A preferential interest law is being studied which would reduced by up to 50% the amount of the fees to pay for mortgage loans from private banks for the purchase of home.
Elmundo.com.sv reports that "The Salvadoran Chamber of Construction Industry (Casalco) is seeking to encourage the purchase of new houses through the creation of a preferential interest law, which would reduced by up to 50% payments for loans made by private banks. "
The residential market in Panama City remains stable, with slightly increased demand for Class A buildings at 74%, up 2% on the prior period.
CBRE Panama submitted its report on the housing market for the first half of 2012:
The residential market in Panama City has remained stable in the first half of 2012, showing an absorption rate of 74% in Class A buildings compared to 72% in the previous period.
A new satellite signal system, installed at the Juan Santamaria Airport in Costa Rica, will reduce the prohibitive zone of tall buildings in areas near the terminal.
Edwin Jimenez, the Directorate General of Civil Aviation, said the municipalities of Alajuela and Belen will be affected by these changes, because in those places there is interest in constructing buildings with heights of over twenty meters.
An announcement has been made in Guatemala for a housing subsidy program for public officials, and mortgage credit lines for private employees.
Prensalibre.com reports that Alejandro Sinibaldi, Minister of Communications, Infrastructure and Housing (CIV in Spanish), advertised the program, after having opened the sixth edition of the Housing Fair Expocasa, organized every year by the Guatemalan Construction Chamber (CGC).
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.
In the last five years the Authority for Consumer Protection and Competition of Panama resolved 1.676 lawsuits against developers and builders.
Prensa.com reports that "Consumer complaints against housing developers were resolved in the Reconciliation and Complaint Decision departments and agreements were achieved through judicial agreements, out-of-court settlements, repairs, clarifications, money returns and handing over properties, among other things. "
In the first seven months of the year the value of approved construction projects amounted to $918 million, 45.3% more than in the same period last year.
This July alone, the total approved exceeded $151 million, representing a 140% increase compared to July 2011.
Of the total number of permits approved $705 million worth was for projects to be developed in the capital, being mostly non-residential.
More than 42,000 people attended the event, during which there were transactions worth $270 million.
In an article in Elsiglo.com Gabriel Diez, president of the Organizing Committee of CAPAC Expo Habitat 2012, reported that this amount will be added to by transactions taking place "throughout the year thanks to the contacts made during the show."
"Diez said the 25th version exceeded expectations as more than 42,000 people came through the doors, a figure that has not been achieved to date in any CAPAC Expo Habitat. Diez attributed the turnout to people’s growing interest in looking for homes that fall within the range of prime interest. "
The event organized by the Panamanian Chamber of Construction (CAPAC) is being held from the 12 to the 16 September at the Atlapa Convention Center.
The organizers have set a goal this year to reach $270 million in transactions, an increase of 13.5% compared to those made in 2011.
"This XXV version demonstrates the latest trends in decoration, finishes, machinery, technology and products used in the construction industry as well as accomodation projects being developed mainly in the province of Panama.
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.
Demand for luxury properties in Panamanian coastal areas has grown and it is not unusual to end up paying up to $1,800 per square meter.
Residential projects, depending on their proximity to the beach and how well esteemed the area is, in many cases can exceed a million dollars.
The most sought after are the banks of the Pacific, starting in the Capira district, continuing through the area of Coronado, San Carlos and Farallon in Cocle.
In light of rumors over possible changes to mortgage conditions, Nicaraguan real estate developers are asking the country's banks not to go through with them because they would affect the sector’s growth.
Alberto Atha, president of the Chamber of Builders of Nicaragua (Cadur), said that a rumor is spreading that some banks will increase interest rates on mortgage loans by between one and two percentage points and the premium could be increased by 15 %. "We are convinced that such a move would affect and stagnate the growth process that the industry is experiencing." ... although the changes are not yet official, they are holding talks with banks asking for these measures not to be applied in the immediate future. "
The Honduran Chamber of Construction Industry regrets the increase in bank interest rates resulting from the new monetary policy prepared by the Central Bank of Honduras.
The president of the Honduran Chamber of Construction Industry (Chico), Alejandro Alvarez, said the rise in interest rates for the end user, which are above 17%, has generated a retraction in the industry "...
The boom in vertical housing continues in the capital of Costa Rica, where the trend of living near to the down town area is a response to the serious problems of road traffic.
Condominios 6-30, Torres del Lago, Torres Paseo Colón, Vistas de Nunciatura and Condominios Nara are some of the residential-commercial projects currently on offer in the city of San Jose.
The direct connection between the specific activities of construction companies and real estate developers can lead to serious errors in income tax statements in Panama.
Construction companies have three options for determining the yearly income on which they will be taxed, while development companies which own real estate projects, and which do not qualify for the special rate of item a) of Article 701, are subject to declaring income according the date of registration of deeds in the Public Registry of Panama, which recorded the transfer of the real estate property.