Undoubtedly, the real estate in Guatemala has been for the past 15 years, and to the present date, one of the fastest growing and dynamic sectors for Guatemala, taking into account that according to specialized magazines, there has been a growth of almost 6% in the sector, during the last year, associated with a GDP growth, positioning this activity within the country, as one of the fields that provides dynamism and an economic reactivation internally, with interesting developments and proyects for the sector, that become relevant for the economy in general.
As a result of future investments in construction, Guatemala is experiencing a sensitive growth, betting on private capital investments, a real estate development, both in the capital area and in the most important economic centers of the country such as Quetzaltenango, Cobán, Huehuetenango, Zacapa and Izabal.
According to data from the Central Bank of Guatemala, the number of square meters of construction exceeded 850 thousand in 2018, and in 2019 it approached 700 thousand, projecting even more in the total square meters of construction area for the current 2020. Other data revealed that many of these projects, and as the trend showed for the past five years, belong to Horizontal Property regime, of medium and high footage, and that will mainly impact the urban area of residential characteristics within the Capital City, as can be considered, zone 10, 11, 14, 15, 16 and the road to El Salvador. However, due to the orography of certain sectors already mentioned, the offer cannot continue with the same rhythm of constructions of this type of projects , since many of the areas no longer allow this type of edifications, which translates into a lower supply of projects despite of the demand.
Another issue to consider is the environmental and vehicular mobility impact that represents the concentration of said projects in certain areas, since many of these are moving away from high-cost plans, approaching projects for the middle and / or low income class, offering housing alternatives to people with profiles, who otherwise could only acquire a house in the peripheries, but who, due to mobility and distance to work centers, need a more comfortable and central option for that purpose.
There are also real estate projects, with a comprehensive approach, or of mixed use, where housing, recreation and commerce are integrated, and they do not yet represent a large number, but their growth is expected in the coming years. Some real estate agents and real estate actors point to the growth of projects that adapt to people's lifestyle as the main focus, and that is what will be seen in construction trends in the coming years.
As examples of mixed-use projects, we can mention AVIA in zone 10, which integrates office spaces, tourism, recreation and soon housing area, or also Vistares in zone 12, where there is a shopping center that will be attached to a vertical housing tower of next construction.
Some other areas within Guatemala City, which had usually been forgotten by developers, are being taken into account for new and interesting projects, these areas are within zones 2, 3, 4, 5 , 6, 8 and 12, where some developers dared to do something different, which includes the Capital City downtown.
In addition to the above, there are other projects, destined for commercial and entertainment purposes, due to the absence of public recreational spaces for families, and where the real estate market has taken advantage of, always having the premise of maintaining family, safe and quality spaces.
In the rural areas of the country, there are also projects that seek to decentralize the construction of the metropolitan area, giving access innovative places for commerce, as visitors have become much more knowledgeable and demanding of those services. This can be found in the renovation and investment that many developers have made to their existing shopping centers in the interior departments, without having new projects at the door, both in the west and in the east of the country.
The positive effect of the above, when creating economic development centers, is the collateral effect of employment and wellness of the communities residing in this sectors.
Despite all these projects, the reality is that there is an unsatisfied housing deficit, which continues to be a pending debt in the country, so that projects with a popular housing approach will also see a rebound in the coming years, both within and outside the capital city, where it is estimated that more than one hundred projects will see the light of day. The conferences of ENADE 2018, had as its main focus the Urban Development and Housing, with the presence of the expert Joan Clos, former executive director of UN-Habitat and former mayor of Barcelona, and who shared with the attendees a vision for the integral approach in the urban construction agenda. These projects have features that make them affordable for being practical, simple finished, abandoning some comforts and even without contemplating parking spaces, with people having better access to financing.
In conclusion, in the next projects to be constituted during this year and the following ones, it can be expected that only those who bet on the quality and well-being of their occupants will be successful, as long as they have the support of the government, developers and investors alike.