Historic buildings are becoming increasingly difficult to find in Panama City, according to an article in The Panama Report. Many historic buildings are being torn down in favor of higher density condominiums, which lack the local character and charm of older buildings. In Neighborhoods such as San Francisco, Marbella, and Bella Vista, many of the existing French-Caribbean and Spanish architecture influenced buildings are being replaced with these high rise condominiums. Casco Viejo, as a UNESCO world heritage site, is one of the few neighborhoods protected by historic preservation laws. The article states that as a result, Panama has fallen behind other Latin American cities such as Cartagena, Colombia and Antigua, Guatemala in protecting local historic architecture.
Investing in historic buildings can help to protect the culture and character of Panama’s older neighborhoods
Despite the growth in new construction in Panama City, investing in historic buildings can be extremely rewarding for real estate investors. Historic architecture helps to retain the local characteristics of a neighborhood, which in an increasingly globalized and homogenous world add value to the real estate. In addition to this, restored historic buildings are attractive to tourists, which is a major force in Panama’s economy. As more historic buildings are demolished, the demand for these types of buildings will only increase, making investing in restored historic buildings a valuable strategy for long term investments. By investing in historic buildings investors can help to protect the culture and character of Panama’s older neighborhoods.
Antigua, Guatemala is an example of a city that has benefited through historical preservation (Photo courtesy of Wikipedia)
Source:
Panama Real Estate Losing Its Historic Appeal (Thepanamareport.com)
For more information on investing in rare houses internationally or domestically, check out this article in NuWire Investor: Rare Homes: Not Just Antiques And Custom-Built Mansions
