Welcome to the Panama Weekly News Roundup! Here鈥檚 the latest.
Homebuyers return to Panama City鈥檚 rejuvenated old quarter
Casco Viejo, the famous 鈥渙ld city鈥 section of Panama City, has been undergoing a renaissance over the past few years. And it鈥檚 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 鈥 sometimes called Casco Antiguo 鈥 which has been coaxed back into life by government efforts to promote its restoration. 鈥淥ver the past 10 years we have witnessed a boom in the renovation of historical buildings,鈥 says Andrea Cooper, senior investment adviser with Panama Equity Real Estate, 鈥渨hich has primarily consisted of the development of small condo suites within restored historical mansions. Often these projects sell out in the pre-construction phase.鈥
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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鈥檚 older infrastructure, which is in need of what the city calls a 鈥渇acelift鈥. So, starting this year, the city government will begin some major renovation projects all around town to get the city鈥檚 core vibrant again. Here鈥檚 where they鈥檙e starting.
The projects are divided into four zones鈥
Zone 1 (San Felipe and Santa Ana):聽This will benefit more than 70,000 people and includes plans to聽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聽Salsipuedes in Santa Ana.
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Panama named best place to retire in 2016
Panama鈥檚 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鈥檚 #1 place to retire. Here鈥檚 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.
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Panama鈥檚 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鈥檚 also a good sign of what鈥檚 to come in 2016. Here鈥檚 more from our latest blog post.
How much did Panama鈥檚 economy grow to end 2015?
According to the 鈥淚nstituto Nacional de Estadistica y Censo (INEC) de la Controlaria General de la Republica,鈥 during the third trimester of 2015, Panama鈥檚 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鈥檛 be lost on investors, both foreign and domestic. It鈥檚 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
