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.
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.
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.
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 growth experienced in the area has led to the Unit of Reverted Properties to postpone the sale of lots in Amador and Sherman in order to update development plans anticipated in that area.
It's not just the projected fourth bridge over the canal and the convention center being built in Amador, but also the future Metro Line 3, which connects the east of the city with the districts of Arraijan, Capira, Chame, La Chorrera and San Carlos.
In the department of Estelí, the main producing area, the price of land has risen, driven by increasing demand for areas in which to grow tobacco plants.
In 2013 cigarexports generated revenues in excess of $200 million and production achieved a 18% growth compared to the previous year, reflecting the good performance of the tobacco industry in the country. Nestor Plasencia, industry entrepreneur and president of the Association of producers of Nicaraguan cigar makers, said that "... more than 90% (of domestic production) comes from the department of Estelí."
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 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.
Business groups are working on the definition of an alternative to the Government's policy to value properties according to their commercial value.
An article in Prensa.com reports that as an example José Luis Ford, president of the Chamber of Commerce, Industries and Agriculture of Panama (Cciap) noted that the position of the chamber is "to search for a more 'real' number, because the value used (commercial value for determining the registry value) does not match reality."
Up until August, $41 million was registered from the sale of reverted real estate and it is estimated that by the end of the year, the amount will rise to $80 million.
The money was obtained from the auction of properties that were returned to the country as part of the fulfillment of the Torrijos-Carter treaty signed in 1977. "When compared to sales in the first eight months of last year, it can be seen that the amount raised in the auctions increased by 241%", reported Prensa.com.
The auction of the Atlapaconvention 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.
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