Late last year I met with the TheVelopers development team and walked the site on the Amador Causeway, in Panama City, where Cavarosa will be built. Not a floor had risen yet. It is now 97 percent sold out.
That is the story here. Scarcity and demand, in that order. A fixed corridor that cannot expand, and a developer whose last project on this exact strip sold out faster than the market average. The location and the developer's reputation did that. Not the marketing.
Nayamara is their next project. Same corridor. Same developer. The original entry-tier unit sold out before this briefing went to print. What remains is still inside the building's strongest price segment, and it comes fully furnished, turnkey, no separate buildout decision required.
NAYAMARA — THE FACTS
Developer
TheVelopers
Location
Amador, Panama
Typologies
1 & 2 bedroom residences
Residential floors
15
Total units
~158
Interior height
2.95m clear height
Amenities
15+ curated spaces
Parking
1 per residence
Elevators
4 residential / 1 service
Construction start
2027
Delivery
Contact developer concierge for projected completion timeline
Furnishing
Sold fully furnished, turnkey. Required, not optional.
Price range
$323,000 to $564,000 (currently available)
Reservation deposit
$5,000
Status
Entry-tier Bridge View 46 sqm sold out. Two of four Bridge View configurations gone. Mid-tier Ocean View gone. Casco View and 100 sqm Ocean View tier remain open.
Unit prices in presale projects typically rise 10 to 20 percent before the project is completed. The earlier the entry, the more of that appreciation an owner is positioned to realize. Contracts in presale projects are typically assignable before project completion, meaning the position itself, not just the completed unit, can carry value. Always ask if you can assign your contract.
Amador is a sliver of reclaimed land extending into the Pacific. It does not grow. Casco Viejo, Panama City's historic district, is a six-minute Uber from the causeway. Downtown is 15 to 25 minutes depending on traffic. Nayamara sits at the mainland entrance of the Amador Causeway, at the Pacific entrance of the Panama Canal, ideally positioned to serve guests of the newly renovated Panama Convention Center just down the same waterfront strip. Grade A inventory along this strip is countable on one hand. Nayamara is one of the few addresses that qualifies.
What we like: from the building, the Panama City skyline sits on one side and the Bridge of the Americas frames the canal's Pacific entrance on the other. Every unit is sold fully furnished and turnkey. This is one of the few corridors in the city where a resident can reach Casco Viejo in six minutes by Uber, access the causeway's restaurants and marinas on foot, and take a thirty-minute ferry from the causeway docks to Taboga Island, the closest beach to the city.
What to watch: the original entry-tier Bridge View 46 sqm unit has sold out, along with the mid-tier Ocean View and two of four Bridge View configurations. What remains starts at $323,000 for Casco View and runs through $564,000 for the top Ocean View floor. Capital is arriving in this corridor from outside the usual US and European buyer base, according to insiders on the ground, and mid-term rental demand appears to be climbing. Sales velocity has been strong based on scarcity of location but great options remain.
The pied-à-terre case.
This is the kind of asset that anchors a pied-à-terre portfolio. A position in a city that is increasingly relevant, in a corridor that cannot be replicated, held at a carry cost low enough that ownership does not require a yield strategy to justify it.
The buyers who build these portfolios well rarely stop at one. Two or three properties, in different jurisdictions, each chosen for a specific reason. Currency exposure outside the home market. A residency or visa pathway. Or simply a base in a place worth arriving at, with a door that is always open and a carry that does not demand your attention.
Nayamara fits that model cleanly. Cash purchase. Fully furnished and turnkey on delivery. No buildout decision to manage from abroad. The carry below is the only number you need to clear before the rest of the year is yours to decide what to do with.
Napkin Math: All-In Acquisition and Monthly Carry
Everything below is our napkin math, a worked scenario, not a projection or advice. It uses one currently available unit to show how the math could work. Your actual unit, price, and numbers will differ. Reach out to our dedicated developer concierge with TheVelopers for your own underwriting before you commit to anything.
NAYAMARA — A WORKED SCENARIO (Casco View, 66 sqm)
Purchase price
$323,000
Furniture package (required, 66 sqm)
$34,320
Est. closing costs
$6,460 to $9,690
All-in acquisition
Est. $363,780 to $367,010
HOA
$264/month
Utilities (est)
$165/month
Property tax (est)
$159/month
Insurance (est)
$95/month
Total monthly carry
$683/month
Total annual carry
$8,192/year
Property tax estimate: 0% on the first $30,000, 0.6% from $30,000 to $250,000, 0.8% from $250,000 to $323,000. Approximately $1,904 annually or $159 monthly. Estimate only. Confirm with legal and accounting before closing.
Break-Even: Net Zero Living
Clear the carry and the rest of the year is yours.
Here is how a few months of mid-term rental income pays your annual holding expense. A 30-day contract means no nightly turnover, no platform management, no guest messaging at midnight. Rent it for three months, leave it empty for nine. Rent it for six and it starts generating reserves.
Scout estimate: $2,100 per month on a 30-day contract, based on comparable Amador and Causeway-adjacent corridor activity. Not a developer figure. Not confirmed by a property manager actively operating in this building. Verify with the concierge and local resources during underwriting.
Full calculation: $2,100 gross / $1,890 net after 10% PM / $683 monthly carry.
Months of MTR | Interval Status |
3 months | Carry mostly cleared ($3,622 interval surplus) |
4 months | Carry cleared ($4,829 interval surplus) |
6 months | Cash flow positive ($7,244 interval surplus) |
9 months | Maximum utilization ($10,866 interval surplus) |
Short-Term Rental
The building also carries an STR license. The developer's internal projection for short-term yield runs 7 to 8 percent annually. Scout is not publishing the ADR and occupancy assumptions behind that figure here. What comparable units are actually producing night by night on this corridor is a conversation worth having directly with someone operating on the ground. Our concierge can share more insight when you book a call.
EQUITY GROWTH: A RANGE, NOT A PROMISE
Presale unit values typically rise as construction progresses, and properties typically continue appreciating after delivery. Both ranges are shown below so you can model your own scenario.
Presale appreciation (purchase to delivery, $323,000 scenario unit)
Presale % | Value at Delivery |
|---|---|
0% | $323,000 |
5% | $339,150 |
10% (benchmark) | $355,300 |
15% | $371,450 |
20% | $387,600 |
Post-delivery appreciation (annual, compounding 5 years from delivery)
Annual % | Value 5 Years Post-Delivery |
|---|---|
0% | $355,300 |
2% | $392,280 |
3% (benchmark) | $411,890 |
4% | $432,277 |
5% | $453,463 |
This briefing uses the midpoint of each range as the benchmark: 10% presale, 3% annual post-delivery. That puts the scenario unit at $355,300 at delivery and $411,890 five years later. Use your own assumptions, or discuss realistic ranges for this corridor directly with the concierge below.
Before You Enter, Know Your Exit.
Paper equity is not real until it is liquid. Before you fall in love with the upside, run the exit. The figures below use the benchmark scenario resale price. Run both scenarios before you sign. Your attorney, accountant, and developer concierge should confirm the real numbers for your specific unit before you commit.
EXIT ANALYSIS — NAYAMARA / ILLUSTRATIVE (5 years post-delivery)
Estimated resale price (benchmark)
$411,890
Days on market (typical)
150 to 180 days
Buyer profile
Cash buyer dependent
Real estate commission (5%)
$20,595
Transfer tax (2%)
$8,238
Legal fees (est. 1%)
$4,119
Capital gains
2% transfer tax is Panama's final tax
US tax on gain
Taxable as foreign capital gain. Credit for Panama tax paid.
Wire / repatriation
Allow 2 to 4 weeks and $500 to $1,500 in bank fees
Total estimated exit costs
$32,951 / 8% of sale price
Net proceeds after exit costs
$378,939
All-in acquisition cost
$365,395
Net gain after exit costs
$13,544
Who This Is For
The Pied-à-Terre Investor. You are not looking for a full-time rental business. You want a base that pays its own way when you are not there. Amador delivers that cleanly. Mid-term rental demand on this corridor is growing, driven by corporate relocation, conference traffic from the convention center, and an expanding base of international professionals choosing Panama City as a regional hub. Three to four months of 30-day contracts clears your annual carry. The rest of the year is yours. No nightly turnover. No platform management. No operational noise. A fully furnished, turnkey unit in a corridor with genuine scarcity behind it, held at a carry cost a fraction of comparable assets in primary US markets.
The STR Investor. Nayamara holds a confirmed short-term rental license. In a city where most Airbnb inventory operates without one, that is a structural edge, not a marketing point. The location does the demand work: cruise ship passengers arriving at the Isla Perico terminal nearby, convention center guests down the same waterfront strip, Casco Viejo six minutes by Uber, and a corridor that photographs like nowhere else in Panama City. The developer projects 7 to 8 percent annual yield on short-term rental operations. Scout has not verified the ADR and occupancy assumptions behind that figure. What comparable licensed units are actually producing on this corridor is the conversation worth having before you commit. Our concierge has that data.
Before you reach out, know what to ask. Confirm the projected completion timeline and payment schedule milestones. Ask about current sales velocity and which configurations remain. Request actual MTR and STR comp data for this specific corridor from a property manager actively operating here. Ask whether your contract is assignable before completion. And run your own appreciation scenario using the ranges above, not just the benchmark.
On the ground in Panama City — what we are watching
Buy: Casco View units from $323,000, currently the most accessible entry point on this corridor. The 91 sqm Bridge View and the 100 sqm Ocean View tier are also still open. The original 46 sqm entry price is gone.
Watch: New capital entering this corridor from outside the usual US and European buyer base, and what it does to mid-term rental demand over the next two quarters.
Avoid: Treating the developer's 7 to 8 percent short-term yield projection, or the appreciation benchmarks above, as confirmed numbers. Both are scenarios to test, not figures to bank on.
Cavarosa buyers who moved early are the ones asking about Nayamara today. That is the only thing I need to tell you about the timing.
As an STR Scout member, you have direct access to our onsite developer concierge. Skip the intermediary and the queue.
Reach out when you're ready to learn more.
Explore. Review. Connect. You decide.
We are not advisors and do not provide agent representation. We explore the market, review what might be worth your time and why, and make the introduction to a vetted insider on the developer team.
Happy Scouting,
Andy Thoms
Founder, STR Scout