The commitment to long term rentals instead of vacation rentals, preference for larger residences and innovation in the marketing tools of the projects under development are some of the changes expected in the coming months, which could set a new pattern in the sector.
The health crisis caused by the spread of covid-19 ended up changing consumer habits in all Central American markets.
In the canton of Santa Ana, Costa Rica, 55% of the people who express interest in apartments for sale have a high purchasing power and are between 25 and 44 years old.
An analysis of the real estate supply by area, prepared by the Trade Intelligence Unit of CentralAmericaData, shows interesting results about the real estate market in Santa Ana, in the province of San José, and the interest of consumers in the area.
Identifying the best areas to invest in, knowing what type of property is in demand in each area, whether you are looking for more rentals or sales, homes or offices, or in which segments of the population there is more demand for each type of property, is part of what can now be analyzed using modern Big Data techniques.
The real estate market is not alien to the new reality focused on analyzing large volumes of information and making business decisions based on data.
The total inventory of square meters of property for commercial use grew by 15% in the last twelve months.
From the report "Commercial Real Estate Market - September 2016" by Colliers Costa Rica:
Market Overview Over the past year, the commercial property market has increased its inventory by 15.04%.The entry on the market of commercial property such as City Mall, and some Expreso Desamparados and some Lifestyle Center buildings, have marked a commercial turning point, which has generated negative and positive results, respectively.
The segments of industrial warehouses, and office warehouses, where those that provided the most dynamism in the industrial real estate market in the Greater Metropolitan Area of Costa Rica at the end of the second quarter.
From the quarterly report by Colliers Costa Rica entitled "Industrial and Logistics Property Market":
Increases in the average price of office space have been recorded due to less construction of these types of buildings in the first half of the year.
Figures from a report by CBRE Panama cited by Capital.com.pa indicate that construction has declined in this segment due to increases in the price of materials and high utility rates, leading to the average price of "...
Investors and entrepreneurs in the global real estate sector will be meeting from 21st to 26th of May in Panama City to discuss issues such as project finance and marketing trends.
The World Congress of the International Federation of Real Estate Professionals (FIABCI) will be held this year in Panama City, and is expected to include the participation of representatives of companies linked to the housing market from all continents.
The value of property in areas such as Amador, Balboa, Clayton and Albrook, has registered increases of up to 300% in the last ten years.
The proximity to the city, the vegetation surrounding the area and the security offered are some of the factors which have increased the value of these areas. For example, in Clayton, an apartment now worth about $160,000, cost about $35,000 ten years ago.
During the first three months of 2013 the real estate market in Costa Rica received $377 million from the sale of properties and construction projects of foreign capital.
This amount represents 90% of the total resources directed towards this sector during 2012. In that period the country had revenues of $866 million in foreign direct investment, an increase of 41% compared to the same period last year.
The Panamanian group of companies, Convivienda projects sales in 2012 amounting to $665 million with the delivery of 7,429 homes.
The director of the national council of housing developers, explained that the with the Preferred Interest Act raising the ceiling on the value of homes which can benefit to $120,000 will help... "the middle class above all, because there are more chances to get a house for a longer period", reported Panamaamerica.com.pa
The economic and tourism boom has created an inordinate amount of investment in hotels, which is threatening to lower the occupancy rate to unsustainable levels.
The opening of more than 20 hotels has been announced for 2012, adding 6,000 rooms to the inventory offered by Panama, and representing an annual increase of 300% in the hotel supply, while the increase in the number of visitors to the country during 2011 grew by - 13%, which although significant, is far below what would be needed to keep up the hotel occupancy rate, which currently stands at 66%.
The crisis in Europe, North America and Venezuela is dampening the dynamism in the real estate sector whose sales depend heavily on these markets.
In the first six months of 2011, of the total amount of real estate transactions only 2% related to the sale of luxury real estate projects.
The executive director of the National Housing Promoters (Convivienda), Elisa Suarez Gomez, said that building of luxury residences has been reduced in the first half of the year. "... In luxury segments, those costing upwards of $350,000, sales depend heavily on the foreign market, so the crisis in European countries, Canada and Venezuela, has made for significant changes in the sales process", said the director to Panamaamerica.com.pa