Real Estate Market: Challenges and Opportunities

The commitment to long term rentals instead of vacation rentals, preference for larger residences and innovation in the marketing tools of the projects under development are some of the changes expected in the coming months, which could set a new pattern in the sector.

Thursday, August 27, 2020

The health crisis caused by the spread of covid-19 ended up changing consumer habits in all Central American markets. In this scenario the real estate market is no exception. This sector will have to adjust to take advantage of the opportunities generated by the current crisis.

You may be interested in "Real Estate Supply: How do Prices Behave?"

Technology has played an important role in the emergence of this new reality, as people are willing to perform all possible activities through digital tools. For example, virtual visits to real estate projects via videoconferencing.

Check out the "Feasibility studies of real estate projects" that we carry out at CentralAmericaData.

Elcapitalfinanciero.com reviews that "... The confinement can make many clients rethink the qualities of the house they wish to acquire in order to live and change their tastes for homes with more light, more surface area and implement home automation technology to facilitate their domestic activities."

Studies by CentralAmericaData indicate that at the end of the first semester of 2020 in Central America, close to 4 million people were looking to buy or rent a residential property through the Internet, and 18% of these consumers were exploring options to buy an individual home.

The article from Elfinanciero.com adds that "... It is possible that vacation rentals are destined to long term rentals due to the fact that tourism will be affected by the covid-19 crisis, especially in the segment of foreigners who wish to stay for a certain period of time in the country."

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More on this topic

Residential Sales: How do Preferences Change?

August 2020

Because of the new commercial reality that has emerged in an accelerated manner and with the boom of telecommuting, potential buyers are more inclined to buy an individual home, which offers more privacy, than an apartment.

With the spread of covid-19, strict home quarantines were decreed in Central American countries.

Vacation Properties: Increasing interest in Central America

July 2020

After an abrupt drop reported in March and April in consumer interactions associated with vacation properties, since the beginning of May in all markets of the region interest in this topic has rebounded.

Through a system that monitors changes in consumer interests and preferences in Central American countries in real time, developed by CentralAmericaData, it is possible to project short and long term demand trends for the different products, sectors and markets that operate in the region.

Real Estate Market: Prices in the New Reality

May 2020

It is predicted that in Panama due to the health and economic crisis the inventory of available properties will increase, a situation that will put downward pressure on property prices and rents, affecting mainly the office and commercial space segment.

Directors of the Panamanian Association of Real Estate Brokers and Developers (Acobir) estimate that in the context of the health crisis resulting from the covid-19 outbreak, sales or rental prices in the local market could contract between 20% and 25%.

Rentals: Lower Occupancy, Lower Prices

May 2020

As a result of the crisis, the unemployment rate of commercial premises in Costa Rica rose from 8.81% to 9.86%, and the average price per square meter fell by 3%.

It is estimated that 20% of the stores located in the country's malls will not be able to open after the most critical phases of the covid-19 outbreak are overcome, according to Colliers' figures.

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NAI Costa Rica

NAI Costa Rica is the representative of NAI Global in Costa Rica and Central America, leaders in real estate consulting services worldwide; with 380 offices in 55 countries around the world.
Operates in Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua and Panama
Phone: (506) 2228-7760 - (506) 2289-8075

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