The new face and price of Casco Viejo

The Casco Antiguo Office OCA (Oficina del Casco Antiguo) is overseeing the works and encourages the opening of art galleries, bars and restaurants to convert the old city into one of the favorite haunts for the beautiful people.

But, the fact remains that this bubble of activity is surrounded by an unsavory element that assault tourists and locals alike in an area that is very close to the Palace of the President.

Currently sixteen security cameras have been installed and local police, presidential police and tourist police patrol Casco Viejo in a bid to make the neighborhood safer.

Foreigners keep moving into the area, attracted by the cobbled streets and the romantic buildings living side by side with squatters. A small one bedroom apartment can be sold for as much as $300,000 and there are people eagerly waiting for more property to come onto the market, because they want to live in the old part of the city which has a stunning ocean view..

The real estate agent, Jesse Levin believes that Casco Viejo has a unique charm that attracts foreign investors. “This is one of the few places in Latin America where you can buy in the old part of the city and there is no doubt in my mind that the property will continue to go up in value.”

Levin said that Casco Viejo is one of the safest places to live and invest. “There is no risk of property developers coming here and building skyscrapers. There is a real undercurrent of culture with young entrepreneurs and artists. Three years ago some Panamanians would not come to the area. Now, with the flea market and other activities they are coming back. Before, it was full of rubbish and crooks. Now it is full of cafes and tourists,” said Levin.