The newspaper The Guardian recently reviewed the Panama City neighborhood of Casco Viejo as one of the Panama’s “hottest secrets.” Situated on the western side of Panama City, the neighborhood looks over the water at the growing skyline of the city. The article compares the area favorably to the French Quarter of New Orleans, and describes it as an up-and-coming location with an old world charm that is hard to find in some of the newer sections of the city. The following is an excerpt from the article:
“Sometimes compared with the French Quarter of New Orleans, there’s a faded romance to its townhouses, with their wrought-iron balconies and long, wood shutters. Although intimidating at first glance (and locals will advise you to avoid the so-called zona rojas – red light districts – such as neighbouring Chorrillo), the area becomes endlessly beguiling on closer inspection. An occasional art deco edifice catches you by surprise. As does seeing the sky in places you shouldn’t; the hollow insides of many buildings enabling you to look right through them.”
While there may still be investment opportunities in the area, many of the most coveted locations have already been acquired by investors and developers. According to the article, a lot that several years ago may have cost $70,000 USD is now valued at over $700,000. Yet, assuming the housing market continues to grow in Panama as it recently has, Casco Viejo may very well be an area to keep an eye on.
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