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SUMMARY
Yes. It is currently a good time to buy property in Panama City, but mainly for buyers who are selective about the building, favor resale over expensive new construction and can hold for several years.
The city is getting more expensive without behaving like a broad boom. Prices are recovering in many desirable neighborhoods, while the gap between one building and the next remains large enough that a bad purchase can easily cancel out the benefit of a rising market.
The most interesting distortion is between resale and new construction. In several central neighborhoods, new projects cost 50% to almost 100% more per square meter than existing apartments nearby, leaving resale buyers with a much larger margin for error.
At the same time, good resale inventory is disappearing surprisingly quickly. Listings have fallen by roughly 30% to nearly 60% in several important neighborhoods, so the best-value apartments are becoming harder to replace once they sell.
The 2025 collapse in new-home sales looks less alarming once we separate it from the wider market. The fall was heavily influenced by changes to subsidies and preferential mortgage rules, and sales rebounded sharply during the first quarter of 2026.
Developers are responding to tighter supply with more projects, but the city does not currently look flooded with new condos. Existing developer inventory is at a nine-year low, which makes the recent rise in permits look more like a supply response than the start of another obvious glut.
Rental economics remain one of Panama City's strongest arguments. Gross residential yields average around 7.6%, with smaller apartments often above 8%, although HOA fees, vacancy, repairs and management can pull a normal long-term investment closer to roughly 5% or 6% net before financing.
Financing is the weak point. Mortgage rates around 6% make highly leveraged rental purchases much less attractive, while cash buyers can take advantage of yields and tighter inventory without losing most of the income spread to debt service.
Foreign demand is also becoming more visible. Panama's Qualified Investor program is attracting more applications and capital, and the $300,000 real-estate threshold gives certain apartments an extra pool of buyers, though it can also encourage developers to price units around the visa requirement rather than their underlying value.
The strongest setup today is a well-managed one- or two-bedroom resale apartment in an established central neighborhood such as San Francisco, El Cangrejo or Bella Vista, bought at a price that still leaves decent rental income after realistic expenses. The bigger risk is not waiting too little for a crash; it is overpaying for a shiny project, a weak condominium or an Airbnb strategy that cannot legally operate.
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Is Panama City property getting more expensive right now?
Yes. Panama City property prices are currently moving higher in many of the neighborhoods buyers care about most, although the rise is still very uneven across the city.
Panama has no single official house-price index that cleanly tracks Panama City, so we have to combine listing prices, resale data and developer data. The latest city-level evidence points in the same direction. Global Property Guide describes the residential market as being in a selective price recovery, with the biggest differences coming from location, property type and quality.
The more useful evidence sits at neighborhood level. Panama Equity's latest market report, using Galería Inmobiliaria data, puts resale prices around $1,900 per square meter in San Francisco, $2,200 in Punta Pacífica, $2,400 on Avenida Balboa and $2,500 in Costa del Este. New-construction prices have increased by more than 15% over the preceding 12 months.
This still does not look like a city where every apartment rises together. Casco Viejo, Santa María, San Francisco and El Cangrejo attract very different buyers and carry very different supply risks. Choosing the building matters almost as much as choosing Panama City.
Are Panama City property prices already too expensive?
No. Panama City property is more expensive than it was a few years ago, but we still find plenty of resale apartments priced well below comparable new projects.
The crucial distinction today is between resale and new construction. In San Francisco, current market data puts resale around $1,900 per square meter versus roughly $3,500 for preconstruction. Punta Pacífica is around $2,200 versus $4,300. El Cangrejo is approximately $1,770 versus $2,800.
Those are enormous differences for apartments sitting in broadly the same submarket. A buyer paying almost twice as much for a new Punta Pacífica unit needs more than a nicer lobby and newer appliances to make the numbers work.
Some of that premium comes from higher construction costs, newer amenities and better financing schedules offered by developers. Even after allowing for those advantages, today's gap looks excessive in several neighborhoods.
So we would not describe Panama City as broadly cheap anymore. Good resale property can still be cheap relative to the new-build market.
| Neighborhood | Resale price | Preconstruction price | New-build premium |
|---|---|---|---|
| Punta Pacífica | $2,200/m² | $4,300/m² | 95% |
| San Francisco | $1,900/m² | $3,500/m² | 84% |
| El Cangrejo | $1,770/m² | $2,800/m² | 58% |
| Costa del Este | $2,500/m² | $3,800/m² | 52% |
| Avenida Balboa | $2,400/m² | $3,300/m² | 38% |
| Santa María | $2,900/m² | $3,800/m² | 31% |
Get fresh and reliable data on the Panama City property market
A surprising number of units are priced at exactly the figure an investor visa asks for, which is not the same as being worth it. Where asking prices sit furthest from what places earn and resell for.
Is Panama City running out of good apartments for sale?
Good resale apartments are getting harder to find in several Panama City neighborhoods, and that tightening is one of the clearest changes in the market today.
Panama Equity's latest report puts total developer inventory, including presale, under-construction and recently completed apartments, at 16,311 units. According to the firm, that is the lowest level it has recorded in nine years.
Resale inventory has dropped even faster in several major neighborhoods. Published listings were down about 30% year over year on Avenida Balboa, 31% in Punta Pacífica, 38% in San Francisco, 40% in Costa del Este, 43% in El Cangrejo and more than 50% in both Santa María and Casco Viejo.
Panama City still has thousands of apartments for sale, and some buildings have plenty of competing units. The squeeze becomes much more obvious when we narrow the search to well-located apartments, sensible HOA fees, realistic asking prices and buildings with a good maintenance record.
That is the part of the market where waiting could become expensive.
| Neighborhood | 12-month change in resale inventory | What we see today |
|---|---|---|
| Avenida Balboa | -29.5% | Clearly tighter |
| Punta Pacífica | -31.0% | Clearly tighter |
| San Francisco | -38.0% | Strong absorption |
| Costa del Este | -40.2% | Strong absorption |
| El Cangrejo | -43.2% | Strong absorption |
| Santa María | -52.4% | Very tight |
| Casco Viejo | -59.4% | Very tight |
Did Panama's property market collapse after home sales fell?
No. Panama's sharp drop in new-home sales was real, but the latest numbers make a broad property collapse increasingly difficult to argue.
A study from 4S Real Estate showed new-home sales falling from 4,737 units in 2024 to 2,866 in 2025, a drop of almost 40%. That was a severe slowdown.
The reason matters. The $10,000 housing subsidy disappeared, while the transition to Panama's new preferential mortgage regime created uncertainty for buyers, banks and developers. The weakness was concentrated in the mortgage-dependent part of the market rather than across every price segment.
The recovery has already started. During the first quarter of 2026, 1,292 homes were sold. In only three months, the market had already completed roughly 45% of the number of transactions recorded during all of 2025.
That pace does not prove the recovery will continue uninterrupted, but it changes how we should read last year's fall. Buyers did not simply disappear; the market took a financing shock and is now recovering from it.
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Could developers flood Panama City with new condos again?
New construction is picking up again, so future supply deserves attention, but Panama City does not currently look close to another uncontrolled condo glut.
The freshest construction figures add an important nuance. Panama's statistics institute reported a clear rebound in residential permits during the first part of 2026. Other market data shows residential units attached to approved projects rising from 2,146 during the first five months of 2025 to 3,694 over the same period in 2026. Within Panama District, the increase was from 1,473 to 2,332 units.
Developers are clearly becoming more active again.
Yet the starting point is very different from a classic oversupply cycle. Developer inventory has already fallen to 16,311 units, its lowest level in nine years, while resale supply has also declined sharply in central neighborhoods.
Existing inventory is being absorbed while the development pipeline starts to respond. That looks healthy for now. If permits keep accelerating for another two or three years while sales weaken, the answer could change.
At today's level, new supply looks more like a response to tighter inventory than the beginning of another obvious glut.
Is resale property the best place to look in Panama City today?
Yes. For most price-sensitive buyers, Panama City resale property currently offers the clearest opportunity.
The strongest reason is the price gap with new construction. As seen above, preconstruction carries premiums of roughly 50% in Costa del Este, almost 60% in El Cangrejo, more than 80% in San Francisco and nearly 100% in Punta Pacífica.
Resale also lets us inspect the actual building rather than buy a promise. We can see how the elevators work, whether the pool has been maintained, how many units are sitting empty, whether the administration collects HOA fees properly and how noisy the apartment really is.
The trade-off is that older Panama City buildings can hide deferred maintenance. A cheap apartment stops being cheap very quickly if the condominium needs façade repairs, new elevators or major waterproofing work.
The best resale deals are quite specific: old enough to carry a discount, but well managed enough that the discount is not simply compensation for a future bill.
The zones and projects in Panama City that are most overpriced
A surprising number of units are priced at exactly the figure an investor visa asks for, which is not the same as being worth it. Where asking prices sit furthest from what places earn and resell for.
Are Panama City rental yields still good right now?
Yes. Panama City rental yields are still attractive today, especially on smaller apartments bought at sensible prices.
The latest Global Property Guide update puts the city's average gross residential rental yield at 7.57%. One-bedroom apartments average about 8.43%, two-bedroom apartments about 8.08% and three-bedroom units around 7.50%.
Several neighborhoods do even better. Current asking-price and asking-rent data produces gross yields of roughly 9.5% on smaller Bella Vista units, 8.6% in Coco del Mar and 8.5% in El Cangrejo. San Francisco is closer to the mid-7% range.
Those yields are based on listing data rather than closed leases and sales, so we should not treat 8% as guaranteed cash in the bank. They are still useful for comparison. Panama City gives landlords considerably more income relative to purchase price than many markets where residential gross yields sit around 3% or 4%.
One fresher detail strengthens that conclusion. Global Property Guide's latest city data still puts a typical Panama City one-bedroom at about $235,000 with monthly rent around $1,650. Despite higher prices, rents remain high enough to keep the ratio attractive.
| Property type | Typical asking price | Typical monthly rent | Gross yield |
|---|---|---|---|
| Panama City 1-bed | $235,000 | $1,650 | 8.43% |
| Panama City 2-bed | $245,000 | $1,650 | 8.08% |
| Panama City 3-bed | $400,000 | $2,500 | 7.50% |
| Bella Vista small unit | $170,000 | $1,350 | 9.53% |
| El Cangrejo small unit | $170,000 | $1,200 | 8.47% |
| San Francisco 2-bed | $215,000 | $1,350 | 7.53% |
How much of a Panama City rental yield disappears after expenses?
Quite a lot. A Panama City apartment showing an 8% gross yield will often leave something closer to 5% or 6% before financing once normal ownership costs are included.
Global Property Guide estimates that net yields in Panama typically end up about 1.5 to 2 percentage points below gross yields. That takes a citywide 7.57% headline yield into roughly the mid-5% range.
HOA fees usually explain a big part of the difference. A 100-square-meter apartment charging $2.50 per square meter per month costs $3,000 a year before we pay for repairs inside the unit, insurance, vacancy or management.
A foreign owner using a property manager loses another portion of gross rent, while an empty month cuts annual rental income by more than 8% before any other expense.
For that reason, we would treat roughly 5% net as a respectable target for an ordinary long-term Panama City rental. Anything materially above that deserves attention. Anything far below it needs a strong appreciation or lifestyle argument.
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Can high HOA fees ruin a Panama City property deal?
Yes. HOA fees are one of the easiest ways to turn a good-looking Panama City investment into a weak one.
The problem becomes obvious in large luxury units. A 90-square-meter apartment paying $2 per square meter costs roughly $180 a month. A 200-square-meter apartment paying $4 costs about $800. The second owner spends $7,440 more every year before touching the apartment itself.
Luxury towers also tend to have more expensive common areas: pools, gyms, generators, staff, security, elevators, air-conditioned lobbies and sometimes hotel-style services.
Older buildings create the opposite trap. Very low HOA fees can mean the building has kept charges artificially low while postponing repairs. Once an elevator, roof or façade needs major work, owners can face a large special assessment.
We therefore care less about finding the lowest HOA in Panama City than about finding a reasonable HOA in a financially healthy building.
Do Panama City mortgage rates still make buying difficult?
Yes. Mortgage rates remain high enough that Panama City looks much better today for cash buyers or buyers with large down payments than for highly leveraged investors.
The Superintendency of Banks reported an average non-preferential residential mortgage rate of 6.23% in May 2026, almost identical to 6.24% one year earlier. The broader residential mortgage benchmark has been around 6.5%.
At 6.25%, borrowing $240,000 over 25 years produces a monthly payment of roughly $1,580 before insurance. A property renting for $2,000 a month does not leave much breathing room after HOA fees, vacancy and repairs.
Cheaper financing could eventually help. Panama uses the US dollar, so local rates remain heavily influenced by dollar funding conditions. If borrowing costs fall, monthly payments will improve.
There is a catch. Lower mortgage rates would also bring more buyers back into the market just as resale inventory is tightening. Waiting may produce a cheaper loan and a more expensive apartment.
For a cash buyer, that trade-off gives us little reason to delay a genuinely good deal. For someone planning to finance 70% or 80% of the purchase, patience makes more sense.
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Are foreign buyers still putting serious money into Panama property?
Yes. Foreign investment linked to Panama's residency programs is currently growing, and the latest official numbers are stronger than the ones available in the earlier version of this article.
Panama's Ministry of Commerce and Industries reported 268 Qualified Investor certificates between July 2025 and June 2026, backed by B/.113.6 million of investment. During the comparable previous period, the program issued 193 certificates tied to just over B/.90.1 million.
That means certificates increased by almost 39% while invested capital rose by roughly 26%.
The longer trend is even more striking. The ministry said earlier this year that the Qualified Investor program had already passed 700 approved investors and generated more than $350 million of investment since launch. Monthly applications, which once ran around 10 to 12, had risen above 30 and reached peaks of 38.
Real estate has historically been the dominant route into the program. Official figures previously showed roughly 83% of certificates linked to property.
This does not mean foreign buyers will support every Panama City apartment. The demand is concentrated around properties that appeal to international purchasers and meet residency objectives. But the capital entering that part of the market is clearly growing.
Is Panama's $300,000 residency threshold pushing some property prices higher?
Yes. Panama's $300,000 Qualified Investor threshold creates extra demand around that price point, especially for apartments marketed directly to foreigners.
The current program allows foreigners to qualify through at least $300,000 of real estate investment. That means a property can offer three things at once: a place to live, an investment asset and a route to permanent residency.
Developers and brokers know this, so many projects are deliberately packaged around the threshold.
That creates a pricing risk. An apartment advertised at $300,000 because it fits the residency program may still be worth less than $300,000 when we compare it with nearby resales, rental income and price per square meter.
The residency benefit can justify paying somewhat more for someone who genuinely values it. A pure investor should ignore the threshold and value the property on its own numbers.
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Is Panama's economy helping Panama City property prices right now?
Yes. Panama's economy is currently strong enough to support the housing market, although economic growth alone does not justify paying any price for property.
The country went through a difficult adjustment after the closure of Cobre Panamá and the end of several large projects. Growth slowed sharply from the post-pandemic rebound.
The economy has since recovered. Current IMF projections put growth around the high-3% to mid-4% range over the next couple of years, which is healthy by regional standards. Inflation also remains low.
Panama keeps several structural advantages that matter to property buyers: the US dollar, the Panama Canal, a large logistics sector, international banking and continued foreign investment.
There are weaknesses we would not brush aside. Fiscal pressure remains high, unemployment is still uncomfortable and Panama lost investment-grade status at Fitch. None of those issues currently looks severe enough to break the Panama City housing market, but they limit how aggressive we should be when projecting future appreciation.
Can you safely buy a Panama City apartment for Airbnb?
Usually no, unless the property has a clear legal route for short-term tourist rentals.
Panama's rules prohibit rentals shorter than 45 days in the District of Panama when the owner does not have authorization for public tourist accommodation. Fines can range from B/.5,000 to B/.50,000.
That legal constraint matters because the short-term rental market itself looks tempting. Recent AirDNA data tracked roughly 3,625 active Airbnb or Vrbo listings across Panama Province, with average occupancy around 68% and an average daily rate close to $90.50 over the previous 12 months.
Tourism is also strong. Panama received about 1.29 million visitors during the first four months of 2026, up 16.4% year over year, while overnight tourist arrivals increased even faster.
Demand clearly exists. The legal structure is the problem.
We would therefore value an ordinary Panama City apartment using long-term rent. A compliant short-term-rental setup can add upside, but buying first and hoping Airbnb will somehow work later is a poor investment plan.
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Are Panama City property taxes and transaction costs low enough to ignore?
No. Panama's annual property tax is fairly manageable, but buying and selling costs are large enough to punish short holding periods.
Ordinary property-tax rates currently start at 0% on the first $30,000 of taxable value, rise to 0.6% between $30,001 and $250,000, then 0.8% up to $500,000 and 1% above that. Registered primary residences receive more favorable thresholds.
In practice, HOA fees will often cost a condo investor more every year than property tax.
Transaction costs become more important when we sell. Panama applies a 2% transfer tax, normally borne by the seller, while capital-gains tax rules and brokerage commissions add further friction. Buyers also pay legal, registry, notary and administrative costs, with financing adding another layer.
That makes a short flip surprisingly difficult. If an apartment appreciates 5%, the owner does not walk away with a 5% return after buying and selling costs.
We would buy ordinary Panama City residential property with a five-year horizon at minimum and preferably longer.
Which Panama City properties look best to buy now?
Mid-priced resale apartments in established central neighborhoods look strongest today, especially when the purchase price sits roughly between $180,000 and $300,000.
Galería Inmobiliaria data cited by Panama Equity showed the $180,000-to-$300,000 segment averaging 62 monthly sales, 30% more than the same period one year earlier. That gives us a useful clue about where real demand is currently strongest.
The rental data points the same way. One- and two-bedroom apartments generate gross yields above 8% citywide, while very large units average only around 6.3%. Smaller units also have a broader pool of tenants and future buyers.
San Francisco, El Cangrejo and Bella Vista stand out because they combine central locations with relatively attainable resale prices and strong rental economics. Obarrio can work as well, although building quality varies considerably.
At the luxury end, Santa María and Punta Pacífica remain desirable but the numbers become less forgiving. Purchase prices rise, HOA fees increase and the pool of tenants becomes narrower.
For an investor today, we would rather own a well-bought $220,000 apartment that many people can rent or buy than a $900,000 apartment that needs one very specific wealthy buyer.
| Segment | Current economics | Liquidity | Our view |
|---|---|---|---|
| $180K–$300K central resale | Strong | Broad | Best setup |
| $300K–$500K quality resale | Good | Reasonable | Attractive selectively |
| New construction | Expensive versus resale | Depends on project | Negotiate hard |
| $500K+ luxury | Lower yields | Narrower buyer pool | More selective |
| Ultra-luxury / branded | Weakest income case | Highly specific | Mainly lifestyle-driven |
Everything a foreign buyer should know before buying in Panama City
The pack also covers which buildings may legally take short stays, which fees to refuse, and what a seller hopes you will not check.
What is most likely to go wrong when buying Panama City property now?
Overpaying for the wrong apartment is a much bigger current risk than Panama City suddenly collapsing.
The first danger is paying a huge new-build premium when comparable resale property exists nearby. In several major neighborhoods, that premium currently reaches 50% to 95%.
The second is underestimating recurring costs. An apartment can show a strong gross yield while producing mediocre cash flow after HOA fees, vacancy, repairs and management.
Financing creates another weak point. Mortgage rates around 6% make highly leveraged rental investments difficult to justify unless the purchase price is unusually good.
Building quality matters just as much. A cheap older condominium with weak reserves can hand owners a major special assessment, while an expensive luxury tower can drain cash through permanently high monthly fees.
Airbnb assumptions create another obvious trap because short stays below 45 days are restricted in the District of Panama without the appropriate tourist authorization.
Most disappointing Panama City investments today will probably come from one of those mistakes rather than from the citywide market moving dramatically against the owner.
Should you wait for a Panama City property crash before buying?
Probably not. Current Panama City property data gives us very little evidence that a broad crash is forming.
Several things we would normally expect before a serious correction are currently moving the other way. Resale listings have dropped sharply in major neighborhoods. Developer inventory is at a nine-year low. Rental yields remain around 7.6% gross. Foreign investment through the Qualified Investor program is growing. The economy is expanding again.
Construction permits are accelerating, which deserves attention, and mortgage rates remain restrictive. Those two facts keep us from becoming overly bullish.
Still, waiting specifically for a 20% or 30% citywide discount looks more like a bet than a strategy.
A motivated seller can always appear. Certain new developments can still be overpriced. Some individual buildings will struggle. We would keep negotiating aggressively.
What we would not do today is reject a genuinely attractive resale apartment because a broad Panama City crash feels inevitable. The current evidence does not support that view.
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A surprising number of units are priced at exactly the figure an investor visa asks for, which is not the same as being worth it. Where asking prices sit furthest from what places earn and resell for.
So, is it a good time to buy property in Panama City now?
Yes, selectively. Right now looks like a good time to buy a well-priced Panama City resale property, especially for a cash buyer or someone using modest leverage and planning to hold for at least five years.
The case has strengthened in a few important ways. Good resale inventory is considerably tighter than a year ago. Developer stock is at its lowest level in nine years. Smaller apartments still produce gross rental yields around 8%. The $180,000-to-$300,000 segment is selling faster. Foreign investment linked to Panama's residency program is still rising.
At the same time, we would be very careful with new construction. Premiums of 50% to 95% over resale in some neighborhoods leave little margin for error. Mortgage rates around 6% also make highly leveraged investments far less attractive than the headline rental yields suggest.
Our preferred deal today would be a one- or two-bedroom resale apartment in a well-run building in San Francisco, El Cangrejo, Bella Vista or another established central area, bought at a price that still leaves roughly 5% or more net rental yield after realistic expenses.
We would pass on a property with excessive HOA fees, weak building finances, an unrealistic Airbnb business case or a price justified mainly by the fact that the project is new.
So the answer is a real yes, but the opportunity sits in selection rather than in Panama City being universally cheap. Buyers who compare buildings carefully can still find attractive economics today. Buyers who simply choose a fashionable project and pay the asking price can easily buy at the wrong end of the market.
OUR METHODOLOGY
This analysis tests whether it is currently a good time to buy property in Panama City by looking at the factors that directly affect what a buyer can purchase, finance, rent and eventually resell. We compare current pricing, resale and developer inventory, transaction activity, future construction, mortgage conditions, rental yields, foreign investment, regulation and Panama's broader economic backdrop.
We separate resale property from new construction because the price gap between them is currently large enough to change the investment case. Neighborhood-level resale and preconstruction figures from Panama Equity and Galería Inmobiliaria are used to identify where buyers are paying substantial new-build premiums, while developer and resale inventory data help show whether available supply is tightening or building up.
New-home transaction data from 4S Real Estate and reporting by La Prensa are used to put the sharp 2025 sales decline and the first-quarter 2026 rebound in context. Official INEC construction data is considered separately because permits and approved units tell us more about future supply than about the amount of property currently available for sale.
Rental economics are based primarily on Global Property Guide's current Panama City asking-price and asking-rent dataset. Gross yields are used as a comparison tool rather than as a promised investor return, with HOA fees, vacancy, repairs, insurance, management and other ownership costs considered separately when judging what a buyer is likely to keep.
Mortgage conditions are anchored to interest-rate statistics from Panama's Superintendency of Banks. We use those rates to distinguish the economics available to cash buyers from those available to investors relying on substantial leverage, since the same apartment can look attractive before financing and much weaker after debt service.
Foreign-investment demand is measured using official Qualified Investor figures from Panama's Ministry of Commerce and Industries. We use the number of certificates, invested capital, real-estate participation and the program's $300,000 property threshold as evidence of demand from internationally oriented buyers, without assuming that this demand supports every building or neighborhood equally.
Short-term-rental demand and legality are treated as two separate questions. AirDNA and Panama Tourism Authority data help show that visitor and short-term accommodation demand exists, while Panama's Official Gazette provides the legal basis for the restrictions on rentals below 45 days in the District of Panama without the appropriate tourist-accommodation authorization.
Property taxes and transaction costs are based on Panama's tax framework and official DGI guidance, while the wider economic backdrop is informed by IMF data and Fitch's assessment of Panama's growth, fiscal position, dollarization and sovereign credit profile. These macro indicators are used as support for the housing analysis rather than as a substitute for property-level economics.
Key sources used for this analysis include Panama Equity's Q1 2026 property market report, Panama Equity's Panama City market update, 4S Real Estate's REDI market-data platform, La Prensa on the 2025 fall in new-home sales and the 2026 rebound, INEC's construction and economic statistics, the Superintendency of Banks' mortgage-rate statistics, Global Property Guide's Panama rental-yield data, MICI's latest Qualified Investor figures, MICI's cumulative Qualified Investor update, AirDNA's Panama Province short-term-rental data, Panama's Official Gazette on short-term-rental enforcement, DGI guidance on the real-estate transfer tax, the IMF's Panama country data, and Fitch's sovereign assessment of Panama.
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