Between July and October 2020, the number of people in Panama looking for rental homes grew 56%, while in Guatemala, the number of people exploring options for renting a home fell 37%.
CentralAmericaData's interactive platform, Consumer Insights, monitors in real time changes in consumer habits in all markets in the region and in other Latin American countries, with key data to understand their behavior, new trends and anticipate eventual changes in their purchasing patterns.
Open spaces in the condominiums, green areas and enough rooms to accommodate a home office, are aspects that Guatemalan consumers consider when buying a residential property.
As a result of the covid-19 outbreak, the population in Guatemala was subjected to strict quarantine, which caused changes in people's behaviors and modified tastes and preferences.
Between July and October 2020 the number of people in Panama looking for apartments to rent grew 34%, while the number of Honduran consumers looking to buy apartments for sale fell 5%.
CentralAmericaData's interactive platform, Consumer Insights, monitors in real time changes in consumer habits in all markets in the region and in other Latin American countries, with key data to understand their behavior, new trends and anticipate eventual changes in their buying patterns.
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 this scenario the real estate market is no exception. This sector will have to adjust to take advantage of the opportunities generated by the current crisis.
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.
Since office construction is still active and could enter a phase of over-supply, combined with the strong increase in telecommuting, the market could face a contraction in the coming months.
Because of the spread of covid-19, governments in Central America have decreed strict home quarantines.
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 an abrupt drop reported in March and April in consumer interactions associated with vacation properties, since the beginning of May in all markets of the region interest in this topic has rebounded.
Through a system that monitors changes in consumer interests and preferences in Central American countries in real time, developed by CentralAmericaData, it is possible to project short and long term demand trends for the different products, sectors and markets that operate in the region.
In February, March and April 2020, interest in property valuation and inspection services fell in all the region's real estate markets, but from May onwards there was a considerable upturn in Internet interactions associated with the subject.
A system developed by CentralAmericaData that monitors changes in consumer interests and preferences in Central American countries in real time makes it possible to project short- and long-term demand trends for the various products, sectors and markets operating in the region.
At the beginning of the covid-19 outbreak in most of the region's real estate markets, interest in commercial investments decreased, but in recent weeks the decline stopped and in some countries increases are already being reported.
Through a system that monitors changes in consumer interests and preferences in Central American countries in real time, developed by CentralAmericaData, it is possible to project short and long term demand trends for the different products, sectors and markets operating in the region.
Smaller areas and open spaces within the offices are some of the predominant trends in new projects being built in the metropolitan area of Guatemala.
It is estimated that of the total area of construction approved in the metropolitan area during 2020, 37% corresponds to office buildings, office-warehouses and mixed-use buildings. Another 56% is for housing construction.
An apartment tower in Honduras, the construction of a road in Guatemala and a multipurpose tower in Panama are part of the investments announced in the region for the coming months.
The interactive system "Construction in Central America", of the Trade Intelligence Unit of CentralAmericaData, includes an updated list of public and private construction projects to be developed in the coming months.
About 60% of the apartments in the district of Santa Ana, Costa Rica, have prices per square meter that range from US$1,500 to US$2,000.
An analysis of the real estate supply by area, prepared by the Trade Intelligence Unit of CentralAmericaData, shows interesting results on the behavior and distribution of prices per square meter in the sector of Santa Ana, in the province of San José.
A multipurpose tower in El Salvador, a logistics park in Panama and a corporate center in Guatemala are part of the investments planned for the coming months in Central America.
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 constructionprojects that are planned to be built soon.
In the metropolitan area of the country, there are an estimated 87 vertical housing projects for socioeconomic segment C, offering 5,963 apartments.
Representatives of the firm Global Inspections, detail that the 87 projects that are currently in the sale phase in the department of Guatemala, together accumulate a $874 million investment.
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