Dec. 17, 2009
Casco Viejo, Panama
PLUS:
- "The More Closely I Look At The Philippines, The More Impressed I Am By The Opportunity In This Market Today"...
- Budgets And Costs--Panama City Versus Las Tablas...
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Dear Live and Invest Overseas Reader,
"
Cartagena, Colombia, and
Casco Viejo, Panama, are two of the most impressive colonial districts in all Latin America," writes new Correspondent Evan Forbes. "Both have rich histories dating back to days of Spanish Empire rule and the architecture to prove it, and both of these developing historic districts are beginning to draw attention after years of neglect. Suddenly, the pair are on the international map as competing travel and investment destinations.
"Though speculators and romantics both have been at it for a decade already, the rejuvenation of Casco Viejo is still early days. Lining the streets of this
barrio are more abandoned and partly or barely renovated buildings than completely restored ones. Moreover, the pace of building restoration has slowed in the past 18 months, as a result of the global recession. At the same time, Casco Viejo is showing itself to be one of the most sustainable markets in the Republic. Currently under way are a big 5-star hotel restoration project and many smaller renovations scheduled to come online in 2010 and 2011.
"The renaissance of Cartagena is more progressed. Restoration projects are both imaginative and professional, being carried out by people remarkably good at preserving old facades while integrating them with newer structures. This is partly thanks to strict historical preservation laws watched over by the district's patrimony. Even the buildings that have not yet undergone complete restoration have benefited from facelifts and boast decorative front doors and brightly painted facades. Cartagena has set a gold standard for the restoration of colonial architecture and, in this way, acts as a model for Casco Viejo.
"Frankly, real estate prices in neither market qualify as super-cheap. A fully renovated ocean-view apartment in Casco Viejo today goes for about US$2,600 a square meter. If you are prepared to roll up your sleeves and breathe new life into a rundown building in this
barrio (sometimes what you're buying is little more than a shell), you could find a property to renovate on Casco Viejo's outskirts for about US$700 a square meter.
"Cartagena is a more established international destination and, again, more progressed in its efforts to renovate its architectural assets...meaning prices are higher. A home in the San Diego district, a central neighborhood with primarily single-story colonial structures, goes for US$2,000 to US$2,800 per square meter unrenovated and US$4,000 to as much as US$5,000 per square meter (!) restored. New construction in Bocagrande (not part of the historic district) and other beach areas north of the city goes for about US$1,700 to US$3,000 per square meter.
"In fact, costs for everything are greater in Cartagena than Casco Viejo. My trusty Beer Index gives a good reading. A beer in a local grocery store in Cartagena costs 75 cents. One in a grocery shop in Casco Viejo costs but 43 cents.
"One concern in Casco Viejo, still very much an emerging destination, is security. There's a big gap in this district between the haves and the have-nots. To deter the crime that this kind of disparity can breed, Casco Viejo has developed a robust tourist police presence to complement the already-prominent presidential guard (the country's "white house" is in Casco Viejo). The income gap among residents of Cartagena is less dramatic; in fact, this city is home to a substantial middle class.
"Bottom line, both places are safer than they appear and than commonly believed--though, yes, you can get mugged. People do.
"Casco Viejo is home to a growing expat community, as well as one of the most active community organizations in Panama. Meetings are held regularly to discuss security, ongoing improvement and beautification projects, and infrastructure (especially parking) issues. Casco Viejo residents are passionate about their neighborhood and share a vision of what they're trying to create in this historic district.
"Cartagena, meantime, is one of the Caribbean's most dynamic cities. Like Casco Viejo, it's warm (in fact, hot) year-round, and it boasts a low cost of living (that said, Cartagena is the most expensive city in Colombia) and a growing expat community. Cartagena's historic district is bigger than Casco Viejo and more developed, meaning that, living here, you enjoy more little comforts and amenities--museums, watering-holes, bookstores, etc.
"Casco Viejo is home to Panama's best restaurants, with new ones opening all the time...and many closing. In a not-quite-established market like this one, eateries come and go. Right now, there are probably more new restaurants than residential projects in this district, and locals make a game of betting which ones will survive. More nigh spots are opening, too, including trendy Manhattan- or LA-like cocktail lounges hidden behind crumbling facades. Don't let the exterior fool you (or keep you away).
"The eating and entertainment choices in Cartagena are more and more diverse than those in Casco Viejo--so many, in fact, that
The New York Times has rated this city among
the world's top destinations for foodies. As the
Times article puts it, 'Great food cities tend to have a few things in common--a history steeped in culinary arts, a bounty of exceptional ingredients, and a handful of cocky young chefs at the helm...'"
Kathleen Peddicord
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"The more closely I look, the more impressed I am by opportunity in the
Philippines right now," writes resident global real estate investing expert Lief Simon. "This market is very liquid, certainly relative to much of the rest of the world. Plenty of buyers and renters, both local and foreign.
"It's hard to find a resale condo-hotel, because they cash flow so well investors don't want to give them up. You can expect net yields in the range of 7% to 15% range. The key thing to focus on when choosing a condo-hotel investment is management. Don't just chase the yield.
"As a foreign investor, you can own a condo in this country without restriction. Getting your profits out of the Philippines isn't an issue either. Note, though, that you are liable for a 6% capital gains tax."
"I'm interested in costs and a budget for
Panama. Can you give me an idea of how the cost of living varies from Panama City to other recommended destinations in the country?"
-- Praveen T., United States
For a detailed Panama City budget,
read here.
The premier issue of my new
Panama Letter, in production as I write, features a full budget for the cost of living in
Las Tablas (as well as a complete report on the joys and the frustrations of expat life in our preferred Panama beach town, written by Panama Editor Rebecca Tyre, a three-year resident). The east coast of the Azuero Peninsula, where Las Tablas is located, is developing into Panama's Gold Coast. Yet, as Rebecca explains, you could soak up the good and simple beach life here on a budget of as little as US$1,200 per month.
If you've subscribed to
The Panama Letter already, watch your e-mailbox. Your premier issue is forthcoming. If you haven't signed up yet,
do so here now.
