From January there will be a fall of up to 50% in rates for registry services for the registration of assets, rights and guarantees for SMEs.
The National Assembly approved the rates for public registrations in the national registration system, which will take effect on January 1, 2016.
"... With the reform, the productive sector, mainly agriculturalists, will pay 50 percent less than what they are currently paying for the registration and paying down their mortgages and their collateral. "
Increases in the value of land have been reported along with the arrival of new businesses to the area, where the municipality is hoping to encourage investments by leaving taxes on real estate unchanged.
The tender for the design and construction of Palmerola airport in Comayagua has not yet been awarded, but around the area where it will be built the impact from the development of a work of such magnitude is already being felt. Land prices have reportedly increased, and local and foreign investors have already expressed interest in developing businesses in order to take advantage of the economic activity generated by the construction and subsequent operation of the airport.
The value of property in areas such as Amador, Balboa, Clayton and Albrook, has registered increases of up to 300% in the last ten years.
The proximity to the city, the vegetation surrounding the area and the security offered are some of the factors which have increased the value of these areas. For example, in Clayton, an apartment now worth about $160,000, cost about $35,000 ten years ago.
Predictions are that the office vacancy rate in Panama City, currently 33%, could reach 45% in 2016.
Following that under usage prevailing in the office market rental rates have dropped by up to 30%. In the case of hotels, they are also experiencing this phenomenon, the vacancy rate has fallen by 50% and in turn nightly rates have decreased by 28%.
In the last three years there has been a decline in the amount of credit granted to private companies for purchasing property, land and construction of buildings.
In September 2014, on average, 834 transactions were formalized between banks and other financial companies, representing a decrease of 28% compared to the same month in 2013. The downward trend in granting of loans for these purposes has been observed since early 2012.
Preparations are being made in the country for the opening of two high rise condo projects which combine residential units with hotel facilities and services.
The first 'condo-hotel' project called Ocean, located in Jaco, Puntarenas, is expected to start operations in December and includes an infrastructure of 7,200 square meters. The second project will begin the first phase of construction in the Greater Metropolitan Area in 2016 and will focus on the corporate market.
Grupo Poma is planning to expand its portfolio of investments in Costa Rica venturing into housing construction projects and strengthening its presence in the automotive sector.
The Salvadoran group, which has been present in Costa Rica since 1993, is analyzing the possibility of complementing the office and hotel investments it has made in the country with the construction of residential high rise blocks.
Development Groups are preparing to build four new high rise luxury apartment buildings in the northwest area of San Pedro Sula.
Private developers announced the launch, in the coming months, of the implementation of high rise construction projects, which will mean an investment of more than $42 million .
"A businessman in construction and infrastructure and advisor to the Mayor of San Pedro Sula, Ernesto Lazarus reported that the minimum investment is $8 million for the construction which is a strong investment in an average of two years during the construction."
The Coastal Act passed four years ago encouraged tourism and real estate development in the Pacific.
Businessmen claim that the legal certainty provided by the legislation has resulted in more tourism and real estate projects in coastal areas, but there are still a lack of incentives for investment in projects in the Caribbean.
Adiak Barahona, CEO of Gran Pacifica Resort, told Laprensa.com.ni that "the Coastal Act eliminated uncertainty for landowners near the beach and encouraged the building of homes measuring more than 300 square meters."
Shopping centers and hotels in the city and on the coast are part of the new projects planned for this year and 2015.
Four commercial and mixed-use projects are predicted to boost the sector in 2015. These are City Mall, City Place in Santa Ana, Ocean Mall in Puntarenas and Jacó Beach Walk in in Jaco beach. City Mall and City Place are currently under construction and are projected to start operations in the middle of this year.
Grupo Zeta has opened a shopping center in San Jose which has 25 stores and a parking area for 80 cars.
This is the first shopping center by the chain Vivo Plaza and was built on a plot of 3,700 m², near the Instituto Costarricense de Electricidad (ICE) in San Pedro. 80% of the premises have already been occupied and measure from 50 m² to 250 m².
"The site in San Pedro is the debut branch of this new chain of convenience shopping centers Grupo Zeta. Three more malls are planned for 2014: Vivo Este (Curridabat) Vivo Tejar (Cartago) and Vivo Managua (Nicaragua) ", reported Elfinancierocr.com.
In 2013, homes priced over $120,000 accounted for 20% of all units, while in 2012 the figure was 12%.
The data were revealed by Elisa Suarez, Executive Director of the National Housing Developers Council (Convivienda).
The developers of these projects expect that by the end of 2013 they will have sold about 1,642 such homes, representing 20% of the market, up 8% from last year.
The AVIA real estate project to be built in the Zona Viva will have three towers, parking for 2,500 vehicles, and a convention center.
Elperiodico.com.gt reports: "The mixed-use project includes an investment of $125 million and is being driven by Grupo Cofiño Stahl and FS Richard, who after a contest to choose the design submitted by the firm Permuller & Cohen began the construction phase in the area measuring 16,400 square yards. "
2013 has confirmed a trend toward mixed-use projects with spaces for various uses, especially commercial, residential and office space.
The commercial property market has shown an increase in supply of 9.8%, totaling 884,135 m². Among the activities that have contributed the most to the dynamism of this market is the opening of fast food restaurant chains and projections are that it will continue to increase.