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In the News from Panama

Naos Harbour Island Posts Record Sales Month

By Jeff Barton 

International investors sparked a record sales month in March for Naos Harbour Island Residences & Marina, the resort community on the Amador Causeway waterfront.

Four homes were sold in the past four weeks, primarily to foreign buyers interested in a revenue stream from Naos’ short-term rental program, says Brian Kelly, the onsite development manager for PPR. Prices ranged from $275,000 to $400,000, reflecting the increase in interest in recent months.

The sales spurt has left only 10 units for sale in the first phase of the development, which offers a spectacular setting overlooking the entrance to the Panama Canal. Closeout sales have started as the first two towers move into the final sales, Kelly says. There are only two high-floor two-bedroom units left and four of the unique one-bedroom lofts with rooftop terraces, he says.

Buyers are responding to the healthier lifestyle available on Amador, as well the recent activity to make Amador one of Panama City’s premier destinations, Kelly says.

The Amador Convention Center is expected to complete this year and construction has started on a new cruise port on Amador, which is also home to the Frank Gehry-designed biomuseum.

“People, in general, love the walking and biking trails and the ability to be away from the hustle and bustle of the city,” Kelly says. “But all of our investors like the short-term rental program.”

Naos is one of the only developments in Panama City that allows short-term rentals, giving owners a significant boost in the market. Naos owners participating in the Naos short-term rental program have been achieving a 7 percent or more ROI, Kelly says.

Short-term rentals have been attracting significantly higher rental rates, says Kelly, who is rated as an Airbnb superhost. He also lives on site with his family.

For the latest deals and pricing in Naos–or to book a visit–contact us at +507 6670-8011