Although the Guatemalan economy has almost stagnated in recent months, during the first half of the year the number of loans granted for the purchase of residences grew 3%, and by 2021 it is predicted that sales could be similar to those of 2019.
The social distancing measures and the prohibition of several economic activities decreed by the authorities due to the covid-19 outbreak, caused considerable negative effects to the Guatemalan real estate market.
After the Preferential Interest Act was modified and the maximum limit for applying preferential interest to the purchase of homes was raised to $180,000, an 11% decrease in the inventory of available homes was reported.
Between the first half of 2015 and the same period in 2016 the average selling price per square meter rose from $2,850 to $3,100 in Class A projects.
Data from CBRE Panama reported on by Capital.com.pa reflects the growing demand for residential projects in the capital and its surrounding areas.In the case of Class A residential projects, in the first half of the year an increase was recorded in the average price per square meter, while in the segment of class B projects, stability is reported in prices,"... underpinned by a low availability. "
The Administrative Unit of Reverted Areas has estimated it could raise $10 million from the sale of remaining lots in reverted areas in the Panamanian Atlantic and Pacific.
From a statement issued by the Ministry of Economy and Finance (MEF):
-UARB estimated raising about 10 million dollars
-Owners who are closest will have priority in the purchase options
The decision of whether to sell the event center after three failed attempts to auction it will be left to the incoming government.
According to Law 22 on public procurement, after three attempts at an auction the state should proceed to selling the property for $62 million, ie 50% of the original sales price. However, it will be the government of Juan Carlos Varela which will assess and decide whether to continue with the sale process or follow suggestions from the business community about the value that the state could find in this piece of infrastructure in the promotion of trade and culture.
The Panamanian Association of Realtors will be holding a housing trade fair from January 29 to February 2, 2014, in which they expect there will be transactions of $150 million.
"Housing fairs have become the best commercial showcase for those wishing to acquire their own home in Panama ..." reported Panamaamerica.com.pa.
According to Joseph Boyd, president of the organizing committee, 100 companies have confirmed their participation in the event which will feature 150 exhibitors and real estate companies, developers, banks, insurance companies and real estate developers.
The business sector is concerned about lack of certainty for the availability of the Atlapa Convention Center for events which have already been scheduled for 2014.
From a statement from the Chamber of Commerce, Industries and Agriculture of Panama (CCIAP):
ATLAPA CONVENTION CENTER SALE COMPROMISES COUNTRY'S IMAGE
Panama has become a hub for trade fairs and exhibitions, which represent millions pouring in for the country and for sectors such as construction, real estate, automotive, tourism, hotels, restaurants, logistics, banking and general commercial, etc.
During the fair is estimated that deals will be made for over $250 million, and that there will be participation by companies from the USA, Canada, Spain and other European countries.
CAPAC Expo Habitat 2013 is the International Construction and Housing Fair organized every year by the Panamanian Chamber of Construction (CAPAC).
This fair will be held from 11 to 15 September at the Atlapa Convention Center Panama, Panama City.
After having reached an agreement on prices with the users of the CFZ, the government of Panama introduced in the National Assembly the Colon Free Zone bill.
Panamaamerica.com reports that "After several months of negotiations between the administration of the Colon Free Zone and users, a consensus was reached as to the value of the land according to the appraisals."
The $150 million valuation of the Convention Center in Panama has been excessive by the authorities, who have requested a downward revision in order to speed up its sale.
The Minister of Tourism in Panama, Solomon Shamah has described the price resulting from an appraisal conducted by the Ministry of Economy and Finance as "excessive".
According to an article in Elsiglo.com, "Shamah said the Ministry of Finance gave a valuation of approximately $150 million for the sale of ATLAPA, but that seems too much, so they have asked for it to be revised so that it can be sold. ‘Once we have the new building, ATLAPA is not going to be used and Panamanians ought to have that money now for social projects and infrastructure’, he added. It has been announced that on July 11 the conditions for the tender for the design and construction of a new convention center will be published.”
Real estate agents give good advice: Attack the client before arriving in Panama and know their needs.
The supply of offices, especially Class A ones, is very competitive in the Panamanian capital, as buildings in this category have great locations, finishes and amenities.
"According to realtors surveyed, most of the offices currently listed by customers are those ranging from 100 to 150 square meters and after that those from 200 square meters and up," reports Capital.com.pa.
The rice mill belonging to producers in Chiriqui is now being offered at $2 million, $1 million less than the initial price.
After a failed attempt to sell the rice mill members of the Rice Producers Association and Basic Grains of Chiriqui (Apach) in Alanje, have reduced the price from $3 million to $2 million.
At an auction last week made through the Agricultural Commodity Exchange only one proponent presented themselves with a bid of only a million dollars, reported Prensa.com.
The 200 hectare residential complex on the Pacific coast, which is valued at about $30 million, includes three mountain top houses each with several bedrooms.
Actor and director Mel Gibson has put on sale his extensive mountain resort in Playa Barrigona, in northern Costa Rica near the border with Nicaragua, province of Nicoya.
Selling the Costa Rican property is part of his plans to reduce his property portfolio following his divorce from Robyn Gibson in 2009.
A bill will allow the sale of the land in the Colon Free Zone to companies who are currently renting the spaces they occupy.
The government plans to gain revenues of $100 million from the sale of land in the Colon Free Zone, while acknowledging that it still does not know "how much will be raised in total because there have been no commercial appraisals of the land," according to the minister Frank De Lima.