Imagine looking out your living room window at the Pacific Ocean, then seeing a huge ship glide by that’s on its way to China, as it moves toward the Panama Canal. That’s going to be the case with the new Naos Harbor Island project when it’s completed.
When I first visited Panama City a decade ago, my guide on the Panama Marine Tours trip told us the artificial Amador Causeway would be home to luxury hotel, a museum, and high-end condos. This finger extending out into the ocean made from dredged rocks and dirt from the Panama Canal seemed kind of forlorn and modest at the time. I just assumed this was another case of a Latin American government talking big about something that was never going to happen.
I’ve since learned that Panama is not your average Latin American government. They actually execute on their plans and get things done. There’s been an explosion of new infrastructure in the last decade and the Amador Causeway is becoming quite the hotspot. I thought, “Who wants to live out here?” when I visited way back then, but now I think a lot of people will buy into this Naos Harbor Island Residences and Marina project.
The government is pouring $300 million more into to the area, with roundabouts, bike paths, tourist overlooks, and more. The Frank Gehry-designed Biodiversity Museum is open now and, after several delays, work is set to resume on the Amador Convention Center, which will be the largest in the area.
Plans for Naos Harbour Island are for 122 units in several towers, plus commercial space for shops and cafes. On the water will be a 270-slip marina offering great island-hopping access to hidden beaches. This is not a “maybe someday” development though: phase 1 is already under construction. Units for sale range from studios that start at around 500 square feet (46 square meters) to three-bedroom lofts with huge terraces that stretch to 2,476 square feet (230 square meters). Common amenities include three swimming pools, two Jacuzzis, a modern fitness center, a yoga area, a recreation area, and parking.
Naturally each unit will be tricked out with high-end appliances and finishes, floor-to-ceiling windows, and a balcony or terrace. The property has a 20-year tax exemption on it, so it’ll be quite a while before you’ll owe the government any money. The city and domestic airport are less than 15 minutes away by car.
Panama City has proven to be one of the strongest and most resilient property markets in the Americas, with barely a blip during the last housing crisis. Despite the non-stop noise of new building going on the past 10 years, values are appreciating. There’s limited downside in this market and a lot of upside as the economy here has a lot of tailwinds. For more information on Naos or other luxury real estate in the capital city, get in touch with Punta Pacifica Realty.