Short-term rentals are paying off for investors in Naos Harbour Island Residences and Marina, the luxury waterfront community on the Amador Causeway.
Amador is one of the few areas in Panama City where short-term rentals are legal. This provides a significant advantage to Naos owners, who can charge higher rates for short-term rentals than longer stays.
The short-term rental units are performing dramatically better than long-term properties, according to a PPR analysis. Occupancy rates currently range from 80 to 90 percent, compared to 50 percent in many of Panama City hotels. And owners are seeing returns between 8 and 9 percent, which in many cases is double the typical yields for apartments in the city.
“The growth in the area continues to attract investors and second homeowners who are looking for a vacation home that can generate cash flow when they are not here,” says Brian Kelly, PPR’s property manager for Naos.
Brian lives on site with his family and maintains an AirBnB super host status, a designation reserved for property managers who consistently reach set standards for professionalism and service. “I screen each and every clientprior to arrival. making sure homes are in good hands,” Brian said. “We work hard to preserve this beautiful, relaxed waterfront setting.”
Naos is about a 15-minute drive from the center of Panama City, but world’s apart. The apartments offer stunning views of the Panama Canal from wide terraces and access to the trails and bike paths on the Amador Causeway.
The government is spending more than $300 million to make Amador one of Panama City’s great tourism destination. The city’s largest convention center is on track to complete in the next year and work has started on a new cruise port—both should provide a significant boost to the short-term rental market.
Rental occupancy in Naos has soared in the last six months, Brian says. There has also been a spike in buyer interest, as investors take note of the recent yields.
“You can really see the increase in business as people discover Amador,” Brian said. “I am currently 100 percent booked. I simply do not have enough inventory to offer my short-term clients at the moment.”
Brian promotes rentals through Homeaway and Bookings.com, in addition to his superhost status on AirBnb. The rental program is also boosted through PPR’s international connections and dedicated local team.
Renters see Naos as a perfect base for a stay in Panama City, removed from the hustle and bustle of the city. Visitors respond to the quiet of the Naos setting and the proximity to Casco Viejo, as well as the recreation opportunities.
“Spectacular’ is a bit of an understatement with respect to Brian’s property here on Naos,” one Airbnb client wrote on the site. “Thoughtfully appointed with the best of the best, fresh air, any of three pools to choose from, and the best views of the Canal on one side and Panama City on the other.”
Brian really is a great host. Interested in learning more? Give Brian a call at +507 6670-8011 or send him an e-mail. He’d be happy to show you around the Naos Harbor Island community so you can see for yourself what Naos offers both investors and vacationers.