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“Why Panama?” is the favorite saying amongst the Panamanian people. As a second home market, Panama is appealing for individuals looking for a hybrid of U.S. efficiency and a Latin soul, combined in an intriguing mix that offers both comfort and adventure. The buzz has it that Panama is an inexpensive and fascinating second home market, which has turned Panama into a boom.
Panama has everything you have been looking for. If the city life is for you, condos and apartments are readily available in a variety of sizes, styles and price ranges. Currently there are over 200 projects being built there. Once a rundown neighborhood, Casco Viejo is lovingly being restored by both Panamanians and foreigners alike. With cobblestone streets, quiet plazas and open air restaurants, this neighborhood, which is surrounded on three sides by ocean, is truly a historical and colonial oasis in a sea of modernity.
One of the most interesting sites in Panama and a must see on any visit is the Panama Canal. A short drive from Panama City is the Miraflores Locks system. A reception center allows the visitor an awesome view of the many large cargo ships crossing over from one ocean to another. Because of the volume of marine traffic, Panama is investing billions of dollars for the expansion of the canal. More exciting is that all the diggings from the canal will be transported to the bay area in Panama City. This will in turn become a new, expanded highway and park area downtown.
After a five-hour drive from Panama City, you’ll arrive at a town called David in the providence of Chiriqui, home to Panama’s highlands. Right now the Chiriqui area is where it’s happening! Close to the ocean and close to the mountains, Chiriqui is rapidly being developed. A forty-five minute drive into the mountains from David, you will find Boquete. A small town sitting in a valley, amidst the mountains, Boquete offers a delightful year-round climate.
On the Atlantic Ocean side is the city of Colon. This area harbors the second largest free-trade zone in the world, second only to Hong Kong. Commercial expansion is exploding in Panama. Many of the large companies throughout the world are relocating their business in Panama.
Panama has what could be considered one of the best retiree incentive programs in the world. The 20 year no property tax incentive, depending on the property, has just been restored. Discounts for the qualified retiree can range from 50% for public transportation, to 30% on lodging, to 25% on local airfares, to 20% in restaurants, and 10% on prescription drugs. Because of the long time presence of the United States military, most Panamanians speak English and the U.S. dollar is recognized at local currency. In the medical field, the primary hospital in Panama City is operated under the auspices of USA’s John Hopkins hospital, one of the most recognized hospitals in the USA.
Oceanfront resorts are quickly being developed along Panama’s Pacific shores. A combination of condos, single-family homes and town houses are under construction all along the Gulf of Panama. In the Pearl Islands, developers are constructing the new concept of eco-friendly tree houses for those desiring to live tree top.
Panama has a very sophisticated real estate market. Salespersons must be licensed to sell real estate in Panama. You’ll note that their license number is printed on their business card. When working with a Panamanian real estate agent, you should confirm that they are a member of Panama’s real estate association, ACOBIR.
Panama was first explored by Columbus in 1502 and by Balboa in 1513. Panama was the main shipping point to and from South and Central America in colonial days. In 1821, when Central America revolted against Spain, Panama joined Colombia, which had already declared its independence. For the next 82 years, Panama attempted unsuccessfully to break away from Colombia. Between 1850 and 1900 Panama had 40 administrations, 50 riots, 5 attempted secessions, and 13 United States interventions. After a United States proposal for canal rights over the narrow isthmus was rejected by Colombia, Panama proclaimed its independence with United States backing this effort in 1903. On December 31, 1999, the United States formally handed over control of the Panama Canal to Panama. Panamanians approved a plan to expand the Panama Canal in 2006. It will likely double the canal’s capacity and is expected to be completed between 2014 and 2015.
Panama is the perfect place to go for sightseeing and relaxing. Take advantage of the beautiful sights that the area has to offer and visit the Amador Causeway or Ancon Hill. If you’re interested in architecture, visit El Casco Viejo. You will not want to miss out on these amazing sights!
Amador Causeway
The Amador Causeway is a roadway and walking path that stretches from the mainland to four small islands in the Panama Bay. It was constructed from rock that was removed from the construction of the Panama Canal. The Amador Causeway overlooks the entrance to the Panama Canal . From the Amador Causeway, you can watch as ships enter the Panama Canal and go under the Bridge of the Americas .
The Amador Causeway is a great place to take a bike ride or walk and see many of the sites including the Panama City skyline, Panama Canal , Bridge of the Americas , Balboa Yacht Club and Panama Bay. Other attractions in this area include a number of bars and restaurants as well as the Marine Exhibition Center run by Smithsonian Tropical Research Institute.
Ancon Hill
Ancon Hill is 654 feet high and overlooks Panama City. The road up the hill is a popular hiking and jogging path and there are great lookout points overlooking Panama City, the Panama Canal , Panama Bay and Casco Viejo .
Balboa Avenue
Balboa Avenue stretches from the entrance to Casco Viejo past the Vasco Nunez de Balboa Monument, Miramar Marina, and the district of Marbella to the Punta Paitilla district. Balboa Avenue runs along the Bay of Panama and passes by many of the skyscrapers in Panama City and thus provides great views of the city and the bay.
El Casco Viejo
El Casco Viejo is a popular tourist area with the original Spanish architecture, scenic plazas and cobblestone streets. In the center of El Casco Viejo is the Plaza de la Independencia, where Panama declared its independence from Colombia in 1903. In addition, The National Cathedral, the San Francisco de Asis Cathedral and the Presidential Palace are all located in El Casco Viejo.
San Jose Church
San Jose Church is located in Casco Viejo. It was built soon after the first Spanish settlement in the 16th century. This small church features the famous Golden Altar, which is made entirely of gold.
French Park
French Park is located in El Casco Viejo and is home to a monument to the French builders that began the Panama Canal. The French Embassy is also located in Casco Viejo near French Park.
Las Bovedas
Juan Bautista Antonelly built the fortress of Las Bovedas in 1688 to safeguard gold and silver from frequent pirate attacks. Centuries later Las Bovedas was used as a military prison. In the early 1900s, prisoners were chained to the sea wall as a means of torture. In recent years, Las Bovedas has been converted into an art gallery and French restaurant.
For more information on Panama, visit the Virtual Panama website here
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