The value per square meter in the Panamanian colonial settlement has almost doubled in the last 10 years.
The restoration of the 'Casco Antiguo' (Old Town) of Panama, which has received investment and economic boom in the city has made property prices soar. According to a report published by Martesfinanciero.com, there are about 900 buildings and houses in the area. In 10 years, the value per square meter has increased from $1,500 to $1,800 to over $2,300 and $3,000, depending on the view and location. Commercial premises for rent are priced between $35 and $50 per square meter, and those for sale range from $3,500 to $4,000, real estate brokers say.
With the reform to the law on Tax Concentration non-resident investors in the country will have to pay 15% instead of 10% on income earned from capital.
According to Juan Sebastian Chamorro, executive director of the Nicaraguan Foundation for Economic and Social Development, the new reform "... is a positive thing for the country because it will generate an increase in the collection of such taxes but is a negative blow to natural and legal non residents because the Revenue Department will no longer deduct 10% on capital transfers, but rather 15 %. "
The demand for housing solutions and commercial spaces in downtown San Jose has led the cost of land per square meter to rise to $1,200.
Nacion.com reports: "Mata Redonda, Merced, Catedral, Hospital and El Carmen have in the last three years represented half of the total square meters (sqm) for which there are applications for building permits. In this area, construction of houses and stores has the most dynamism ... ".
The high prices of properties being recorded in parts of the country are scaring away foreign investment and limiting the recovery of those most affected by the 2008 crisis.
The question posed by foreign investors to Realtors: "'Why invest in Costa Rica when the price of the property is the same or higher as in New York but with less quality services?", is proof that the real estate bubble remains as active as before the crisis of 2008.
The widening of the road to Masaya between landmarks 6 and 14 is expected to increase land prices, which currently range from $100 to $120 per square meter.
Elnuevodiario.com.ni reports that the president of the Nicaraguan Chamber of Real Estate Brokers, Canibir, Abraham Blandon said that the land located between the Centroamérica roundabout and the residential community Las Colinas where the road will be extended, will become more expensive, but did not specify how much the value per square meter will be raised.
Located in the west side of the capital, in areas of growing demand for office space, Escazú Corporate Center will be the first and most modern multipurpose complex in Costa Rica.
The start of construction of Escazú Corporate Center (ECC), a modern corporate tower of 20.400 m2 and eleven floors, gives birth to the first and most modern multipurpose complex in Costa Rica, working under the free zone regime, which makes the proposal more attractive.
The market expects land prices to increase in those areas where the first line of the metro system will transit in 2014.
Realtors consider that it is too soon to predict how much prices will increase in areas nearing the $1.5 billion project. According to Fernando Arango Morrice, president of A.I.R. Appraisals, “we must wait until the metro and its stations are operating to asses any changes in the price of land”.
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