The nicaraguan government has announced a new subsidy on the interest rate for apartments´purchases worth up to $50,000 and constructed within buildings with no more than four floors.
In addition to this new incentive to purchase housing classified as social interest and in high rise form, the Ortega administration has announced that it will expand from $32 thousand to $40 thousand the maximum value of high rise housing that is eligible for the current interest rate subsidy.
Through a trust belonging to the Nicaraguan Institute of Housing $31 million will be available to finance the purchase of social interest housing, with a fixed interest rate of 7.5%.
Like the construction sector, banks have started backing financing of social interest housing.In the first half of the year, loans granted for the purchase of this type of housing registered an increase of almost 17%, according to reports from the association of developers.
Apartment buildings, condominiums and complementary works in Panama, Costa Rica, Guatemala and Honduras are some of the construction projects planned for the coming months in the region.
The interactive platform"Construction in Central America", compiled by the Business Intelligence Unit at CentralAmericaData, includes an up to date list of public and private construction projects for which environmental impact studies (EIA) were submitted to the respective institutions of each country in June 2017.
An increase in the cost of construction permits, new rates for services from public entities and a more expensive labor force explain a large part of the increase in real estate sales prices.
The guild of construction companies in Panama states that prices for homes, shops and apartments are so high that in many cases buyers can not afford them.The increase, they say, is not due to increases in the cost of construction materials, but to an increase in the cost of paperwork, such as building permits, higher interest rates for loans and the elimination of some subsidies.
A mixed-use residential complex in Panama, an industrial complex in Costa Rica, and two apartment towers in Guatemala are some of the projects that are planned for development in the coming months in the region.
The interactive platform "Construction in Central America", compiled by the Business Intelligence Unit at CentralAmericaData, includes an up to date list of public and private construction projects for which environmental impact studies (EIA) were submitted the respective institutions of each country in May 2017.
Between May 2016 and April 2017, 176 environmental impact studies to develop high rise residential projects were submitted in the countries of the region.
The interactive platform "Construction in Central America", compiled by the Business Intelligence Unit at CentralAmericaData, includes an up to date list of public and private construction projects for which environmental impact studies (EIA) were submitted to the respective institutions in each country.
Office towers in Costa Rica, a hydroelectric plant in Panama and an industrial plant in Guatemala are some of the projects planned for development in the coming months in the region.
The interactive platform "Construction in Central America" compiled by the Business Intelligence Unit at CentralAmericaData provides an up to date list of public and private construction projects for which EIA's were submitted to the respective institutions of each country in April 2017.
In the first three months of the year, the amount of construction area had a 7% year-on-year increase, mainly explained by an increase in buildings for services and industry.
From a statement issued by the Central Bank of Nicaragua:
On June 28, 2017, the Central Bank of Nicaragua (BCN) published the Private Construction Report for the first quarter of 2017. The results indicate that the amount of construction arearegistered inter annual growth of 7.3 percent (-13.2% in 2016.I), and a decrease of 1.4 percent in the annual average.
Apartment towers in Costa Rica, Guatemala and Panama are some of the residential construction projects planned for the coming months in the region.
The interactive platform "Construction in Central America", compiled by the Business Intelligence Unit at CentralAmericaData, includes an up to date list of public and private construction projects for which environmental impact studies (EIA) were submitted to the respective institutions of each country in April 2017.
Apartment towers in Costa Rica and Panama, and oil well drilling and related works in Guatemala, are some of the construction projects planned for the coming months in the region.
CentralAmericaData's information system "Construction Projects in Central America", compiled by the Business Intelligence Unit, provides an up to date list of public and private construction projects for which environmental impact assessments (EIAs) were submitted to the respective institutions in each country in March 2017.
In 20 thousand square meter plot of land in San Juan del Sur, Nicaragua, construction works have started on a luxury residential complex composed of villas, apartments, commercial area and other amenities.
The project will require a total investment of $40 million and will be developed in two stages, said Horacio Argüello Lacayo, president of the Santa Maria group, at the launch event.The first stage to be developed includes the construction of eight residential villas, three apartment buildings, a shopping area and a club house.Works are expected to be completed by 2020.
The construction union has organized for March 23 and 24 a fair which will showcase the supply of houses worth more than $100,000, and commercial and office buildings.
The event, called the Luxury Homes & Building Fair, will be held at the Hotel Intercontinental Metrocentro in Managua.Representatives from the Chamber of Builders of Nicaragua (Cadur) explained that the fair is being organized in response to the growing development of the property market in the country.
The is a growing trend of companies setting up their offices in buildings in Managua, where 11 projects are reported to be under construction, with an estimated value of $100 million.
Although the market for corporate buildings in Nicaragua has only relatively recently started to develop, real estate entrepreneurs report a growing interest from companies in setting up their offices in these spaces.
Apartment towers in San Jose, Costa Rica, and in Mixco, Guatemala, are some of the vertical residential construction projects planned for the coming months.
The information system"Construction Projects in Central America",run by the Business Intelligence Unit at CentralAmericaData, provides an up to date list of the public and private construction projects for which environmental impact assessment (EIA) studies were submitted to the respective institutions of each country in December 2016.
Up to the third quarter of 2016 the total area of constructed buildings fell by 11.5% year on year due to reductions of 18% and 59% in the residential and commercial construction sectors respectively.
Private Construction Report for the III quarter by the Central Bank:
The Central Bank of Nicaragua (BCN) published on 29 December 2016, a report on the Private Construction sector for the III quarter.The results indicate that the total area of constructed buildings recorded an annual decrease of 11.5 percent (22.3% of growth in 2015.III), and a reduction of 8.7 percent in the annual average.