Panama City’s Most Exciting Neighborhoods

Next week, I travel to Panama City, Panama, for Live And Invest Overseas’ annual Managers Summit. Along with Kathleen Peddicord and Lief Simon, the core leadership team is getting together to reflect on the past year and discuss our vision for the next five.

While I’m looking forward to those all-important conversations… I’m also excited to revisit Panama City—a place I called home for a number of years.

Panama City is special. It’s tropical yet urban, a hub of trade and industry, and the only true cosmopolitan environment in Central America. It’s constantly evolving—constructing, rebuilding, expanding—as it strives for growth… so I expect things to look different compared to my last visit in 2022.

Scouting new markets for lifestyle and real estate investment is part of the agenda of my trip, and my local colleagues have already filled me in about which areas of the city I need to check out on my trip.

I’ll report my findings in a future issue of Overseas Property Alert. For now, here’s an overview of Panama City’s most exciting neighborhoods for real estate investment…

Casco Viejo

Casco Viejo is one of the oldest neighborhoods in Panama City, dating back to 1673. It’s steeped in historical charm, with colorful colonial buildings, cobbled streets, and classic Spanish plazas… a nice change from the steel and concrete of the rest of Panama City.

Today, Casco Viejo is a place to be, with many of the city’s best bars, restaurants, and cafés located here.

By day, it offers shopping at boutiques and markets; by night, it transforms into a hub of activity, with people indulging in fine dining, sipping cocktails at rooftop bars, and people watching in the plazas.

Many of the neighborhood’s historic buildings have been restored and now contain homes and apartments that are rich in character.

The price per square meter for a restored home is between $3,500 and $5,000. It’s expensive, but property in Casco Viejo has enduring value.

Calle Uruguay

Calle Uruguay is a street that stretches for four or five blocks through Panama City’s business and financial center.

For years, it’s been synonymous with fun and entertainment—a place to unwind over a meal or drink after a long day of work. As well as upscale residences and boutiques, it has great restaurants and bars (although the selection has expanded outwards to surrounding neighborhoods and is no longer concentrated on Calle Uruguay as it once was).

Calle Uruguay is well-positioned, close to landmarks like Avenida Balboa and the Cinta Costera, as well as public transportation and major roads. Its residential and commercial real estate is highly sought after, and the price per square meter of residential property starts at about $3,000.

The street is currently undergoing major renovation works that will beautify it and enhance its infrastructure. About $44 million was invested to widen sidewalks, install urban furniture, plant trees, and bury cables, among other things.

I’m looking forward to checking out the new-and-improved Calle Uruguay and learning more about an exciting project that’s based here… One that offers short-term rental licenses—a rare benefit in Panama City, where they are normally not available.

This gives this project a competitive edge when it comes to buy-to-let investments. Stay tuned for more information.

Exciting Neighborhoods: Avenida Balboa

Calle Uruguay spills out onto Avenida Balboa—the iconic waterfront boulevard that stretches for about 2 miles (from Casco Viejo to Punta Paitilla). It’s reminiscent of Miami, with its sparkling skyscrapers perched along the shoreline.

At the base of those skyscrapers is the Cinta Costera, a lush oceanfront promenade that’s full of walking trails, benches, and exercise areas surrounded by manicured gardens. Like many Panama City residents, I often visited it around sundown to get some fresh air or exercise.

One of the neighborhoods that Avenida Balboa runs through is Marbella, an enclave of luxury residences that’s one of Panama City’s most prestigious addresses. The price per square meter is $3,000 to $4,000 (sometimes even higher).

This area attracts wealthy Panamanians and expats, including businesspeople, politicians, professionals from the finance and logistics sectors, and real estate investors. It’s where Kathleen Peddicord and Lief Simon base themselves when in Panama City.

San Francisco

When you follow Avenida Balboa northeast, you hit San Francisco, the commercial, financial, and residential hub of Panama City that’s been developing and modernizing since the 70s.

Many of Panama City’s most important places, buildings, and amenities are located here, including:

• Punta Pacífica and Punta Paitilla—two of Panama City’s most exclusive and expensive neighborhoods.

• The city’s most famous buildings—the JW Marriott Panama (previously Trump International), Atlapa Convention Center, Multiplaza Mall, Hotel Las Americas, and more.

• Parque Omar, the Central Park of Panama City.

• Calle 50, the city’s most important financial and commercial thoroughfare.

San Francisco is a bustling neighborhood that attracts middle-class and upper-middle-class folks with its assortment of shops, cafés, restaurants, and nightlife venues. The price per square meter is about $1,500 to $3,000.

Exciting Neighborhoods: Costa Del Este

Continuing farther east, you reach the master-planned neighborhood of Costa del Este, which is unlike anything else in the city. It’s younger (dating to 1995) and is perhaps the only neighborhood that was developed intentionally… in other words, according to a plan.

It consists of 740 acres of tailor-made community that includes all the hallmarks of a classic American suburb—modern homes, spacious, palm-lined streets, wide sidewalks, and parks. There are also schools, malls, hospitals, restaurants, shopping centers, and other amenities.

Costa del Este is walkable, clean, safe, and turn-key, with residential developments designed to attract the employees of the multinational corporations that are based here (especially those with families).

It’s among Panama City’s most sought-after business and residential addresses, and it offers strong investment potential. Prices are among the highest in the city at $3,000 per square meter, but demand remains strong.

To smooth travels and successful property buys,

Sophia Titley

Editor, Overseas Property Alert