Costa Rica: More Real Estate Investment in Heredia
Construction plans for the province include 150 thousand square meters in construction of commercial and residential centers in the coming months.
Monday, July 25, 2016
Of the eight planned projects, four are mixed-use complexes combining residential, commercial and entertainment buildings, and another two are the mega project called Oxigeno and San Francisco square.In the residential segment, the other two projects, Las Flores, and Bambu, amount to 40 thousand m2 and 17,600 m2, respectively.
Nacion.com reports that "...All of these initiatives have prior municipal authorizations (water catchment and land use), meaning that they are ready to apply for a building permit.However, some projects are to start in the short term and others in the medium term, since they depend on the pace that each developer takes to obtain other pending permits needed to get the final license. "
"...The megaproject, Oxígeno, which will combine thematic areas along with anchor stores, is a development being run by the Cuestamoras Group, which also plans to develop the Santa Verde residential complex.Cuestamoras ... is aiming to comply with all requirements in order to begin construction later this year in 2016, said Javier del Campo, commercial director of Cuestamoras Urbanism."
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In the Northwest of the city a square yard is worth up to $300, and there is still plenty of space available.
An article on Laprensa.hn reports that "...The cost of a square yard of land located in the northwest quadrant is between $150 and $300, due to the fact that this area has become one of the most exclusive in the city."
Prices are rising, and some areas stand out above others for higher growth rates, with no signs of a housing bubble.
Mass construction in Panama, particularly in the capital, is concentrated in some residential areas where prices are rising and it is advisable to monitor this situation. However, this does not constitute a threat of a housing bubble in the view of some economists.
The economic and tourism boom has created an inordinate amount of investment in hotels, which is threatening to lower the occupancy rate to unsustainable levels.
The opening of more than 20 hotels has been announced for 2012, adding 6,000 rooms to the inventory offered by Panama, and representing an annual increase of 300% in the hotel supply, while the increase in the number of visitors to the country during 2011 grew by - 13%, which although significant, is far below what would be needed to keep up the hotel occupancy rate, which currently stands at 66%.
Great interest is being taken in land and homes in areas near to the new Metro stops.
Real estate industry representatives agree on declaring areas where underground stations will be located "gold mines".
The price per square meter could rise to the same values or even higher as those currently paid on Avenida Balboa, the area considered the most expensive in Panama.
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