Buying a property in the Old Town

If you are considering investing in a property or want to establish your own business in one of the most emblematic tourist areas of Panama City, this is the perfect time. If you are passionate about history, the beauty of colonial architecture, and are also attracted by the idea of being part of a World Heritage Site, this information will interest you.

Casco Antiguo, also known as Casco Viejo, is the place where Panama City was moved in 1673, after the destruction of the old city by the pirate Henry Morgan. This historic neighborhood is a living testimony of the urban and architectural evolution of the city, and is located in the current San Felipe District. In 1997, it was declared a World Heritage Site by UNESCO.

Relevant Figures and Data:

• Real Estate Value Growth: In recent years, properties in the Old Town have seen a significant increase in value. According to real estate experts, the average price per square meter in this area exceeds $4,000 USD, making it one of the most sought-after areas of the city.
• Tourism Demand: With over 1.5 million tourists visiting Panama each year, Casco Antiguo is one of the main attractions, making the area a prime location for tourist-oriented businesses such as restaurants, boutiques and boutique hotels.
• Tax Incentives: One of the biggest advantages of investing in the Old Town is the exemption from taxes on profits generated by businesses and the sale of properties in the area. In addition, property owners who carry out restorations and improvements to their properties can access significant tax deductions, reducing their tax obligations by up to 100% for a period of 10 years.
• Benefits for Tenants: Those who decide to rent properties in the Old Town for residential purposes can also benefit from tax incentives, making this area an attractive option not only for property owners, but also for tenants.
• Growth Opportunity: Casco Antiguo is not only a historical treasure, but also an epicenter of Panama's social and cultural life. With a growing offering of bars, restaurants, art galleries, and cultural events, the area continues to be a magnet for residents and visitors alike. Furthermore, investment in infrastructure and restoration by the government and the private sector has further enhanced its appeal.

For more information on available properties, how to acquire them, and all the associated benefits, please do not hesitate to contact us. We are here to help you take the next step in this incredible opportunity.