What's the price of a home, condo or apartment in Casco Viejo / Casco Antiguo / San Felipe, Panama City, Panama?

The price of a home in Casco Viejo, Panama City, is $270 / square foot (average). Casco Viejo is the place in the Republic of Panama with most appreciation in the last 5 years, increasing 200% in this time because it's one of the most historical centers in Latin America.

The price of a home in Casco Viejo, Panama City, is $270 / square foot (average). Casco Viejo is the place in the Republic of Panama with most appreciation in the last 5 years, increasing 200% in this time because it's one of the most historical centers in Latin America.

Helping people buy their home in Casco Viejo, an enclave of Panama City, Panama, is what I do for living. The answer to this question might be a little long, but here is the summary: you should probably be prepared to spend about $250 to $300 per ft2 (which is roughly $2,500 to $3,000 per mt2). This would give you a fully restored apartment (either one bedroom or two) in Casco Viejo.

 

There are only few houses sold as "houses". Most properties are...

Helping people buy their home in Casco Viejo, an enclave of Panama City, Panama, is what I do for living. The answer to this question might be a little long, but here is the summary: you should probably be prepared to spend about $250 to $300 per ft2 (which is roughly $2,500 to $3,000 per mt2). This would give you a fully restored apartment (either one bedroom or two) in Casco Viejo.

 

There are only few houses sold as "houses". Most properties are apartments (condos) either sold in pre sales (on plans), under construction, or existing (re sales). The most important part (other than the budget!) is to know what your priorities are, since each project is so different than the next one. Also knowing your timing is important. Need elevator? Parking? Think about these items and start exploring. Would you like more of a colonial feel, modern look or something you would like to work on yourself? As realtors we try to walk you through what is available in the entire Casco (we have not only our listings but work with everyone) and what is coming to give you a realistic look at what is out there, prices, good opportunities and time frames.

 

(Interior of  a Casa del Horno apartment, Casco Viejo, Panama, pictured.)

Casco Viejo and Real Estate in Panamá

 

A beautiful colonial place, Casco Viejo (also known as San Felipe, or Casco Antiguo) used to be in the early years of past century one of the most beautiful neighborhoods in the city of Panamá.  It was constructed after the city called Old Panamá was burned by pirates.

 

Casco Viejo has beautiful Catholic churches, including the pure gold altar of San Jose Church (St....

Casco Viejo and Real Estate in Panamá

 

A beautiful colonial place, Casco Viejo (also known as San Felipe, or Casco Antiguo) used to be in the early years of past century one of the most beautiful neighborhoods in the city of Panamá.  It was constructed after the city called Old Panamá was burned by pirates.

 

Casco Viejo has beautiful Catholic churches, including the pure gold altar of San Jose Church (St. Joseph), the Presidential Palace, an outstanding and beautiful National Theater and many other government and private buildings.

 

The streets in Casco Viejo are very narrow and made out of bricks, very similar to San Juan, Puerto Rico.  It has little coffee shops and many restaurants, offering international cuisine.

 

One place that is a "must see" inside El Casco Viejo is "the Bóvedas", which has a beautiful view to the entrance to the Panamá Canal and the city of Panamá.

 

As to the prices of real estate in Casco Viejo, they vary quite a bit, because the area is a tourist place, with many properties that must be renovated, but when they are renovated, they must follow the colonial architecture.

 

Properties in Panamá in general sell from US $120,000 inside the city in general for condos, and houses could go from $250,000 and up.  The better offer are condos, many of them, with an ocean view.

 

The cost for renting goes from $800 per month for an apartment to $5,000 per month for single houses located in the best neighborhoods.

 

With the new "Cinta Costera", a beautiful boulevard, very close to Casco Viejo, the area now has a new attraction.

(Casco Viejo and Casco Antiguo are different names for the same place.)
 
The homes in Casco Antiguo / Casco Viejo started out as single family, detached homes.  So, you could buy a building and make it into a single family home.  The footprint of one of these buildings could average about 100 square meters (about 1,076 square feet).  You would have a ground floor, and either one or two floors above.
 
The houses in Casco are very much more like European...

(Casco Viejo and Casco Antiguo are different names for the same place.)
 
The homes in Casco Antiguo / Casco Viejo started out as single family, detached homes.  So, you could buy a building and make it into a single family home.  The footprint of one of these buildings could average about 100 square meters (about 1,076 square feet).  You would have a ground floor, and either one or two floors above.
 
The houses in Casco are very much more like European homes, like a walkup.  On the ground floor, you have the social area.  On the first floor, you would have your dining room and kitchen.  The second floor would have the bedrooms.  All told, you would have around 300 square meters total area (about 3,228 square feet).
 
There is no traditional yard in a Casco Viejo home as you would think of one in a suburban home in the States.  Instead, the homes in Casco Viejo have patios.  The government has very strict laws that state that when you restore the building, you must keep your patio, because it provides light and ventilation.  Since a lot of the buildings are next to each other (like a brownstone in New York or many places in Europe), many of the buildings do not have windows on the side.  That’s another reason why the patio is important—it provides the lighting from the back.
 
The cost for a typical 300 square meter (about 3,228 square feet), restored home would be around US $750,000.  Based on actual sales, the price per square meter is between $2,500 to $2,700 ($232 to $251 per square foot).   The newer models are now above $3,000 per square meter ($278 per square foot).
 
There are lots of restrictions on what you can build in Casco.  Even if you buy a lot, you have to check what was there before.  If it was a house, you have to replicate at least a facade of the house.