News

A proposal to build a cruise ship terminal on fast-growing Amador Causeway received a big boost this week, when the Panama Maritime Authority agreed to spend $30 million to develop the project.

The Authority has decided to locate the cruise ship terminal on Perico island, one of the four islands that make up the Causeway. Although a new cruise ship terminal on Amador has been discussed for years, the government’s new financial commitment is concrete evidence that plans are moving forward, which is big news for investors eying Amador real estate.

While there are pros and cons to a cruise ship terminal—and this plan is sure to spark debate—cruise ships can have a healthy impact on real estate sales. Each cruise will be an advertisement for Panama and Amador. Studies show many cruise ship passengers return to a destination; the cruise simply serves as an introduction to the area.

For investors, that is the type of promotion you just can’t buy. Every passenger translates as a potential future buyer or renter.

The Amador cruise facility is scheduled to serve as a home port for ships, which means passengers will fly in to Panama to begin their journey. Many passengers are likely to stay a night or two before they leave or when they return, which should provide a boost to the short term rental market, as well as sales at Amador restaurants and shops as well as Panama City as a whole.

At PPR, we represent the Naos Harbour Island Residences and Marina, one of the exciting projects helping to reshape Amador. The cruise ship terminal is on the other side of a mountain from Naos, which means Naos won’t be impacted by the activity at the terminal. But the added potential for short term rentals, the exposure to an international clientele and the economic boost for Amador will have a direct long-term benefit for Naos investors.

A few years ago plans focused on locating the facility at the Balboa Yacht Club, but that site was deemed unworkable.

The Perico site has a depth of 7 to 12 meters and is sheltered from waves, Authority manager Jorge Barakat told La Prensa. The yacht club site was shallower and would have needed “constant dredging,” La Prensa notes. 

Perico, like every spot on Amador, offers spectacular views. It also provides easy access to all the amenities on Amador, including bike trails, water sports and the Frank Gehry-designed Biomuseum.  Amador would provide a new front door to the city, making a first impression focused on one of the City’s most spectacular locations.

The plan for the cruise ship terminal is expected to include 11.5 hectares designated for shops and restaurants. If approved, construction of the cruise ship facility would take about 18 months, officials said.