In the first quarter, the municipality of the capital city approved the construction of 243,010 square meters, 69.15% less than during the same period in 2008.
According to a report by the Congressional Committee on the Economy, there were 787,777 meters approved during the first four months of 2008.
Sigloxxi.com reported statements by the president of the Guatemalan Chamber of Construction (CGC), Alvaro Mayorga: "The problems have increased because of credit restrictions from the banking system. They need to take the necessary measures to protect themselves."
Inmobiliaria Spectrum, project developer, based in zone 17 in Guatemala Capital, plans to begin construction in November 2009.
Sigloxxi.com reports: "The opening is scheduled to coincide with the 2010 Christmas season, and will provide direct and indirect jobs to some 1,200 or 1,400 persons.
The commercial center is planned in three phases. The first, which when constructed is estimated to be between 24 and 30 thousand square meters.
The Construction Chamber of Guatemala proposes, among other measures, the reduction of home buying taxes.
The Chamber has also proposed creating a liquidity fund for housing, as well as a guarantee fund that would grant direct subsidies to buyers to reactivate the industry.
The plan also includes the creation of a new procedure to shorten the time needed to obtain a construction permit, as well as replacing the current Value Added Tax (IVA), with 1.5% per transaction tax in home purchases.