How much is it to build a house in the Panama City, Panama area of Casco Viejo?
Patrizia Pinzon - Arco Properties
How much is it to build a house in the Casco Viejo district of Panama City, Panama? Oh boy! The answer to this question is actually long because it involves a lot of other questions that are really up to you to answer. Let`s start being really honest and say that building is not for everybody, and many times money is not the main issue. So, while we understand the sense of wonder when walking by Casco and imagining changing this into that (we do this for living), first...
How much is it to build a house in the Casco Viejo district of Panama City, Panama? Oh boy! The answer to this question is actually long because it involves a lot of other questions that are really up to you to answer. Let`s start being really honest and say that building is not for everybody, and many times money is not the main issue. So, while we understand the sense of wonder when walking by Casco and imagining changing this into that (we do this for living), first and above all, ask yourself 100% honestly:
- Do you have experience restoring/ building property? Anywhere? In Latin America?
- Are you willing to move down to Panama for three years and be on site every day?
- Do you have enough liquidity to pull it off without financing? Consider that you will be spending anywhere between $1,000 to $1,500 per square meter ($107 to $161 per square foot) of construction area (prices may vary as per inflation, etc).
- Do you have a heart bypass?
- Do you know how to curse in Spanish?
I know, you think those last two were a joke, and depending on the answer it might well be. We always say that this activity is "not for the faint of heart", and that you need "lungs" to be able to hold under water for a while. A sense of humor also helps, and beyond all, clarity to know what you want, patience to know what you can achieve, and enlightenment to see the difference. I`ve seen owners "bond" with their buildings to the point of doing the wood floors themselves. To be a developer in Casco Viejo is to enter the exclusive club of the Xtreme Romantic Investors, those who are willing to do all of the above to get anywhere between 4 to maybe 10 units (between apartments and commercial spaces) at the end of those 2 to 3 years of hard work and sweat. From time to time we are part of group therapies and hugs. Well, yes, that was a joke. Although....
Posted May 14, 2013
Rey Bazán
To restore a house in Casco Viejo, you will spend about US $1,350 per square meter ($125 per square foot). That is if you already have an existing structure and you want to bring it to historical standards. The cost will also depend on your taste and choice of materials like marble floors or Spanish tiles. You taste is a big factor in the cost of your remodeling.
Normally, people buy apartments. The promoters or the investors will redo...
To restore a house in Casco Viejo, you will spend about US $1,350 per square meter ($125 per square foot). That is if you already have an existing structure and you want to bring it to historical standards. The cost will also depend on your taste and choice of materials like marble floors or Spanish tiles. You taste is a big factor in the cost of your remodeling.
Normally, people buy apartments. The promoters or the investors will redo the building, and then they sell the apartments. Very few people do their own restorations.
Posted October 11, 2014