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Panama: historic center

Tuesday, December 17, 2013

Properties in the historic center of Panama City are becoming increasingly attractive, along with the number of visitors to Panama from the United States and Europe.

Portugese carrier TAP will add Panama to its list of destinations next year, the airline announced last week.

For its part, Air France last month started flying three times a week between Panama City and Paris.

Meanwhile, Panama-based COPA airlines advised that due to greater-than-anticipated demand, it will use a larger aircraft than planned, for its flight to Tampa, Florida, which started this week.

Many passengers use Panama City’s Tocumen International as a connection between Latin America and Caribbean on one hand, and the United States and Europe on the other.

Known locally as the Hub of the Americas, Tocumen has more Latin American and Caribbean connections than any other airport.

As traffic through Panama increases, the historic center – “Casco Viejo” in Spanish – offers a unique opportunity for boutique hotels, restaurants and short-term rental buildings.

Declared a UNESCO heritage site in 1997, the Casco consists of houses built in the 18th and 19th centuries.

Most properties overlooking the ocean have been restored, and currently sell for an average price of $3,000 per meter.

Undeveloped buildings sell for about half the price of a restored property.