The increase in residential real estate projects around the center of Panama City has doubled land prices in some areas in the space of five years.
The real estate boom experienced in Panama City can now be seen in the prices of residential projects in areas previously considered as "suburbs" where residential real estate developments are priced at over $80,000.
The project consisting of 7 hotels with 855 rooms and condominiums to be built in the Papagayo Peninsula, Costa Rica, will be developed by the Costa Rican company Florida Ice and Farm.
According to a file submitted by the company Florida Ice and Farm (Fifco) to the Technical Environmental Secretariat, the project will require $467 million to be invested in five phases running up to 2022 and includes, in addition to hotels and residences, "...
The proportion of this type of housing out of the total square meters authorized for construction in the country went from 19% in 2010 to 23% in 2013.
A total of 1.6 million square meters have been occupied by condominiums in the last two years, 85% more than in the previous biennium. A fifth of these housing projects are concentrated in the central 'canton' (district) of Heredia, followed by four cantons in San Jose: Santa Ana (18%), Goicoechea (14%), Central (9%) and Escazú (9%) .
Development Groups are preparing to build four new high rise luxury apartment buildings in the northwest area of San Pedro Sula.
Private developers announced the launch, in the coming months, of the implementation of high rise construction projects, which will mean an investment of more than $42 million .
"A businessman in construction and infrastructure and advisor to the Mayor of San Pedro Sula, Ernesto Lazarus reported that the minimum investment is $8 million for the construction which is a strong investment in an average of two years during the construction."
The Chamber of Builders has recorded eight projects for luxury housing in the country with retail prices ranging from $100 thousand to $450 thousand.
The Chamber of Builders of Nicaragua (Cadur), argues that housing designed for more affluent people have had good sales. Currently there are eight projects of this type recorded in Managua and there are an estimated eight more that are not part of Cadur, with prices ranging from $100 thousand to $450 thousand.
A 29 storey tower containing 126 apartments in the center of the capital San José confirms the trend towards high rise housing with easy access to urban services.
The project which is by Grupo Inmobiliario Del Parque is part of the second phase of the project Torres de Paseo Colon. It involves an investment of $18 million and will be ready in about two months.
The search for safe habitats and the shortage of land in the central areas of Tegucigalpa and San Pedro Sula, is driving the construction of high rise apartments and gated communities.
The phenomenon occurs mainly in Tegucigalpa and San Pedro Sula. "The projects being constructed in the new development areas have emerged in recent years following the decline of the historic center of Tegucigalpa, another trade hub of the city, which has been losing its glamor coupled with a lack of planning policies and a commercial road," reported Laprensa.hn article.
High rise condominiums are becoming consolidated as the favoured choice for housing and business opportunities throughout the greater metropolitan area.
Santa Ana is the county with the most properties, having seven vertical and six horizontal condominiums, followed by the central canton of San José, which has seven new buildings.
While prices of vertical construction start at $108,000, there are apartments that can cost up to $679,000.
Keeping pace with demand, condo building in Costa Rica in 2012 grew by 130% compared to 2011.
Among the factors accounting for the increased demand for housing in Costa Rican condos, the most important is the search for greater security against crime and the high cost of land.
An article in Radioreloj.co.cr reports that "According to the Costa Rican Chamber of Construction, the development of condominiums increased by almost 130 percent in the last year. During 2012, it handled 870,000 square meters of condos. A year earlier the figure was 378 thousand square meters. "
The tourism developer Gran Pacifica is planning to complete the Gran Pacifica villa with 300 homes, hotels and condominiums, golf courses and parks, according to the master plan for investment.
Laprensa.com.ni reports that "Leveraging the signs of recovery shown in some of the world’s economies, which seem to have withstood the roughest stage of the global crisis, the tourism developer Gran Pacifica is expanding its growth targets toward agribusiness, energy generation and mining, without abandoning its goal of consolidating residential tourism. "
Billed as a "private city", Paseo Cayalá is the first of several complete urban projects to be developed outside of the capital of Guatemala.
The complex located about seven miles from the capital and is the first of several to be developed which include, in the same place, different types of houses, boutiques, supermarkets, restaurants, parks and even a church, all with security service included.
Investments in port infrastructure, new free zones, condominium housing developments, and a new road promises more development in the area.
One of the projects planned to start in 2013 is the new Moin Container Terminal, by APM Terminals, whose construction will require three years and a workforce of 1,000 workers.
Also for 2013 is the expected start of construction of a "condominium building that was initially going to be 200 units, but due to the strong demand has been extended it to 292 units, explained Eduard Morgan, managing director of Calypso Developments, responsible for this development. "
In light of a better investment climate, construction has resumed of the luxury oceanfront condominium project, after becoming stalled two years ago.
Milagro del Mar was designed to create an exclusive community within the Gran Pacífica, with 122 condominiums, 20 villas, swimming pools with waterfalls and a pool by the ocean, a gym, a restaurant and a convenience store.
Guatemala's Grupo Spectrum has announced an investment of over $20 million in various real estate projects in Nicaragua.
In the Nicaraguan capital, in Las Colinas, the company announced the construction of "Cumbres del Portal" and the urbanization "Alamedas de Las Colinas".
Another project is the condo's Talanguera in San Juan del Sur, Rivas.
"Spectrum Group, of Guatemalan capital, said it will invest more than $20 million in the housing projects Cumbres del Portal, in Las Colinas, Managua, and condominiums Talanguera in San Juan del Sur, Rivas. It also reported that develop the residential community Alamedas de Las Colinas in the capital", reports Elnuevodiario.com.ni.