Casco Viejo Real Estate, also known as Casco Antiguo or San Felipe Real Estate, is a hot commodity right now.    Spend just a little time walking beside the cafes, restaurants, shops and buildings, and it is easy to see why.  The architecture reminds you of Havana, Santo Domingo or the French Quarter of New Orleans that has roots in Spanish, French and Caribbean culture.

In addition to the architecture and the wide variety of activities, this neighborhood boast a close proximity to Downtown Panama City, and all of its metropolitan attractions.  This "old world" feeling attracts art lovers, tourists, and entrepreneurs.  Tourist numbers are increasing every year, and accommodation in Casco Viejo is full of residents like expats and locals who are attracted to this community plucked right out of a history book.

The Panamanian government has begun implementing several incentives to increase development opportunities in Casco Viejo and to revitalize the area.  Prices in this area are still relatively low, and all indications are over the next 5 years prices should continue to climb.  You are looking at probably the best time to invest in real estate in Casco Viejo for future profit potential.

Some Incentives are:

• 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.
• Panama's existing 20 year property tax exemption

For this reason, as you walk or drive around the city, you see numerous buildings, condominiums and homes under construction.  In addition to Casco Viejo real estate being hot, there are many business opportunities in this area both for supporting locals and tourists.  For example, look at plans in  Casa Rodriguez Pastor, which has suites and commercial spaces, allowing you to live where you work.

Using caution when investing in Casco Viejo real estate.  While in most areas you are extremely safe, with a high police (even tourist police) presence, just like in other big cities, there are neighboring areas that are best to be avoided.  Feel free to contact us for more information. Also, if you are shopping for a home or business, it is important to be ready to move quickly.  Good real estate in Casco Antiguo does not last long.  Also, investors should be aware that there are provisions in Law #9 that demand prompt action on development opportunities in Casco Viejo, so it is a good idea to look at a project like Casa Rodriguez Pastor that already has plans approved.