The value per square meter in the Panamanian colonial settlement has almost doubled in the last 10 years.

The restoration of the ‘Casco Antiguo‘ (Old Town) of Panama, which has received investment and economic boom in the city has made property prices soar. According to a report published by Martesfinanciero.com, there are about 900 buildings and houses in the area. In 10 years, the value per square meter has increased from $1,500 to $1,800 to over $2,300 and $3,000, depending on the view and location. Commercial premises for rent are priced between $35 and $50 per square meter, and those for sale range from $3,500 to $4,000, real estate brokers say.

“… Preliminary statistics from the Casco Antiguo Office outlined that there are 14 hotels and lodging places, more than 39 restaurant and bar establishments, 13 art and crafts galleries, 7 real estate offices, 2 companies dedicated to tourism services and 11 establishments used for professional activities, such as architects, graphic designers, painters as well as many social foundations.”

“… In 2014 the Department of Historical Heritage reported that the Old Town had 845 properties, of which 345 were abandoned; 145 were restored; and other properties were in the process of being retrofitted. 87% of these assets are privately owned, 11% belong to the state, and 2% to the Catholic Church, according to the Heritage Department. “