Panama Casco Viejo
Casco Antiguo Panama
Real Estate For Sale For Rent
At Panama´s Historic City


2009 Was a unique year for Casco Antiguo in many ways, probably a unique year world wide but more on the "interesting" side of things as the Chinese proverb goes.  Now that we can look back and analyze what happened, here are our thoughts based on the statistics we keep at Arco Properties:

Buyers continued to support properties that had strong fundamentals: uniqueness, location, water views if possible. It was a very active year for rentals, both on residential and commercial, but with a stronger commercial side. Almost every commercial space in Casco Viejo got rented, especially if it had the ability to have a kitchen, as almost 20 new businesses opened during 2009 countering a very few (around 5) from 2008. See the Casco Viejo Business Directory HERE

Both old and new businesses started to create a buzz on the local Panamanian market about Casco. More than ever, we´ve seen young Panamanians re discovering Casco Viejo, having a great time, and coming back with more friends. This marks a historic turning point of attitude that is injecting new energy to businesses and nightlife.

Another historic mark this year was the completion of Casa Malecon at Terraplen, the first restored building at Casco´s waterfront boulevard. Also breaking the ice at Terraplen opened Habana Panama, just where the old market used to be, while the extension of the Cinta Costera is working full steam ahead adding new lines of access into Casco Viejo and extra parkings at the Fish Market and at the old market.

Hotel projects started and others, while encountering several problems in the way, have continued construction: Hotel Central, Hotel Molon, Hotel Roland, Hotel Herrera, American Trade Hotel, Las Clementinas with over two hundred and fifty rooms between them all. Luna´s Castle is probably the largest backpacker operation in Casco right now with around a 100 beds, but closely followed by Hospedaje Casco Viejo which has expanded operations breaking ground between Calle 12 and Calle 13.

Purchase prices and rental prices depended on the flexibility of the specific site, the status of the property and the location of both residential and commercial space. Having parking has been a very good plus for buyers. Limited offer and uniqueness, two of Casco Viejo´s strongest features have proved to be a good umbrella for bad weather, where prices per meter held their position quite well, countering prices at the rest of Panama City which have gone downhill. This correction seems to us to be more in line with international experience where historic districts are often more valuable than their modern cities. Owners, however, have been more flexible on terms and open to creativeness. 

On the community side, Casco Viejo saw the birth of its first neighborhood association: AVACA which has been active in several aspects such as security, garbage and has been the voice of the community on legal issues and law enforcement.  Panama´s government has been quite supportive of the initiative through their police and Oficina del Casco Antiguo.  The community, however, has the challenge of being on its feet regarding law enforcement at some of Casco´s developments. 

On a smaller note, but an interesting milestone, the first beauty salon opened in Casco Viejo. This is probably the first full-neighborhood service business that opens, and it did on the first restored building at Calle 9na (behind La Merced Church).  For a community that has around 150 new residents, where many travel often, this is an important step into having a real city and not only a "touristic" site.

On the educational side, Fundacion Danilo Perez broke ground at the old music Conservatory in Plaza Herrera, opening Panama´s first Jazz School and providing opportunities to children and young talents from all over but especially from poor areas like Chorrillo, Colon, etc to learn music. Their fellow students have already started to study abroad at recognized international schools such as the New England Conservatory.

NGO´s continued to work: Fundacion Calicanto graduated at least two courses of hotel trainning for local women in Casco Viejo, and Aprojusan got a private donation that had allowed them to have a computer laboratory for their children.

The Canal House, Casco Antiguo´s only luxury hotel, was the first hotel in the region to win the Green Globe Award for sustainable business.


What is next for 2010?

Probably you´ll see the Cinta Costera quite close to completion and a lot of buzz about the new access and parking. Terraplen will be the new investment spot and probably nightlife district as long as the economics of purchasing a building make any sense.

Projects under construction such as Casa Ruigar, Casa La Herradura and La Merced will be delivering units and if everything goes well Casa Ruigar will host Casco´s first wine bar in town.

Also Benedetti Hermanos, Casco Viejo´s largest and one of the few with all the amenities package (central air, central gas, parking, pool, elevator, storage, yoga room), will be delivering units this year. Most importantly, Benedetti will have the ability to host a mini - mall for neighborhood services at its 400 mt2 commercial space (banks, pharmacy, laundry, bookstore, etc).

Starting construction will be Casa Newman, a four building complex nearby Plaza Herrera and some individual developers who have gotten approvals and will start their own restorations.

On the commercial side, Casa Goytía / Vidal the residential and commercial compound at Calle 1era will be fully under construction. Probably Goytía will be one of the few fully commercially planned buildings with wide space for restaurants in Casco and for sure the only one with these characteristics on Calle 1era.


Main Challenges:

One of Casco´s challenges will be working side by side with the government on main issues such as law enforcement,  parking and traffic. One of the government main projects for Panama City is the Metro Bus, which will modernize Panama´s transportation system.  There is an important opportunity to join one of Casco´s dream: the restoration of the trolley with Panama´s transportation web. Organizing the rules of parking and access within the historic city will also be a main concern.