Casco Viejo stands as the oldest witness to the existence of ancient Panamanian civilization. It is in fact the oldest city along the entire west coast of the Americas. Only a few minutes drive away from the capital Panama City and on the Canal’s mouth, the city is reminiscent of Havana, Santo Domingo or the French Quarter of New Orleans
Casco Viejo is a historically important city that still bears the remnants of French style buildings and structures. A touch of Spanish architecture has also enriched its architectural heritage. It is like walking though the chapters of history as you walk through the brick soled streets and alleys of the city. Casco Viejo has a picturesque natural beauty.
The city is surrounded by the seas. Balconies with Geraniums and Bougainvillea in bloom. With the influence of French, Spanish and Caribbean culture Casco Viejo has also acquired the status of a culturally rich city. That is why, Casco Viejo was declared as one of the World Heritage Sites by United Nations Educational, Scientific and Cultural Organization (UNESCO) in 1997. Those who passionately look for historical spots and those who seek romance in old lifestyle, Casco Viejo could be a suitable destination.
Casco Viejo’s waterside buildings bear the French heritage of the 19th century. An assortment of historical ruins and structures illustrate the Casco Viejo’s rich history of the era of the pirates and the cathedrals. It truly is a cultural gem.
Being the hub of the architectural history of Panama, Casco Viejo vividly illustrates the identity of Panamanians. Besides its historical significance Casco Viejo has become a center for economic activities being one of the most attractive tourist destinations in Panama. Influx of tourists in an ever increasing rate every year is making Casco Viejo not only a busy tourist spot but also a desired living destination.
Tourists, artists, passionate lovers of history and archeology easily mingle with the local culture and feel very much at home. In contrast there are also modern night clubs, restaurants and other infrastructures that satisfy most of your needs. People who come here nowadays prefer Casco Viejo as their second home.
In recent days, Casco Viejo real estate has become a solid investment. It is truly a booming business sector with enormous prospects. As you walk or drive around the city you will find along the oceanfront, many under-construction condos, apartments and single family homes.
If you weigh the profit potential against the price of Casco Viejo real estate, you will find that prices at this time are still much lower since many of the residents here are basically squatters. The Panamanian government has undertaken special programs to revitalize the area. This is the best time to acquire real estate property as prices are likely to jump (already indicators are at high) substantially in next five years.
Casco Viejo real estate has a set of extremely friendly and attractive real estate incentives. Easy mortgage loans for restoration, exemption from real estate taxes at Casco Antiguo, income tax waiver, thirty years tax exemption for improvement of lands, real estate transfer tax waiver etc. are the most significant real estate property incentives. There are also other incentives which would convince you to have your second home in Casco Viejo.
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This post is also available in: Spanish