Although in the Nicaraguan market properties are priced up to 30% or 40% cheaper compared to the prices registered prior to the political and health crisis, sales have fallen considerably.
Taking as a reference 2017, the year prior to the political and social crisis in Nicaragua, it is evident that currently real estate prices have decreased by up to 30% or 40%, assure businessmen in the sector.
About 60% of the apartments in the district of Santa Ana, Costa Rica, have prices per square meter that range from US$1,500 to US$2,000.
An analysis of the real estate supply by area, prepared by the Trade Intelligence Unit of CentralAmericaData, shows interesting results on the behavior and distribution of prices per square meter in the sector of Santa Ana, in the province of San José.
Although some office buildings report acceptable levels of occupancy, since the crisis began in April last year, rental prices in Nicaragua have fallen by up to 35%, and no improvements are envisioned in the short term.
Businessmen dedicated to the rent of real estate assure that in this scenario of political and economic crisis, they have had to diminish costs to give facilities to the clients and thus to stimulate the contracts.
Because of the depreciation that the Costa Rican currency has been reporting in the past months, companies and individuals who rent properties will have to pay more colones in those contracts that have been agreed in dollars.
According to data from the Central Bank of Costa Rica, from August 16th to date, the Colon has registered in the wholesale market Monex a depreciation equivalent to almost 11%, leading the dollar price from ¢567.97 to ¢628.85.
The Costa Rican Social Security Fund has reported that it will be investing $16 million in the purchase of a new property and $43 million in the remodeling of its main office building in San José.
The works for the design and construction of structural reinforcements and mechanical, electrical and architectural reconditioning of the Laureano Echandi Building, Caja Costarricense Social Security (CCSS) central offices, were awarded last June to Consorcio Edificar-Molina-Guidi for an amount of $43 million.
High levels of absorption have been reported in the segment of housing projects focused on the middle class, in the south of the capital and also in the suburban area of Heredia.
From a report by Newmark Grubb Central America:
The south of the capital stands out as having the strongest momentum of all the areas with the highest absorption of housing projects in the Greater Metropolitan Area.This was revealed by the latest report on the sector published by NEWMARK corresponding to the Second Quarter of 2016.
The government has announced that it will allocate resources to buy 13 properties and format them for use as care homes for minors.
The government has announced that on top of the 50 million quetzales ($6.5 million) that had been requested for purchasing property for use as child care centers, another 25 million quetzales ($3.2 million) will be added, bringing the amount to nearly $10 million.
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":
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.
The private sector has requested that the debate on the bill to reform the tax code be suspended and changes made to the way property values are updated and the tax on them is calculated.
From a statement issued by the Chamber of Commerce, Industries and Agriculture of Panama:
PROPERTY TAX REQUIRES CONSENSUS
In the Chamber of Commerce, Industries and Agriculture of Panama, the same as other private-sector groups, we have respectfully requested suspension of the debate of Bill No. 43, "which amends articles of the Tax Code and other provisions" related to property tax.
A proposal has been made to change the tax exemption bracket from over $30,000 to $120,000 and for the rate for amounts above that figure to be set at 0.25%.
Although the process of cadastral appreciation in the capital city was suspended in November 2013, the private sector claims that the rule remains in effect and proposes amending it in order to minimize the impact of appraisals in the payment of property tax.
The increase in residential real estate projects around the center of Panama City has doubled land prices in some areas in the space of five years.
The real estate boom experienced in Panama City can now be seen in the prices of residential projects in areas previously considered as "suburbs" where residential real estate developments are priced at over $80,000.
Rent an office in a standard office building costs around $17.38 per square foot, whereas in a mixed-use development the price rises to $23.
This was revealed by a study by the real estate company Colliers International, who also explained that "when it comes to mixed use commercial premises, the average price recorded by the company reaches up to $28, whereas in other commercial centers the figure drops to $18.17 ", reported Elfinancierocr.com.