In recent years most of the real estate projects have been built in the traditional areas of Guatemala City, but now new developments are seeking to exploit other locations.
Tuesday, May 29, 2018
Places such as the second avenue of Zone 9 in the city are sites that were not previouslyconsidered traditional areas for developing real estate projects.However, construction permits have now been processed at that location, as is the case of the office tower that the Passau real estate company will be developing.
Regarding this new area of real estate development in Zone 9, Enrique Godoy, director of the Municipal Proposal consultancy, explained to Elperiodico.com.gt that "... it is an area that connects La Castellana Avenue and Montúfar Street, as well as being very close to Avenida La Reforma and it has a "shelter zone" created by the Parque de la Industria that separates the 2nd and 5th avenues of zone 9 from La Terminal."
In relation to the restrictions that the area has, real estate market expert, Juan Carlos Salazar, said that "... one of the difficulties of the developments in zone 9 is the height restriction that has to be adhered to on the route to the airport. However, it is a great option for different projects, although that limitation can raise prices."
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In Guatemala, the Ministry of Environment and Natural Resources rejected the environmental instrument for a real estate project known as El Socorro, to be developed in Zone 16 of the country's capital.
Since the project's development was announced, several organizations have expressed their opposition, and even the authorities of the Ministry of Environment and Natural Resources (MARN) were summoned to Congress to discuss the details of the project.
In Panama City a reduction of almost 20% in the prices of residential rents has been reported, particularly in areas that five years ago registered the highest prices in the capital.
The high supply of apartments and houses in residential areas has pushed down prices, especially in areas such as Paitilla, Balboa Avenue and Costa del Este, where in 2013 2 and 3 bedroom apartments were rented at prices above $2,000 and $3,000 a month.
The increasing preference for residences in central areas of the capital is generating business opportunities for developers in areas which have not yet been exploited.
Real Estate companies say that although there is a good distribution of the supply of high rise and traditional houses in the capital, "... development is needed of zones 3, 6, 7, 8, 9 and 12, which have access and services."
Zone 14 in the capital has the highest number of available apartments - 798 units valued at $249.95 million.
ElPeriodico.com.gt reports: "In the last three years, there was a boom in zone 14 with the expectation that people who grew tired of the traffic on the road to El Salvador, would return to the city.
AGRICONES is a consultancy Firm that provides consultancy services in the area of Agriculture Production, Business Development, Natural Resources Management, Financial Feasibility & Real Estate.
Operates in Guatemala
Phone: (501) 620 8481 - (501) 822 2618