As of March 12, a regulation will come into effect in Costa Rica that forces landowners with a surface area of more than 900 square meters to cede 10% of the area of their properties to local governments when they segregate them.
The new rule, which is included in the regulations issued by the National Institute of Housing and Urbanism (INVU), will apply to land located in cantons without a regulatory plan.
Instituto Nacional de Seguros de Costa Rica is looking to acquire land for a health center and site for the institution to be located in Desamparados, San José.
Costa Rica GovernmentPurchase 2018LN-118001-UL:
"Purchase of land to house a building for a health center and site for Instituto Nacional de Seguros in Desamparados, San José."
The Reverted Property Unit will be auctioning lots in August for residential or commercial development in Gamboa, Margarita, Davis and Espinar, in the Atlantic sector and in Farfan and Ancon on the Pacific.
From a statement issued by the Ministry of Economy and Finance:
The Administrative Unit of Reverted Properties (UABR) under the Ministry of Economy and Finance, will resume public auctions of property in August, said Luis Felipe Icaza, Executive Secretary of the Company.
The Ministry of Economy and Finance in Panama is considering bringing forward auctions of reverted lands in order to increase state revenues faster.
Minister Dulcidio de La Guardia proposed that the Administrative Unit of Reverted Properties (UABR) bring forward the sales in order to mitigate deficiencies in the state of public finances.
The Secretary General UABR, José Antonio Serracín told Panamaamerica.com.pa that "...At the end of August it is estimated that a a total of $7.1 million will have been auctioned. "
The demand for land for crops and property development has raised prices in most productive areas.
In cities such as Estelí, Matagalpa and Chinandega, the economic boom has driven up the price of land for farming and for building residential and commercial properties. According to Ricardo Melendez, chief of the Chamber of Builders, one square yard is trading at up to $300 in those cities.
Although it can now be bought for half of its value, there is no interest in acquiring the Atlapa convention center.
Three months ago the third attempt to auction the Atlapa convention center was held and although the law states that after three attempts to auction the property it can be sold for half its value, no person or company has expressed interest in acquiring it.
It has now been announced that ATLAPA will be sold directly in early 2014 for $62 million, equivalent to 50% of its total value, which is estimated at $124.5 million.
As established by the Public Procurement Act, after three failed attempts the 55,000 m² site of the convention center will be sold directly for half of its value.
Solomon Shamah, administrator of the Panama Tourism Authority (ATP) said that by the beginning of next year it may be up for sale.
The auction of the Atlapa convention center received no bids therefore a third attempt will be made with base price of $82 million.
No companies showed interest in the auction conducted by the Tourism Authority of Panama (ATP). It is estimated that the value of the land is $124.5 million.
In the third auction, the reference price for the land corresponds to two-thirds of the initial price, in other words, $82.2 million.
So far no interested parties have paid the deposit that enables them to bid for the convention center in the next auction scheduled for September 16.
Prensa.com reports: "Everything suggests that the story on that day will be no different. To date, no company has submitted the deposit required for participation in the auction which has a price tag of $124 million.
Sales of land, reclaimed seabed and land titling are generating increased expectations in the city's real estate market.
Prensa.com reports: "The fertile state lands bordering the Bay of Panama await inevitable changes in light of the real estate boom in the area of Punta Pacifica, Avenida Balboa and the district of San Francisco".
In March, the National Program for Land Management (Pronat) conducted a cadastral survey of Boca de Caja beach in order to legalize the lands there. However, for this to be effective the status of the area must be changed to make it a State asset for later titling.
The scarcity of land available to build in Panama City is raising the value of so-called "reverted areas."
Prensa.com reports that "The interest in reverted properties, especially in the Pacific, has increased due to the shortage of available land for building in downtown Panama City."
Calculations by the Administrative Unit of Reverted Properties (UABR by its initials in Spanish) indicate "that this year about $80 million could be obtained from the sale of the lands that were returned by the United States to Panama."
In the evaluation of the bids the potential generation of jobs by the project using the land will be taken into account.
The funds acquired through the sale of the 3,500 hectares will be used to pay more than $17 million of the debt belonging to the cooperative with the Social Security Department.
Although there is no date for the auction of the land by Cooperativa de Servicios Múltiples de Puerto Armuelles (Coosemupar), the director of the Panamanian Autonomous Cooperative Ana Giselle Vallarino said that the money to be paid to the CSS corresponds to nonpayment of worker-employer quotas during the time when the Coosemupar was active.
The increase of more than 5% in the cost of construction and the revaluation of land in the capital, has made the social housing segment unprofitable for builders.
"In its projections for 2013, the National Housing Council (Convivienda) a guild that brings together the leading companies involved in the construction of family units will build 8,206 dwellings (houses and apartments) with a total investment of approximately $800 million.
The Ministry of Economy and Finance in Panama is to hold an auction of land and buildings with a total area of 6506 meters square in the Province of Colon.
Description of lot for auction:
AUCTION OF PUBLIC GOODS No. 39-2013, FIRST CALL FOR SALE OF LOT OF LAND No. DA06-19 AND BUILDING S / N (GALLEY), WITH A LAND AREA OF 6506.68 M2, CONSTRUCTION AREA OF 3874.11 M2, LOCATED IN THE COMMUNITY OF DAVIS, TOWNSHIP OF CRISTOBAL, DISTRICT AND PROVINCE OF COLON.
The Ministry of Economy and Finance in Panama is to auction two lots located in Ancon, district and province of Panama.
AUCTION OF PUBLIC GOODS No. 38-2013, FIRST CALL FOR SALE OF LOT OF LAND No. CA01-03, LAND AREA 6317.84 M2, LOCATED IN THE COMMUNITY OF CARDENAS, Ancon, DISTRICT AND PROVINCE OF PANAMA FOR MIXED USE URBAN - HIGH INTENSITY, INITIAL VALUE OF OFFERS (BIDS AND COUNTER BIDS): $1,194,071.76, DATE JUNE 21, 2013.