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Real Estate

The Times They are a Changing for Panama Real Estate

In the new century, Panama has established itself as a player in international real estate investment. The country’s economy continues to grow year on year. Foreign Direct Investment is still coming in. There are a variety of potential moneymaking real estate sectors. In short, Panama is more than holding its own during despite today’s global investment uncertainty.
However, prospective investors should be aware of some very important changes affecting real estate investments in Panama in 2009

Nordeste Invest; Coming to terms with a New Reality

During early May, Natal hosted Nordeste Invest, a landmark forum for international investment in Northeast Brazil. Leading real estate investors and developers exchanged views and provided many vital insights into the evolution of this dynamic market. The conference highlighted several far-reaching changes in the business environment following the recession, particularly in the tourist sector. While the outlook remains attractive, the focus is moving to residential and commercial real estate investments. Complexity is increasing, with a growing level of investor sophistication and a marketplace that is now demanding more differentiated offerings directed at Brazilian consumers and the rapidly expanding domestic demand. In conclusion many players have yet to adapt their approach and will need to be more innovative to be successful in future.

Lending Opportunities in Mexican Affordable Housing

The collapse of foreign investment in the Mexican affordable housing sector has created a significant opportunity for debt capital in search of compelling risk-adjusted returns on construction lending. Our confidence in this market is underpinned by continued strong fundamentals combined with increased government support of existing mortgage programs to provide exit strategies for newly developed housing units. We believe that current dislocations in the construction finance market, and commensurate yield decompression, is driven entirely by structural flaws in Mexico’s affordable housing sector and not by fundamentals.

Real Estate Indexing in Latin America

The new global paradigm of lower returns, less leverage and reduced risk, has made us very interested in looking at listed equities as a proxy for private equity real estate investing in Latin America.

Colombia Heating Up

For over twenty years increasing numbers of investors from outside the region have been looking for opportunities in Latin American real estate markets, but only the convergence of various positive factors in the last few years look to have firmly established this exciting and bountiful investment sector.

Underserved real estate markets with large populations and an increasingly wealthy middle class have been the carrots that have attracted the attention of many a real estate investor to Latin America. However, interest often remained just that as investors and developers were discouraged by volatile inflation, precarious economies and indebted governments. Tedious bureaucracy, regulatory barriers, corruption and the lack of reliable local partners were further reasons to enter the market at your own peri

Real Estate Limited Partnerships in Latin America

By James T. Anderson

Real Estate investment for Limited Partners (LPs) in Latin America can really be seen as a tale of two countries, namely Mexico and Brazil, and recent experiences there offer important contrasts between each country’s different market practices leading up to the global recession, some of the ways in which local participants responded differently, and, ultimately, lessons that the global recession may offer Limited Partners for future investing strategies in Latin America.
For LPs, the contrasts between Brazil and Mexico couldn’t be sharper, but identifying the appropriate strategy going forward may not be as clear. There seems to be a general consensus today that investors want to avoid Mexico but remain committed to investing in Brazil. One can’t blame them. This situation, in fact, is nearly a mirror image of the situation ten years ago when investors, beleaguered by years of boom and bust in Brazil, concentrated almost exclusively on Mexico as it emerged from the 1994 peso crisis. What we now know, of course, is that investors who were early to the game in Brazil have been rewarded handsomely, while experiences in Mexico are mixed at best.

Economic Revival In Chile

by Nathaniel Parish Flannery

New construction at Chile’s stalled Costanera Center, the unfinished 984 foot tall tower in the heart of Santiago’s gleaming financial district, is a highly visible reminder that even though the country‘s economy was rocked off course by the 2009 global financial crisis, in 2010 the country’s economy is already starting to recover. A billboard hanging in front of the $US600 million skyscraper, a development that is overseen by Chile’s Cencosud S.A., announces that the project is an “icon of Latin American development.” According to Chilean press sources, on December 5, 2009 Horst Paulmann, Cencosud’s chairman, told close associates that he was ready to re-start construction on the Costanera tower. As the new phase gets under way, the project could employ as many as 3,000 construction workers by March, 2010. On December 17, 2009 Michelle Bachalet, then Chile’s president, whose administration is widely credited with effectively managing the country’s economy both during the early boom years of her administration and during the recent downturn, attended a ribbon-cutting ceremony to mark the official re-launch of the Costanera project. Contacted on January 11, 2009, Alfredo Merlet, a market risk analyst at Rabobank Chile, which is located in Santiago’s financial district next to the Costanera project, explained that from the street in front of his office he can already see that workers have been called back to the Costanera site. Construction is expected to be completed by the end of 2012.

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