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.
In 2019, 426 environmental impact studies were submitted to develop condominiums, apartment buildings and other housing projects in Central American countries.
The interactive platform "Construction in Central America", of the Trade Intelligence Unit of CentralAmericaData, includes an up-to-date list of public and private construction projects that present environmental impact studies (EIS) to the respective institutions in each country.
In the country's metropolitan area, nearly 16,000 homes are being built, most of which are apartments and will be available in the coming months.
The good numbers for the construction sector in the country will continue in the coming months, since currently 112 real estate projects are being developed in the department of Guatemala, which will increase the housing supply in the next three years.
At the Expo Capac in Panama, 2,100 homes were sold, and mortgage transactions for nearly $180 million were achieved, surpassing the projections of the organizers by 50%.
This year was attended by 400 exhibitors who presented some 600 real estate projects and the support of 14 mortgage banks, public and private, which closed buying and selling procedures with thousands of visitors who came together during the five days of the fair event, reported the Panamanian Chamber of Construction (CAPAC).
In Panama, the National Assembly approved in the third debate the bill that contemplates interest rate benefits for the purchase of homes for a value of up to $180,000.
The Cortizo administration approved a proposal that establishes that the government will assume 2% of the bank interest for the purchase of homes valued between $120,000 and $150,000, and in the case of real estate between $150,000 and $180,000, the exoneration will be 1.5%.
The Cabinet Council approved on September 3 the bill No. 044-19, which still has to be endorsed by the Assembly and seeks to increase coverage for the purchase of homes worth $180,000, informed the presidency of Panama.
At the Expo Vivienda 2019 held in Panama, 600 housing development projects were presented in different parts of the country and $120 million were reported in negotiations.
The seventeenth version of Expo Vivienda had the participation of 180 companies, of which 12 were banks and 168 promoters and real estate, informed the organizers of the event.
During 2018, 435 environmental impact studies were presented to develop condominiums, apartment buildings and other housing projects in Central American countries.
The interactive platform "Construction in Central America", compiled by the Trade Intelligence Unit at CentralAmericaData, includes an up to date list of public and private construction projects for which environmental impact studies (EIA) were submitted to the respective institutions of each country.
Between 1990 and 2017, the constructed area of residential complexes in the condominium and apartment format in the Grand Metropolitan Area of Costa Rica grew from 5% to 25% of total space.
The most recent report from the State details that 80% of condominiums are in 24 districts, most of which are in the Western and Northern areas of the Grand Metropolitan Area (GAM).
After the Malaga City housing project was acquired by ALD Inmobiliaria in Costa Rica, the construction company has re-started work on the 1,600-unit condominium.
In August, in order to reactivate the project under the name "Residencial Terra Verbena", the acquisition of the residential complex "Malaga City" located in Alajuelita by ALD Inmobiliaria from Rock Constructions was reported.
Apartment towers in the capitals of Costa Rica and El Salvador, and a horizontal residential condominium in Panama, are some of the housing projects that are planned for construction in the following months.
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 construction projects which are planned to be built in the short and medium term.
In Panama City a reduction of almost 20% in the prices of residential rents has been reported, particularly in areas that five years ago registered the highest prices in the capital.
The high supply of apartments and houses in residential areas has pushed down prices, especially in areas such as Paitilla, Balboa Avenue and Costa del Este, where in 2013 2 and 3 bedroom apartments were rented at prices above $2,000 and $3,000 a month.
Construction has been announced of a horizontal housing complex containing 39 homes, in the municipality of Nuevo Cuscatlán, in the department of La Libertad.
The construction company Algasa stated that it will begin construction of the residential complex called "Altema Family Townhouses" which will be built in two phases, the first one whose works will begin next month includes the development of 19 townhouses that will be ready in the last quarter of 2019
In Costa Rica, the Málaga City housing project, which was to be developed by Rock Constructions, was acquired by ALD Inmobiliaria, which plans to resume works.
In the upcoming edition of CAPAC Expo Habitat, to be held from September 5 to 9, the real estate developers' union expects that $120 million worth of deals will be struck.
Theevent will be held at the ATLAPA Convection Center, and will include the participation of more than 400 exhibitors, among them construction, real estate and decorating companies. About 600 projects for houses, apartments and land located in different areas of the country will be exhibited.
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