments and residences for projects with occupation permits until December 31st 2009. Read La Prensa Article here