Real Estate: Businesses Stop

Some of the effects of the health emergency and the restrictions decreed by the government on the real estate sector in Guatemala are the cancellation of appointments with clients and the suspension of projects and contracts.

Monday, April 6, 2020

In the case of residential construction, businessmen anticipate that a considerable drop could be reported later, since the drop in remittances combined with the increase in unemployment, will affect the willingness to build or buy a house.

Julio Reyes, general director of CityMax and president of the Business Chamber of Commerce and Services (Cecoms), told Prensalibre.com that "... the real estate sector contracted in March, as almost 90% of appointments with clients were cancelled. In some cases, contracts could not be closed."

You may be interested in "Construction and Impact of the Covid19"

Regarding the possibility that the real estate sector will soon recover, Pedro Ramírez, president of the Guatemalan Chamber of Real Estate, said that "... There is a scenario of an early recovery perhaps in the fourth quarter, but everything will depend on how the policies implemented evolve, as well as the recovery in employment."

Ramírez believes that if activities such as commerce, services, tourism and manufacturing begin to recover, construction will follow.

Reports from CentralAmericaData state that the impact of the covid-19 crisis on the construction sector in Central America is predicted to fall mainly as a result of the expected drop in prefabricated steel structure activity.

Covid-19: How are the outlook for construction companies in Guatemala changing?

We prepared for our clients the report "Information System: Covid-19 and Business Outlook" which helps companies to measure the impact that the crisis will have on their activity in the coming months.

Click here to request access to this report.



More on this topic

Home Sales: Lights, Shadows and Predictions

July 2020

Although the Guatemalan economy has almost stagnated in recent months, during the first half of the year the number of loans granted for the purchase of residences grew 3%, and by 2021 it is predicted that sales could be similar to those of 2019.

The social distancing measures and the prohibition of several economic activities decreed by the authorities due to the covid-19 outbreak, caused considerable negative effects to the Guatemalan real estate market.

Commercial Sector Begins to Suffer from the Crisis

March 2020

Because of the health crisis generated by the spread of covid-19, shopping centers, restaurants, clothing and footwear stores, among other businesses, began to report a decline in commercial activity in Nicaragua.

Not all businesses in the commercial sector have been affected by the advance of the pandemic, as in recent days’ supermarkets and pharmacies have been crowded by consumers.

El Salvador: Construction Activity Declines

March 2020

The sector continues to operate within the restrictions that have been imposed, but at a slower pace, as it has adjusted its processes to the required health and safety protocols.

Because of the public health threats caused by the covid-19 pandemic, the Government decreed a home quarantine a few days ago. However, some activities may continue to be carried out, provided they meet certain requirements.

Coronavirus and its Impact on Business

March 2020

In Central America, it is estimated that the sectors that could expect a severe impact on sales in the coming months are Transport, Entertainment and some sub-sectors of Industry and Trade.

The "Information system for the Covid-19 Impact Analysis on Business", prepared by the Trade Intelligence Unit of CentralAmericaData, measures the degree of impact that the crisis will have on companies according to their sector, during the coming months.

 close (x)

Receive more news about Infrastructure & Construction

Suscribe FOR FREE to CentralAmericaDATA EXPRESS.
The most important news of Central America, every day.

Type in your e-mail address:

* Al suscribirse, estará aceptando los terminos y condiciones


Real City Group

Real City Group is a real estate office, located in San Jose , Costa Rica. We are a excellent resource for Real Estate in Costa Rica . Our expertise covers a wide real estate collection.
Operates in Costa Rica
Phone: (506) 22968787 - (506) 88213828

Company Profile

Stock Indexes

(Apr 6)
Dow Jones
-5.60%
S&P 500
-5.10%
Nasdaq
-5.64%

Commodities

(Nov 27)
Brent Crude Oil
47.9
Coffee "C"
117.15
Gold
1,810
Silver
23.230