The government established that the tax paid for horizontal property real estate will be unified at 1%.
It will be applied retroactively from January 1st, explained Alberto Vallarino, Finance Ministry, who acknowledged that a number of homeowners paid more than 1%, due to a misunderstanding of the reform.
“Those who paid more will receive a credit, in the same way as we did with those who had paid the income tax with the rate in place before the tax reform”, reported Prensa.com.
The $400 million real estate project “Trump Ocean Club”, is slated to be ready by early 2011.
Roger Khafif, project leader, told AP that they have already completed 66 of the 70 stories of the tower, whose construction began on May 2007.
“It is the most expensive real estate project in Latin America, with over 2.8 million square feet and 70 stories”, told the developers in a press release.
It is called ‘Paseo de las Casas’, it is located in the province of Coclé and includes luxury residences and a golf course.
Construction of the first phase has already begun, comprising 4 apartment buildings. As for the golf course, it will feature 18 holes, and is expected to cost $18 million.
Juan Ramón Icaza, director of the project, explained that the apartment have been designed to satisfy ‘the most demanding requirements of the Panamanian market’.
$20 million will be invested in developing 350 new residences.
Marta Molina, spokesperson for Royal Decameron Golf Beach, Resort & Villas, explained they will also invest in enlarging the hotel and building a shopping center.
Prensa.com reports: “the mall will boast 30.000 square meters of commercial space”.
Pristine Bay Resort, a touristic complex spanning 180 hectares, is being built in Roatán.
The project will be developed over the next 10 years, and includes a golf course designed by Pete and Perry Dye, two five star hotels and residential units.
Pablo García Salas, sales manager, told Elperiodico.com.gt: "The first phase, currently under construction, consists of 70 lots, 30 villas and 16 condos. It is almost completely sold".
'Playa Secreta' (Secret Beach), a touristic project located in La Union's coastline is in hold, waiting for environmental permits.
The project comprises resorts, bungalows, marina, golf courses and the development of 11 hotels in the next 10 years.
"We are waiting for environmental permits. Once we have them, we will start the project", said
Mario Guerrero Argueta, president of 'Grupo Guerrero' and project leader.
In November, the Honduran Tourism Institute will hand the completed infrastructure of the public-private venture.
With a $15 million investment, Honduras government developed the project's infrastructure, including paving, water supply, sewerage and the sanitation system.
"According to the Honduran Tourism Institute, it would be Hilton, through its Westin brand, the company operating 'Bahía de Tela' (Tela Bay).
Grupo del Sol, GVA & Asociados and the Evergreen Institute are investing in a real estate development that includes condominiums, residences and boutique hotels.
Located 35 kilometers from Panama City, the 755 hectare Isla Saboga is part of the Las Perlas chain of islands.
The development plan includes initiatives for roads, water, treatment, and electricity following the necessary regulations to preserve the natural environment.
In November 2009, Urbánica will begin construction of the “Portal La Ribera” 54-home complex, which they hope to finish by the beginning of 2011.
With a $15.3 million investment, the real estate developer Urbánica plans to complete the first set of homes for the project, which is located in the San Benito, San Salvador neighborhood, in May 2010. The prices of the homes will be between $275,000 and $300,000.
The construction of Condo Hotel Ibiza Corona Beach tourism development will have 12 floors and it will begin in late 2009 or January 2010.
The hotel project, to be built in the district of San Carlos, will occupy an area of 1,500 square meters, where a 12-story apartment building will be built and apartments will be sold at an initial value of $84,720.
Zcom Networks announced the acquisition of the Playa Paraíso Real Estate Development Project.
According to the press release issued by the company, the project will have 5 villas on the beach and 20 condominiums.
The total value is estimated at $ 1.5 million for the land and $2.5 million in construction, and it is hoped that it will generate sales of nearly $6 million, for a return on investment of 179%.
Market data are usually the basis for decision-making in order to develop, build, buy or sell real estate.
In Central America, there is no unified database to view the regional real estate market as a whole to compare and make decisions on investment. This report collected data from Costa Rica, Belize, Nicaragua and Panama, and it includes national economic indicators to help situate the investment climate in each country.
Its promoters claim that the decline in the pace of sales is not too much and that they have already sold 80% of the 1,010-unit project.
Its opening is planned for August 2010. To date, some 90 thousand square meters have been constructed, 35% of the 265 thousand in total.
Commercial director Rosella Violi informed Prensa.com: "The building has allocated 80% of its sales and the customers have been from United States, Venezuela, Colombia and Europe for the most part."
The project La Reunion Golf Club, in Antigua, will be inaugurated next March 28, with the opening of its golf course.
The complex covers 1.384 hectares, and will include 950 lots, villas and residences when completed. The project will also include a luxury hotel, an ecological boutique hotel, a spa, an observatory and a cultural center.
Roberto Roesch, co-developer, reports in a press release: "La Reunion will be the first Guatemalan foray into the touristic golf business. We hope to put Guatemala on the map as a world class golf destination, to attract both golfers and tourists to the resort".