The construction union has organized for March 23 and 24 a fair which will showcase the supply of houses worth more than $100,000, and commercial and office buildings.
The event, called the Luxury Homes & Building Fair, will be held at the Hotel Intercontinental Metrocentro in Managua.Representatives from the Chamber of Builders of Nicaragua (Cadur) explained that the fair is being organized in response to the growing development of the property market in the country.
The value of building permits that were processed five years ago in the districts of La Chorrera and Arraiján amounted to $208 million, while the figure at the end of 2016 is estimated at $313 million.
Growth in real estate development in Panama West could be further enhanced once Line 3 of the Metro starts to operate, and the fourth bridge over the Canal has been built.
The value of construction, additions and repairs recorded last year fell by 3.2% compared to 2015, mainly due to a 9% drop in the value of non-residential construction.
The mainreduction in value was recorded in San Miguelito, with a variation of -29%, followed by Panama, where the value fell by 8%. In the province of Arraiján the value fell by nearly 5%, while in David, Chitre, Santiago, Aguadulce and La Chorrera, the value of new construction grew by 6%.
Real estate companies have reported a glut in the market for houses with prices below $120 thousand in the capital, while at the same time there is a growing supply of properties priced above $250,000.
The supply of middle class housing in Panama is still insufficient to meet demand, but at the same time the inventory of properties with higher prices continues to grow, but is accompanied by a demand that is not growing at the same rate. A study by Antojo Inmobiliario details that of the 25,724 new homes and apartments unsold in December 2016, 66% were houses with prices of less than $250,000, and 34% were homes priced at above $250,000.
In the Greater Metropolitan Area 46% of the inventory of industrial real estate developments, such as warehouses and industrial buildings, are located in Heredia and Alajuela.
From a statement by Newmark Grubb Central America:
The provinces of Alajuela and Heredia, with 24% and 22% of the total inventory of industrial real estate developments in the Greater Metropolitan Area respectively, maintain the lead as suitable for complexes such as warehouses, mini-warehouses, industrial buildings and logistic works.
The segments of industrial warehouses, and office warehouses, where those that provided the most dynamism in the industrial real estate market in the Greater Metropolitan Area of Costa Rica at the end of the second quarter.
From the quarterly report by Colliers Costa Rica entitled "Industrial and Logistics Property Market":
It has been reported that the vacancy rate in the office segment in the real estate market now exceeds 10%.
Nacion.com reports that "... an analysis by Colliers International shows that the office market is undergoing a period of greater caution, since the vacancy rate is above the 10% threshold for defining market saturation."
Reports of increases from $75 to $500 per square meter have been made in some areas south of Managua and values up to $580 per square meter in the coastal department of Rivas.
The tourism boom seen in the areas in Rivas, followed by Leon and Granada are responsible for the increase in the value of the properties, some of which sometimes sell for $580 per square meter."...In the case of Rivas the increases occurred between 1996 and 2007 when the construction of major tourism projects was announced."
An environmental impact study has been submitted for construction of a mixed-use building complex in the former Howard base, in Panama Pacific.
The Environmental Impact Assessment (EIA) was submitted by London & Regional Panama S.A. to the Ministry of Environment in Panama in June 2016, as revealed by the report entitled "Construction Projects in Central America"compiled by CentralAmericaData.com.
It has been announced that in early 2017 construction will begin of the first phase of a residential and commercial project consisting of three 21-story towers in Barrio Lujan, San Jose.
The real estate developer Kirebe plans to start the first stage of the complex, to be called Tri-o, in early 2017.Each of the three towers will be built within 2 to 3 years and the amount of investment announced for the first stage is $28 million.An Environmental Impact Assessment (EIA) was submitted in December 2015.
In Panama an environmental impact study has been submitted for construction of a shopping center measuring 129 thousand square meters in Penonomé, Cocle province.
The Environmental Impact Assessment (EIA) study was presented by Grupo ZS, S.A. to the Ministry of Environment of Panama in May 2016, as revealed by the report "Construction Projects in Central America" by CentralAmericaData.com.
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