The UNESCO Old Town Casco Viejo in Panama City has taken the next step in its development. In 2022, the spectacular Hyatt Hotel (Forbes report) and the beautiful Sofitel opened. These luxury brands and the planned connecting road to the new cruise port and exhibition centre will further stimulate the real estate market in Casco Viejo. Construction developments and lifestyle continue to push into the old town district of Santa Ana. “Regus”, one of the largest co-working companies in the world, plans to open its offices at Plaza Santa Ana in late 2023. This is also where Fashion Week took place in September 2023.

Since 2017, I have been searching for properties to invest in the Old Casco Viejo In Panama City, as I have always been convinced of the potential of the UNESCO Old City. However, this search has been difficult as many of the properties have a weak point (e.g. old, dark, damp, location, noisy, badly cut, etc).

Therefore, we decided to build a residential building according to our ideas and standards. Modern flats with a historic façade in a top location.

With our experienced local building partners we are constructing and selling 20 flats in the Casco Viejo (67 – 191sqm / 1-3 bedrooms) at the church square “Plaza Santa Ana”, which is one of the most beautiful squares in the old town. Selling prices from 280,000 USD. Including kitchen appliances, air conditioning, built-in wardrobes, double-glazed windows, etc.

Click on the link to find the project description of Casa Antigua Domingo.

From my point of view, the flats offer the best value for money for an investment between 280,000 USD – 780,000 USD in the entire UNESCO Old Town.

We are happy to send you floor plans, prices and availability.

UNESCO tax incentives:
– 30 years no property tax
– 10 years no income tax on rental income

The purchase of such a flat is suitable for applying for a residence permit in Panama. With the Golden Investor Visa for investments in construction projects, the visa can be obtained within 30 days (info link).

FRAPAN-Invest

Klaus Happ’s company “FRAPAN-Invest” advises investors who want to invest in real estate in Panama. He offers advice on all aspects of living in Panama.

The real estate market in Panama is internationally one of the most interesting for investments. We would like to be your trusted local partner and assist you with the initial purchase. Additionally, we can take care of your real estate in Panama in a sustainable way.

Profitable, safe and beautiful:
Investments in Panama

The Ocean Reef real estate project in Panama City was the most successful real estate project in Panama even before the Corona crisis. Currently, buyers on the islands are offered, among other things, guaranteed USD rental income in Panama of 6% p.a. net. One of our clients has bought the beautiful penthouse and only a few apartments are still available.

The corona situation in Panama has now caused real estate buyers and tenants to become more interested in the islands near the city in recent weeks, as they feel more comfortable here than in the city center. After the USD has lost 10% in value against the Euro, luxury apartments can be bought for around 630,000 Euros.

Current offers (from the developer; not binding)

6% Interest on down payments

6% p.a. guaranteed net rental income
for the first two years (three years in some cases)

Here you can find more about the Ocean Reef Islands in Panama City (link).
If you are interested, I will gladly send you the price list and further information.

With the help of the German company Bauer the two artificial islands “Ocean Reef” were created, which are connected to Panama City by a private road. The two islands are connected by a marina with 170 jetties, the first 40 of which were inaugurated in January 2020.

According to the law, from now on it is no longer possible in Panama to create more artificial islands for private use or resale. This makes Ocean Reef unique!

FRAPAN-Invest

Klaus Happ’s company “FRAPAN-Invest” advises investors who want to invest in real estate in Panama. He offers advice on all aspects of living in Panama.

The real estate market in Panama is internationally one of the most interesting for investments. We would like to be your trusted local partner and assist you with the initial purchase. Additionally, we can take care of your real estate in Panama in a sustainable way.

Profitable, safe and beautiful:
Investments in Panama