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.
During the first eight months of the year, 98,769 properties were registered, 9% less than those reported in the same period of 2017.
According to the most recent figures of the General Comptroller, between January and August 2017 and the first eight months of this year, vertical properties reported a decrease of 11%, falling from 84,627 to 75,036.
For horizontal properties, no significant variations were reported for the periods in question, since 23,678 were recorded in 2017 and 23,733 in 2018.
In Costa Rica, the auction of four properties belonging to the plastics manufacturer Yanber is scheduled for October 4, which, after going through a period of crisis, closed its operations in June.
Grupo Agrisal announced that in order to expand the Plaza Mundo shopping center it will invest $7 million in the construction of new infrastructure and remodeling works.
Representatives of the project stated that the investment will include the construction of 4,000 m2and the remodeling 6,000 m2. With the extension of the building that is located in the city of Soyapango, department of El Salvador, 40 new stores will be added and with this increase the shopping center will have a total of 400 stores.
In the past 12 months, 165 environmental impact studies, valued at $350 million, were submitted for the development of shopping centers, supermarkets, department stores and other types of commercial buildings in the region.
Data from the interactive platform "Construction in Central America", compiled by the Business Intelligence Unit at CentralAmericaData:
It has been reported that in the last year the inventory of commercial real estate market grew by nearly 7%, and projections are that in the near future this rate of growth will be maintained.
Quarterly report up to June 2016by Colliers Costa Ricaentitled "Commercial Real Estate Market":
In the remainder of July lots will be auctioned in Gamboa, Llanos de Curundú and Farfan, for $500,000, and in August lots will be auctioned in Albrook and Howard, for $2.5 million.
Residential, commercial and agricultural projects, buildings and warehouses are part of the developments for which environmental impact studies were presented in May in Costa Rica.
The report "Construction Projects in Costa Rica - May 2015", prepared by the Business Intelligence unit at CentralAmericaData.COM, provides a list of key construction projects for which environmental impact assessment (EIA) studies were presented to the National Environmental Technical Secretariat (SETENA) in May.
Increases in the value of land have been reported along with the arrival of new businesses to the area, where the municipality is hoping to encourage investments by leaving taxes on real estate unchanged.
The tender for the design and construction of Palmerola airport in Comayagua has not yet been awarded, but around the area where it will be built the impact from the development of a work of such magnitude is already being felt. Land prices have reportedly increased, and local and foreign investors have already expressed interest in developing businesses in order to take advantage of the economic activity generated by the construction and subsequent operation of the airport.
Of the 4,500 square meters of new commercial area in the Juan Santamaría, 850 square meters are available, which are expected to be tendered in June and July.
Café Britt is the first company that has moved into to this new area and left its old 299 m² premises available, and a competition is already underway to awarded them to another company. In addition to those premises, the only other space left is 550 m², in which the Costa Rica company Aeris, administrator of the terminal, will incorporate shops dedicated to selling clothes and accessories.
The Superior Council of Private Enterprise in Nicaragua has denounced the apparent illegality of the arrest of a tourism entrepreneur and the demolition of a $7 million hotel under construction in Ometepe.
From a statement issued by the Superior Council of Private Enterprise (COSEP):
The right to private property is inviolable
The Superior Council of Private Enterprise (COSEP), has been made aware of acts of governmental force which led to the arrest of businessman Milton Arcia and the total demolition of his property on the island of Ometepe, which were executed in an "arbitrary and illegal" manner affecting constitutional rights which are fundamental to the legal certainty required for national and international investment; a situation that can not go unnoticed and about which we want to present our union's institutional position:
Projections for 2015 include construction of 7 residential and 11 commercial developments in the southwest and northwest areas of the city, estimated at $133 million.
Compared to 2013 figures, the Department of Urban Planning in San Pedro Sula reported a 60% increase in building permits requested for construction of residential and commercial projects.
Projections are that this year about 149 thousand square meters of commercial spaces will be built in different parts of the country, mainly west of the Greater Metropolitan Area.
Some of the upcoming projects include: City Mall in Alajuela, City Place in Santa Ana, e Center in Heredia, and Bamboo Eco Urbano in San Jose, among others. Specialists say that the commercial success of these complexes is largely determined by location, business strategy and brand recognition among consumers.
Empresa de Transmisión Eléctrica, S.A. will be holding an auction for several plots of land in the provinces of Chiriqui, Cocle, Herrera, Veraguas and De Los Santos.
Panama Government Purchase 2014-2-78-0-99-SB-004550:
Details of the farms to be auctioned:
CHIRIQUI PROVINCE, FINCA 6189, LOCATION: 2ND STREET. NORTH BOQUETE.
CHIRIQUI PROVINCE, FINCA 33477, LOCATION: CARRETERA A GUALACA FORTUNA.
The airport is planning 700 square meters of new retail space, which will include a supermarket and clothing stores.
The information was released by Rafael Mencia, CEO of Aeris, the company responsible for managing the airport, adding that the new premises will be located in the west of the terminal.
"... an area of about 700 m² can be used for stores, as the corridors will consume 300 m²", reported Nacion.com.