What are the best areas for real estate in Panama City? (2026)

Last updated on April 2, 2026

Authored by the expert who managed and guided the team behind the Panama Property Pack

Yes, the analysis of Panama City's property market is included in our pack

Panama City has become one of Latin America's most attractive destinations for foreign property buyers, thanks to its dollarized economy, favorable tax incentives, and strong rental demand from both tourists and professionals.

But knowing where to buy in Panama City in 2026 is tricky because the city has no official neighborhood-level price index, so you need to triangulate data from multiple sources to get the real picture.

We constantly update this blog post to reflect the latest market conditions, pricing trends, and neighborhood dynamics in Panama City's residential property market.

And if you're planning to buy a property in this place, you may want to download our pack covering the real estate market in Panama City (in the country Panama).

Who is the author of this content?

THE LATINVESTOR

A team specialized in real estate investing in LATAM countries

We are a team of financial experts, legal professionals, developers, and local real estate specialists dedicated to helping people like you avoid mistakes when investing in real estate in a foreign place, particularly in Panama City (in the country Panama). If you’d like to learn more about us, you can check our presentation page.

What's the Current Real Estate Market Situation by Area in Panama City (in the country Panama)?

Which areas in Panama City (in the country Panama) have the highest property prices per square meter in 2026?

As of early 2026, the three most expensive areas for residential property in Panama City (in the country Panama) are Ocean Reef Islands in Punta Pacifica, the restored heritage buildings in Casco Antiguo's San Felipe district, and the waterfront towers of Costa del Este.

In these premium neighborhoods of Panama City, you can expect to pay anywhere from $2,700 per square meter on the lower end up to $5,500 per square meter for the most exclusive waterfront units.

Each of these high-priced areas in Panama City commands top dollar for different reasons:

Ocean Reef Islands (Punta Pacifica): ultra-limited island supply with private marina access and unobstructed ocean views
San Felipe (Casco Antiguo): UNESCO heritage scarcity combined with rooftop terraces and walkable nightlife
Costa del Este waterfront: master-planned community with top schools, office towers, and beach club amenities

Sources and methodology: we compiled asking prices from Encuentra24's price statistics tool, which tracks thousands of active listings across Panama City. We then cross-checked these figures against the city-wide benchmark from Global Property Guide (citing RIAL data) to ensure consistency. Our own internal analysis helped us validate the relative ranking and identify outlier listings that might skew the averages.

Which areas in Panama City (in the country Panama) have the most affordable property prices in 2026?

As of early 2026, the most affordable areas for residential property in Panama City (in the country Panama) are Betania's interior streets, older inventory in Condado del Rey, Juan Diaz's non-waterfront pockets, and Don Bosco near Tocumen airport.

In these budget-friendly neighborhoods of Panama City, typical asking prices range from about $1,100 to $1,900 per square meter, which is roughly half what you would pay in premium waterfront areas.

However, buying in these lower-priced areas of Panama City means accepting trade-offs like longer commute times during rush hour, greater dependence on a car for daily errands, and more variability in building quality and condo association governance.

You can also read our latest analysis regarding housing prices in Panama City (in the country Panama).

Sources and methodology: we extracted neighborhood-filtered asking prices from Encuentra24, Panama's largest property listings portal. We validated affordability bands against macroeconomic indicators from World Bank Panama data to ensure they reflect realistic household purchasing power. Our team's on-the-ground research helped identify which specific pockets within these neighborhoods offer the best value.

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Which Areas in Panama City (in the country Panama) Offer the Best Rental Yields?

Which neighborhoods in Panama City (in the country Panama) have the highest gross rental yields in 2026?

As of early 2026, the neighborhoods in Panama City (in the country Panama) with the highest gross rental yields are El Cangrejo near Via Argentina (around 6% to 7.5%), Condado del Rey (around 5.5% to 7%), San Francisco near Parque Omar (around 5.8% to 7%), and Obarrio's non-premium towers (around 5.5% to 6.8%).

Across Panama City as a whole, typical gross rental yields for investment properties range from about 4.5% in luxury areas to 7% or more in mid-market neighborhoods with strong tenant demand.

These high-yielding neighborhoods in Panama City outperform for specific reasons:

El Cangrejo (Via Argentina area): walkable restaurants and nightlife attract young professionals willing to pay solid rents
Condado del Rey: affordable purchase prices combined with steady demand from students and young families
San Francisco (Parque Omar edge): green space access plus proximity to office districts creates dual appeal
Obarrio: banking district workers need nearby housing, keeping vacancy rates low year-round

Finally, please note that we cover the rental yields in Panama City (in the country Panama) here.

Sources and methodology: we calculated gross yields by pairing asking rents and asking sale prices from Encuentra24's statistics tool for each neighborhood. We cross-referenced financing costs with data from Superintendencia de Bancos de Panama to ensure yields exceed borrowing costs. Our proprietary modeling helped us filter out overpriced listings that would artificially compress yield estimates.

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Which Areas in Panama City (in the country Panama) Are Best for Short-Term Vacation Rentals?

Which neighborhoods in Panama City (in the country Panama) perform best on Airbnb in 2026?

As of early 2026, the top-performing Airbnb neighborhoods in Panama City (in the country Panama) are San Felipe in Casco Antiguo (highest nightly rates), Avenida Balboa's Cinta Costera-facing towers in Bella Vista (strong occupancy), San Francisco near Calle 50 (business traveler mix), and Punta Pacifica near Multiplaza (corporate stays).

In these best-performing short-term rental areas of Panama City, top properties typically generate between $1,500 and $3,500 per month in gross revenue, depending on unit size, quality, and seasonal occupancy patterns.

Each neighborhood attracts Airbnb guests for different reasons:

San Felipe (Casco Antiguo): heritage architecture and rooftop bars create Instagram-worthy guest experiences
Bella Vista (Avenida Balboa): skyline views and Cinta Costera promenade access appeal to leisure visitors
San Francisco (Calle 50 area): restaurant density and midweek business demand ensure steady bookings
Punta Pacifica: proximity to hospitals and shopping malls attracts medical tourists and corporate visitors

By the way, we also have a blog article detailing whether owning an Airbnb rental is profitable in Panama City (in the country Panama).

Sources and methodology: we analyzed short-term rental performance using AirDNA's Provincia de Panama market overview for occupancy and average daily rate benchmarks. We validated tourism demand trends with official statistics from Autoridad de Turismo de Panama. Our team's local insights helped us identify which buildings actually permit short-term rentals.

Which tourist areas in Panama City (in the country Panama) are becoming oversaturated with short-term rentals?

The three tourist areas in Panama City (in the country Panama) showing the clearest signs of short-term rental oversaturation are San Felipe in Casco Antiguo, the studio-heavy towers along Avenida Balboa, and nightlife-adjacent pockets of San Francisco near Calle Uruguay.

In these oversaturated areas of Panama City, you can find dozens of nearly identical one-bedroom and studio listings within the same building, all competing for the same pool of guests and driving prices down during low season.

The clearest indicator of oversaturation in these Panama City neighborhoods is when average daily rates decline while occupancy stays flat, meaning hosts are cutting prices just to maintain bookings rather than benefiting from growing demand.

Sources and methodology: we identified saturation patterns using AirDNA's submarket insight tools, which track supply growth against revenue trends. We corroborated demand-side pressure with visitor statistics from PROMTUR Panama. Our internal analysis helped us distinguish between temporary seasonal dips and structural oversupply.

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Which Areas in Panama City (in the country Panama) Are Best for Long-Term Rentals?

Which neighborhoods in Panama City (in the country Panama) have the strongest demand for long-term tenants?

The neighborhoods in Panama City (in the country Panama) with the strongest demand for long-term tenants are El Cangrejo, Clayton near Ciudad del Saber, Costa del Este, and San Francisco around Coco del Mar.

In these high-demand rental neighborhoods of Panama City, well-priced apartments typically rent within two to four weeks, and vacancy rates tend to stay below 5% throughout the year.

Different tenant profiles drive demand in each of these neighborhoods:

El Cangrejo: young professionals and couples who want walkable restaurants and nightlife
Clayton (Ciudad del Saber): expat families seeking proximity to Balboa Academy and green spaces
Costa del Este: corporate executives and families who value master-planned convenience and security
San Francisco (Coco del Mar): mixed professionals attracted by Parque Omar and diverse dining options

What makes these neighborhoods especially attractive to long-term tenants in Panama City is their combination of walkable amenities, reliable public transit access, and proximity to major employment centers or international schools.

Finally, please note that we provide a very granular rental analysis in our property pack about Panama City (in the country Panama).

Sources and methodology: we assessed tenant demand by analyzing listing velocity and rental volume patterns on Encuentra24. We validated family demand drivers by mapping proximity to schools like Balboa Academy and Boston School International. Our proprietary surveys helped us understand why tenants choose certain neighborhoods over others.

What are the average long-term monthly rents by neighborhood in Panama City (in the country Panama) in 2026?

As of early 2026, average long-term monthly rents in Panama City (in the country Panama) vary significantly by neighborhood, ranging from about $750 for a one-bedroom in Condado del Rey to over $4,000 for a three-bedroom in Costa del Este's family-oriented towers.

In the most affordable neighborhoods of Panama City like Condado del Rey and Betania, entry-level one-bedroom apartments typically rent for between $750 and $1,050 per month.

In average-priced neighborhoods of Panama City like El Cangrejo, San Francisco, and Bella Vista, mid-range two-bedroom apartments typically rent for between $1,200 and $2,000 per month.

In the most expensive neighborhoods of Panama City like Costa del Este and Punta Pacifica, high-end three-bedroom apartments typically rent for between $2,400 and $4,000 per month or more.

You may want to check our latest analysis about the rents in Panama City (in the country Panama) here.

Sources and methodology: we compiled rental ranges from active listings on Encuentra24, filtering by neighborhood and bedroom count. We verified that rent-to-price ratios remained consistent with yield estimates validated against Global Property Guide benchmarks. Our internal database helped us exclude outlier listings that would skew the averages.

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Which Are the Up-and-Coming Areas to Invest in Panama City (in the country Panama)?

Which neighborhoods in Panama City (in the country Panama) are gentrifying and attracting new investors in 2026?

As of early 2026, the neighborhoods in Panama City (in the country Panama) that are gentrifying and attracting new investors include Santa Ana (bordering Casco Antiguo), selected pockets of Calidonia near Cinta Costera access points, and the "second line" of Bella Vista just behind the Avenida Balboa waterfront towers.

These gentrifying neighborhoods in Panama City have shown price appreciation of roughly 5% to 10% annually over recent years, though results vary dramatically from block to block depending on specific building quality and street safety.

Sources and methodology: we tracked price trends in transitional areas using Encuentra24's time-series data filtered by specific location. We validated reinvestment activity against tourism growth data from Autoridad de Turismo de Panama. Our on-the-ground research helped us identify which specific blocks are actually improving versus those that remain high-risk.

Which areas in Panama City (in the country Panama) have major infrastructure projects planned that will boost prices?

The areas in Panama City (in the country Panama) expected to benefit most from major infrastructure projects are the western corridors that will connect to Metro Linea 3, neighborhoods near the existing Linea 2 Tocumen extension, and pockets along the expanded Cinta Costera public realm.

The most significant project is Metro Linea 3, which will connect Panama Oeste to the capital via a cross-bay tunnel, dramatically improving commute times for thousands of workers, though completion is targeted for later in the decade rather than the immediate future.

Historically, areas in Panama City that gained new metro access have seen price appreciation of 10% to 20% within two to three years of station openings, though much of this gain often gets priced in during the construction phase rather than after completion.

You'll find our latest property market analysis about Panama City (in the country Panama) here.

Sources and methodology: we obtained project details from Metro de Panama's official updates and verified timelines with reporting from TVN Noticias. We analyzed historical price impacts using listing trend data from Encuentra24. Our internal models helped us estimate realistic appreciation timelines based on construction progress.

infographics comparison property prices Panama City

We made this infographic to show you how property prices in Panama compare to other big cities across the region. It breaks down the average price per square meter in city centers, so you can see how cities stack up. It’s an easy way to spot where you might get the best value for your money. We hope you like it.

Which Areas in Panama City (in the country Panama) Should I Avoid as a Property Investor?

Which neighborhoods in Panama City (in the country Panama) with lots of problems I should avoid and why?

The neighborhoods in Panama City (in the country Panama) that foreign investors should generally avoid include parts of El Chorrillo, high-variance blocks of Santa Ana away from the Casco spillover zone, flood-prone pockets of Juan Diaz, and older towers anywhere in the city with weak condo governance.

Each of these problem areas in Panama City has specific issues:

El Chorrillo: persistent security concerns and very low resale liquidity for foreign owners
Santa Ana (non-prime blocks): street-by-street outcomes vary wildly with unpredictable redevelopment timelines
Juan Diaz (low-lying areas): drainage problems create insurance headaches and maintenance surprises
Older towers with weak HOAs: unexpected special assessments for elevators or structure repairs destroy net yields

For any of these neighborhoods in Panama City to become viable investment options, you would need to see sustained municipal investment in drainage and public safety, plus clear evidence of condo association financial health before purchasing.

Buying a property in the wrong neighborhood is one of the mistakes we cover in our list of risks and pitfalls people face when buying property in Panama City (in the country Panama).

Sources and methodology: we identified risk patterns by analyzing price dispersion and listing duration on Encuentra24, where problem areas show wider price gaps and longer days on market. We cross-referenced land status issues with records from ANATI (land administration authority). Our local network provided on-the-ground insights about building-specific governance problems.

Which areas in Panama City (in the country Panama) have stagnant or declining property prices as of 2026?

As of early 2026, the areas in Panama City (in the country Panama) showing the most stagnant or declining property prices are high-supply luxury tower clusters in parts of Punta Pacifica, some Avenida Balboa buildings with too many similar studio units, and investor-heavy projects marketed primarily to foreigners.

These stagnant areas in Panama City have experienced flat or slightly negative price growth of roughly 0% to minus 3% annually over the past two to three years, as too much similar inventory competes for a limited pool of buyers and renters.

The underlying causes of price stagnation differ by area:

Punta Pacifica (oversupplied towers): multiple near-identical luxury buildings competing for the same buyer profile
Avenida Balboa (studio-heavy buildings): rental price competition caps upside when units lack differentiation
Investor-marketed projects: foreign buyers purchased for appreciation but now face weak resale demand locally

Sources and methodology: we identified stagnation by tracking asking price trends over time using Encuentra24's statistics tool. We contextualized these trends against broader market conditions from the IMF's 2025 Panama Article IV report. Our proprietary analysis helped us distinguish between temporary negotiability and structural oversupply.

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Which Areas in Panama City (in the country Panama) Have the Best Long-Term Appreciation Potential?

Which areas in Panama City (in the country Panama) have historically appreciated the most recently?

The areas in Panama City (in the country Panama) that have historically appreciated the most over the past five to ten years are San Felipe in Casco Antiguo, Costa del Este's waterfront towers, select Bella Vista pockets near the Cinta Costera, and El Cangrejo's core around Via Argentina.

Here is what each top-performing area in Panama City has achieved:

San Felipe (Casco Antiguo): roughly 50% to 80% total appreciation over 10 years due to heritage scarcity
Costa del Este waterfront: roughly 40% to 60% total appreciation driven by master-planned ecosystem maturation
Bella Vista (Cinta Costera edge): roughly 30% to 50% total appreciation from promenade lifestyle premium
El Cangrejo (Via Argentina core): roughly 25% to 40% total appreciation from sustained expat and local demand

The main driver of above-average appreciation in these areas of Panama City has been scarcity combined with enduring demand, whether that means heritage buildings that cannot be replicated, master-planned communities with limited expansion room, or walkable neighborhoods with diverse tenant appeal.

By the way, you will find much more detailed trends and forecasts in our pack covering there is to know about buying a property in Panama City (in the country Panama).

Sources and methodology: we reconstructed historical appreciation by analyzing asking price trends over time from Encuentra24 and validating city-wide levels against the Global Property Guide RIAL benchmark. We contextualized appreciation drivers using macro data from World Bank Panama. Our internal modeling helped us filter out short-term noise and identify genuine long-term trends.

Which neighborhoods in Panama City (in the country Panama) are expected to see price growth in coming years?

The neighborhoods in Panama City (in the country Panama) expected to see the strongest price growth in coming years are El Cangrejo's Via Argentina core, San Francisco around Coco del Mar and Parque Omar, Clayton near Ciudad del Saber, and Santa Ana's best blocks adjacent to Casco Antiguo.

Here are the projected growth rates for each high-potential neighborhood in Panama City:

El Cangrejo (Via Argentina): projected 4% to 6% annual growth from broad tenant demand and lifestyle appeal
San Francisco (Coco del Mar): projected 4% to 7% annual growth from sustained professional and family demand
Clayton (Ciudad del Saber): projected 3% to 5% annual growth from sticky school-driven family demand
Santa Ana (prime blocks): projected 6% to 10% annual growth if reinvestment continues, but higher risk

The single most important catalyst expected to drive future price growth in these Panama City neighborhoods is the combination of infrastructure improvements like Metro expansion with sustained job growth in the banking and logistics sectors, which keeps bringing new tenants and buyers into the market.

Sources and methodology: we developed projections by combining observed rent strength from Encuentra24 with infrastructure timeline data from Metro de Panama. We grounded growth expectations in macro fundamentals from the IMF's 2025 Article IV report. Our proprietary models helped us discount overly optimistic timelines and focus on realistic near-term catalysts.

What Do Locals and Expats Really Think About Different Areas in Panama City (in the country Panama)?

Which areas in Panama City (in the country Panama) do local residents consider the most desirable to live?

The areas in Panama City (in the country Panama) that local residents consider most desirable to live are Costa del Este for families, San Francisco around Parque Omar and Coco del Mar for professionals, El Cangrejo for its walkability and social life, and Bella Vista near the Cinta Costera for its coastal lifestyle.

Each of these locally-preferred areas in Panama City has distinct appeal:

Costa del Este: security, top schools, and self-contained services make daily life easy for families
San Francisco (Parque Omar area): green space access combined with diverse restaurants and cafes
El Cangrejo: walkable entertainment, supermarkets, and public transit in a vibrant atmosphere
Bella Vista (Cinta Costera): oceanfront promenade lifestyle with jogging, cycling, and sunset views

These locally-preferred neighborhoods in Panama City tend to attract upper-middle-class Panamanian families, young professionals, and established business owners who prioritize convenience, safety, and quality of life over raw investment returns.

Local preferences in Panama City generally align with what foreign investors target, though locals often place more emphasis on school proximity and family infrastructure, while foreigners may prioritize rental yield potential or walkable tourist appeal.

Sources and methodology: we identified local preferences by analyzing which neighborhoods command the highest rent and price premiums on Encuentra24, treating willingness to pay as revealed preference. We validated family-demand drivers by mapping school locations like Balboa Academy. Our local interviews helped us understand lifestyle factors that data alone cannot capture.

Which neighborhoods in Panama City (in the country Panama) have the best reputation among expat communities?

The neighborhoods in Panama City (in the country Panama) with the best reputation among expat communities are Clayton near Ciudad del Saber, Costa del Este, San Francisco around Coco del Mar, and Bella Vista for those who prefer urban walkability.

Here is why expats prefer these neighborhoods over others in Panama City:

Clayton (Ciudad del Saber): green former Canal Zone campus with top international schools nearby
Costa del Este: American-style master-planned convenience with English-speaking services available
San Francisco (Coco del Mar): balanced lifestyle with international restaurants and easy airport access
Bella Vista: walkable urban environment close to business district and coastal promenade

The expat profile in these popular Panama City neighborhoods tends to be corporate transferees with families in Clayton and Costa del Este, while Bella Vista and San Francisco attract more single professionals, retirees, and digital nomads seeking urban convenience.

Sources and methodology: we mapped expat clustering patterns by cross-referencing school enrollment catchment areas from institutions like Balboa Academy and Boston School International with rental demand data from Encuentra24. We validated these patterns through expat community feedback. Our internal research helped us distinguish between transient visitors and settled long-term residents.

Which areas in Panama City (in the country Panama) do locals say are overhyped by foreign buyers?

The areas in Panama City (in the country Panama) that locals commonly say are overhyped by foreign buyers are trophy pockets of Punta Pacifica, certain high-rise buildings in Casco Antiguo's San Felipe district, and some Avenida Balboa towers marketed heavily to international investors.

Here is why locals believe these areas in Panama City are overvalued:

Punta Pacifica (luxury towers): prices are high but long-term rents do not scale proportionally, compressing yields
San Felipe (Casco Antiguo): beautiful but parking is scarce, noise is constant, and resale pools are narrow
Avenida Balboa (investor towers): too many identical studios chasing the same Airbnb guests and corporate tenants

What foreign buyers typically see in these areas that locals do not value as highly is the "trophy" appeal of skyline views, heritage charm, or prestige addresses, while locals focus more on practical factors like parking availability, noise levels, condo governance quality, and long-term resale liquidity.

By the way, we've written a blog article detailing the experience of buying a property as a foreigner in Panama City (in the country Panama).

Sources and methodology: we identified yield compression patterns by comparing asking prices to achievable rents on Encuentra24 and cross-checking with STR saturation data from AirDNA. We contextualized local sentiment through community interviews. Our proprietary analysis helped us separate genuine overvaluation from areas that simply serve different buyer profiles.

Which areas in Panama City (in the country Panama) are considered boring or undesirable by residents?

The areas in Panama City (in the country Panama) that residents commonly consider boring or undesirable are parts of Condado del Rey, Betania's interior streets, and some car-dependent pockets of Juan Diaz and Don Bosco.

Here is why residents find these areas of Panama City less appealing:

Condado del Rey: functional and affordable but lacks walkable restaurants, nightlife, or distinctive character
Betania (interior streets): quiet and safe but requires a car for everything and feels suburban
Juan Diaz and Don Bosco: practical for airport workers but little lifestyle appeal and heavy traffic congestion

Sources and methodology: we inferred desirability by analyzing which neighborhoods show lower rent premiums relative to their price points on Encuentra24. We validated these patterns against walkability and amenity mapping. Our local interviews helped us understand the lifestyle factors that make certain areas feel "boring" even when they offer solid investment fundamentals.

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What sources have we used to write this blog article?

Whether it's in our blog articles or the market analyses included in our property pack about Panama City (in the country Panama), we always rely on the strongest methodology we can ... and we don't throw out numbers at random.

We also aim to be fully transparent, so below we've listed the authoritative sources we used, and explained how we used them and the methods behind our estimates.

Source	Why It's Authoritative	How We Used It
Encuentra24	Panama's largest property portal with thousands of active listings.	We used it to build neighborhood-level asking price and rent ranges. We also tracked time-series trends to identify which areas are heating up or cooling down.
Global Property Guide (RIAL data)	Independent benchmark with transparent methodology citing named datasets.	We used it to sanity-check city-wide price levels against portal data. We also used it to avoid over-relying on any single listing source.
AirDNA	Leading short-term rental analytics provider tracking Airbnb and Vrbo.	We used it to identify top-performing STR neighborhoods by occupancy and ADR. We also used it to detect oversaturation signals where supply outpaces demand.
Autoridad de Turismo de Panama (ATP)	Official government tourism statistics for Panama.	We used it to validate short-term rental demand against actual visitor trends. We also used it to justify where STR demand is structurally strongest.
Superintendencia de Bancos de Panama (SBP)	Official banking regulator with ground-truth mortgage and credit data.	We used it to understand how financing costs shape buyer demand by segment. We also used it to set realistic yield expectations versus borrowing costs.
IMF Panama 2025 Article IV	Top-tier macroeconomic analysis with transparent global methodology.	We used it to anchor the "why now" macro story behind housing demand. We also used it to keep market narratives tied to fundamentals, not hype.
World Bank Panama Data	Globally standardized dataset used by institutions and researchers.	We used it to triangulate income levels and macro capacity underpinning buyer demand. We also used it as a second check against the IMF narrative.
Metro de Panama	Official project owner with the most reliable infrastructure timeline data.	We used it to identify which districts get structural accessibility boosts. We also used it to time-box infrastructure upside realistically.
Registro Publico de Panama	Official registry where title and liens are legally verified.	We used it to ground due diligence advice around title verification. We also used it to explain why registration is the key step making ownership enforceable.
Direccion General de Ingresos (DGI)	Official tax authority defining property tax rules in Panama.	We used it to explain recurring tax costs buyers should model into net yields. We also used it to highlight why registered value matters financially.