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El Cangrejo Top Retirement Choice

Kathleen Peddicord by Kathleen Peddicord
May 06, 2013
in Retirement/Living
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El Cangrejo, Panama City, Panama
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City, Mountain, And Beach Escapes–This Top Retirement Haven Has Them All

If full-fledged city living is what you’re looking for in retirement, Panama City is the only place in Central America that qualifies. It’s the only true cosmopolitan choice in the region. Compact as it is, however, Panama City is not one choice but many.

This is a city of diverse neighborhoods, each offering a different lifestyle. Historic Casco Viejo, with its brick-lined streets and colonial architecture, appeals to the romantic. Punta Pacifica is a brand-spanking-new enclave of waterfront high-rise towers that could as easily be in Miami. San Francisco is the established home of Panama City’s most established families. Clayton and Costa del Este are appealing “suburban” choices, each situated just outside Panama City proper.

However, the most appealing neighborhood in Panama City for the would-be retiree is in the heart of downtown: El Cangrejo, home to a fast-growing community of expats and foreign retirees who recognize and appreciate the unique quality of life on offer on what is arguably the most comfortable, convenient, and affordable downtown Panama City experience.

In El Cangrejo, most everything you need for day-to-day living is within walking distance, including a big U.S.-style grocery store, Pricesmart (Central America’s Costco), and a weekend farmers’ market across from the Iglesia del Carmen. In addition, this neighborhood is home to Panama City’s best selection of restaurants, cafes, and bars, as well as the Clinica Einstein, where top-notch health care is available six days a week, no appointment required. Panama City’s Johns Hopkins-affiliated Hospital Punta Pacifica is but a 10-minute taxi ride away.

And El Cangrejo is about to become even more convenient, thanks to the new metro that Panama City is investing in. Two of this city’s 16 metro stations will be in El Cangrejo. New apartment towers just steps from these new metro stations are coming online, and new residents attracted to the ever-more-convenient urban lifestyle of the neighborhood are already filling them up. Meantime, entrepreneurs of all descriptions (franchisers and restaurateurs, for example) are also moving in to tap into the expanding marketplace.

El Cangrejo is a multicultural neighborhood with an eclectic population. Your neighbor might be a Chilean artist, a Spanish musician, a Serbian entrepreneur, a corporate transplant from Canada, a young Panamanian bucking the tradition of living with his parents through his 20s, or another nice retired couple from the United States.

The cost of living in Panama City is not as low as in other parts of Panama. It is possible to live in some small beach and mountain towns in this country on US$1,200 per month or less. That was true in Panama City even five years ago but is not true today. Likewise, El Cangrejo is not the most affordable place to base yourself in Panama City. However, El Cangrejo is the best Panama City-lifestyle buy for your retirement dollars. The quality of life you can enjoy here is comparable to the best of “city neighborhood” living anywhere in the States, akin in many ways to living in some neighborhoods of New York City, for example, but costs nothing like it’d cost to live in any similarly appointed or culturally rich U.S. city.

At the high end of the scale, you could rent a three-bedroom apartment in a new building with a swimming pool, a full-time doorman, fantastic city views, and U.S.-standard finishings and fixtures for about US$1,300 per month. Or you could rent in an older building, meaning less-than-modern finishings and modest building amenities, for as little US$800 per month.

Compare that with the cost of renting even a very basic apartment in any interesting, bohemian neighborhood in Manhattan.

Kathleen Peddicord

Continue Reading: Options For Retiring To Portobello, Las Tablas, And Panama City, Panama

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Kathleen Peddicord

Kathleen Peddicord

Kathleen Peddicord has covered the live, retire, and do business overseas beat for more than 30 years and is considered the world's foremost authority on these subjects. She has traveled to more than 75 countries, invested in real estate in 21, established businesses in 7, renovated historic properties in 6, and educated her children in 4.

Kathleen has moved children, staff, enterprises, household goods, and pets across three continents, from the East Coast of the United States to Waterford, Ireland... then to Paris, France... next to Panama City, where she has based her Live and Invest Overseas business. Most recently, Kathleen and her husband Lief Simon are dividing their time between Panama and Paris.

Kathleen was a partner with Agora Publishing’s International Living group for 23 years. In that capacity, she opened her first office overseas, in Waterford, Ireland, where she managed a staff of up to 30 employees for more than 10 years. Kathleen also opened, staffed, and operated International Living publishing and real estate marketing offices in Panama City, Panama; Granada, Nicaragua; Roatan, Honduras; San Miguel de Allende, Mexico; Quito, Ecuador; and Paris, France.

Kathleen moved on from her role with Agora in 2007 and launched her Live and Invest Overseas group in 2008. In the years since, she has built Live and Invest Overseas into a successful, recognized, and respected multi-million-dollar business that employs a staff of 35 in Panama City and dozens of writers and other resources around the world.

Kathleen has been quoted by The New York Times, Money magazine, MSNBC, Yahoo Finance, the AARP, and beyond. She has appeared often on radio and television (including Bloomberg and CNBC) and speaks regularly on topics to do with living, retiring, investing, and doing business around the world.

In addition to her own daily e-letter, the Overseas Opportunity Letter, with a circulation of more than 300,000 readers, Kathleen writes regularly for U.S. News & World Report and Forbes.

Her newest book, "How to Retire Overseas: Everything You Need to Know to Live Well (for Less) Abroad," published by Penguin Random House, is the culmination of decades of personal experience living and investing around the world.

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