Welcome to the Panama Weekly News Roundup! Here’s the latest.
Homebuyers return to Panama City’s rejuvenated old quarter
Casco Viejo, the famous “old city” section of Panama City, has been undergoing a renaissance over the past few years. And it’s not just for tourists. Now, Casco Viejo is becoming a real estate hot spot; and there are many reasons why.
Today both tourists and Panamanians are returning to Casco Viejo — sometimes called Casco Antiguo — which has been coaxed back into life by government efforts to promote its restoration. “Over the past 10 years we have witnessed a boom in the renovation of historical buildings,” says Andrea Cooper, senior investment adviser with Panama Equity Real Estate, “which has primarily consisted of the development of small condo suites within restored historical mansions. Often these projects sell out in the pre-construction phase.”
Source: Financial Times
Panama City will see some important renovations and changes In 2016
In Panama City, new buildings often hide the state of some of the city’s older infrastructure, which is in need of what the city calls a “facelift”. So, starting this year, the city government will begin some major renovation projects all around town to get the city’s core vibrant again. Here’s where they’re starting.
The projects are divided into four zones…
Zone 1 (San Felipe and Santa Ana): This will benefit more than 70,000 people and includes plans to improve the historic area of the city, a rehabilitation of the public markets, and improve the booths in Mercado San Felipe Neri and the Mercado de Mariscos. They will also construct new sidewalks, a new sewage system, and new sales booths for Salsipuedes in Santa Ana.
Source: PTY Life
Panama named best place to retire in 2016
Panama’s already on the map for retirees, and this year, it appears it will be even more so. In the latest Global Retirement Index by International Living, panama was touted as the world’s #1 place to retire. Here’s why.
Already home to 50,000 US expats, Panama topped the index after raking in top scores across 10 categories including: buying and renting property, visas and residence, cost of living, environment and amenities, health care, infrastructure, and climate. The list was compiled after consulting a team of correspondents, editors and retirees around the world.
New this year, voters were also asked to weigh in on two added categories which have emerged as important issues for expat retirees: healthy lifestyle and visas and residence. Couples interviewed for the index raved about their new life in Panama, where the sweet life is described as not only cheaper, but simpler and stress-free.
Source: CTV News
Panama’s Economy Closes Out 2015 With Positive Growth
Economic numbers rebounded in Panama in 2015, especially towards the end. In fact, the numbers for the last trimester of the year were significantly better than in 2014. It’s also a good sign of what’s to come in 2016. Here’s more from our latest blog post.
How much did Panama’s economy grow to end 2015?
According to the “Instituto Nacional de Estadistica y Censo (INEC) de la Controlaria General de la Republica,” during the third trimester of 2015, Panama’s economy generated $8.95 billion, which is nearly $475 million more than over the same period in 2014. This number represents a 5.6% growth, which is great news for the economy. And despite it being under the historically high numbers from about 5 years ago, it is still a significant leap; and one that won’t be lost on investors, both foreign and domestic. It’s also a great sign for 2016, as many of the positive economic contributors are expected to continue to grow.
Continue reading about Panama’s economy in 2015
