A proposal has been made to extend for two years tax benefits for private investment developed in the area of the Casco Antiguo de San Felipe, in Panama City.
The draft aims to extend the conditions afforded by Law 136 of 2013, because, as discussed in the preamble of the document,"... the timeframe of two years has been insufficient for many owners and investors, and having expired on January 17, 2016, a situation that has created where there is a gap in terms of benefits, hurting the approval of loans and bank financing and tax exemptions and benefits for the National Directorate of Revenue with the consequent loss of the exemptions set forth in this regulation".
The value per square meter in the Panamanian colonial settlement has almost doubled in the last 10 years.
The restoration of the 'Casco Antiguo' (Old Town) of Panama, which has received investment and economic boom in the city has made property prices soar. According to a report published by Martesfinanciero.com, there are about 900 buildings and houses in the area. In 10 years, the value per square meter has increased from $1,500 to $1,800 to over $2,300 and $3,000, depending on the view and location. Commercial premises for rent are priced between $35 and $50 per square meter, and those for sale range from $3,500 to $4,000, real estate brokers say.
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