A Different Type of Growth in Panama
(costaricapages.com) Panama’s old quarter, a historic peninsula called Casco Viejo, has long been known to Panamanians and foreigners alike as a cultural center. But nowadays, after nearly half a decade of downturn, Panama City’s so-called gem is re-inventing itself in a new sort of light.
Casco Viejo, Panama also known as Casco Antiguo was recently declared a UNESCO World Heritage Site but you never needed to tell that to its residents. Both longtime Panamanians and foreigners who have lived in Casco Viejo seem sold on less the idea of public recognition or majestic labels, and more so on the social satisfaction that comes with living in one of Central America’s most unique travel destinations.
The progressive vibe in Casco Viejo is both tangible and not. In one sense, chic art galleries and trendy LA-style cafes seem to be popping up over night, run by a myriad of entrepreneurs from all over the world. BMWs and Range Rover SUVs show up on weekends from neighboring Punta Pacifica and Costa del Este: signs that money, both literally and figuratively, is migrating to the Casco.
The less tangible sense of growth is one that’s hard to grasp on just one visit or afternoon: it’s one that can be seen in the eyes of passionate business owners (of which there are only a small handful) and perhaps more so on the faces of proud locals who, while experiencing pressure from foreigners to vacate now-valuable real estate parcels, love Casco far too much to throw their hands up and give in.
Over the past year, real estate prices in Casco Viejo have nearly doubled yet experts believe it’s a different type of appreciation than seen elsewhere in Panama City’s skyline. Specialists like Patrizia Pinzon of Arco Properties (Avenida A y Calle 1), one of Casco Viejo’s most prided establishments, often calls her neighborhood a “limited edition investment,” citing that this historical real estate has such fixed supply (due to strict government preservation laws) that unfortunately not everyone who wants a piece, will get it. Restricting supply assures investors of stable, if not healthy returns.
Tourism too is on the rise, with bus-loads of vacationers shipped in each day to walk the cobblestone streets, to photograph the quaint architecture, and to populate the number of tourist-centered shops that line Casco’s streets. The new Super Gourmet deli (Avenida A y Calle 6) for example, the first of its kind in Casco Viejo, sells foodie-approved sandwiches and elegant wines at near-US prices. The nearby Café Per Due (Avenida A y Calle 2) serves traditional Italian pizzas just a block away from the sea.
For the most part, tourism in Casco Viejo ends around sunset. While several small, trendy nightlife haunts are frequented by locals and foreigners alike, many outsiders still feel uncomfortable at night and for partly good reason. The heart of the old quarter has been home to several gang-related shootings over the past year, and fringe areas which border ghetto-like squalor have been home to a number of tourist muggings.
While locals will tell you that such crime only applies to the rare few whom put themselves in bad situations, getting over this hazard is less straightforward for outsiders—many of whom are hesitant to visit, much less live in, the old quarter out of alarm.
But perhaps that’s what keeps Casco Viejo from dangerously (no pun intended) swelling up like other popular areas in Panama that show little regard for long-term sustainability or social responsibility. Like any other great town, there are those who believe in it and others who’d rather wait to see. But at the rate it’s developing, Casco Viejo’s fair-weather supporters seem just around the corner.
