In 2020, 172 environmental impact studies were submitted to develop condominiums, apartment buildings and other housing projects in Central American countries.
The interactive platform "Construction in Central America", by CentralAmericaData's Business Intelligence Area, provides an updated list of public and private construction projects that have submitted environmental impact studies (EIA) to the respective institutions in each country.
Calypso Developments announced that it plans to build a horizontal residential complex in the province of Limón, Costa Rica, which in its first stage will consist of 77 homes.
According to information released by the company developing the project, the new housing complex will be called "Condominio Hacienda Santa Rosa" and will be located in the Southern Caribbean, 15 minutes from downtown Limon, on the road to Cahuita.
Because of the new commercial reality that has emerged in an accelerated manner and with the boom of telecommuting, potential buyers are more inclined to buy an individual home, which offers more privacy, than an apartment.
With the spread of covid-19, strict home quarantines were decreed in Central American countries. This scenario encouraged the implementation of telecommuting and forced companies to adapt to new forms of operation.
Between 1990 and 2017, the constructed area of residential complexes in the condominium and apartment format in the Grand Metropolitan Area of Costa Rica grew from 5% to 25% of total space.
The most recent report from the State details that 80% of condominiums are in 24 districts, most of which are in the Western and Northern areas of the Grand Metropolitan Area (GAM).
Apartment towers in the capitals of Costa Rica and El Salvador, and a horizontal residential condominium in Panama, are some of the housing projects that are planned for construction in the following months.
The interactive system "Construction in Central America", compiled by the Business Intelligence Unit at CentralAmericaData, includes an up to date list of public and private construction projects which are planned to be built in the short and medium term.
In addition to the segment of young people who want apartments in downtown areas in Costa Rica, older adults are also looking for smaller spaces with easy access to services.
Developers of condominiums and vertical housing in Costa Rica assure that it is not only professional couples who are looking for apartments in buildings with amenities, and which are located in more urbanized areas where there are services such as supermarkets and shopping centers in the vicinity.
Financing for housing and sustainable urban development will be the topics under discussion at the event to be held on August 22 and 23 in Managua.
The Chamber of Builders in Nicaragua and the Inter-American Housing Union are organizing the event, which will bring together professional financial real estate companies, developers and builders, banks and finance companies, savings and loans companies for housing, cooperatives, investors, and representatives of public entities.
The government has decided to monitor and regulate the profit margin accrued by construction companies and real estate developers.
While the Association of Engineers and Architects (CFIA) argues that "... the profit margin of construction companies in the country ranges between 5% and 40%" ... ", employers in the construction sector and developers assert that they are betting on margins of between 5% and 15%.
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%) .
The new law eliminates the minimum legal reserve amount required by the Central Bank of Costa Rica (15%) for funds destined for home loans.
The application of the new law for middle class housing signed yesterday by the Costa Rican government is in the hands of financial institutions who provide loans for house purchases, which still must consider what returns they will obtain.
Rules for providing housing to the middle class are being approved without adequate studies on their feasibility and functionality within the financial system.
Within the current drive in the search for housing solutions for the middle class sector, three projects have entered the legislative process.
Of the three projects, two have already been made law and one is awaiting approval by Congress in the second debate.
The Costa Rican Congress is looking at a law for funding homes valued at less than $150 thousand, for families whose incomes are not above $4000.
This plan "... seeks to provide a housing solution through loans to be granted by public banking entities, mutuals and private banks to enable people to get credit and buy a plot of land, a house or to build on their own lot," noted an article in Elfinancierocr.com.
A project by the Chamber of Construction proposes the creation of a residential lease that would allow home purchases without payment of a deposit.
"Currently the project is in the hands of the Ministry of Housing so that they can review and assess it and it is also being studied by a committee in the Chamber of Construction which includes the financial sector," noted an article in Elfinancierocr.com.
The Housing Mortgage Bank of Costa Rica has approved $160 million for some 10,000 family housing bonds.
Of the total budgeted resources, about $64 million will be used to serve families in dire need, victims of emergencies, the permanently disabled and the elderly, said a statement from the entity.
"The remaining ¢48,000 million ($96 million) in the annual budget, will be used in the processing of ordinary bonds (own lot construction, repairs, extensions and improvements of houses in poor condition).
How much does a house cost that is 200 square meters, 3 bedrooms and 2 bathrooms, in an area of 3,000 square meters, in a middle class neighborhood?
The Central American Home price Snapshot, coordinated by Reveal Real Estate and Global Property Guide, reveals the sales price of similar homes in 12 real estate markets in Belize, Nicaragua, Costa Rica and Panama.