Real estate developers are backing the construction of apartment buildings in the metropolis, offering proximity to work places, avoiding long commutes.
With an investment of nearly $9 million the Corporación Calidad Inmobiliaria is building the apartment building ‘Tower 360’ on the Boulevard Vista Hermosa. Targetting the segment of the market of young professionals, who have income of more than $3,000, the apartment prices range from $104,000 to $164,000 with fees from $550.
"Juan Carlos Salazar, Manager of Inspecciones Globales, said that the trend for homeowners is to want a home that is affordable and that is near their workplace, that has social areas and parking.
"People want a house inside the city, but when they see the reality they realize that they can not afford it, so then they look for an apartment, which is inexpensive and near the main avenues", said Salazar according to cnn.com.gt
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A 29 storey tower containing 126 apartments in the center of the capital San José confirms the trend towards high rise housing with easy access to urban services.
The project which is by Grupo Inmobiliario Del Parque is part of the second phase of the project Torres de Paseo Colon.
High rise condominiums are becoming consolidated as the favoured choice for housing and business opportunities throughout the greater metropolitan area.
Santa Ana is the county with the most properties, having seven vertical and six horizontal condominiums, followed by the central canton of San José, which has seven new buildings.
Guatemala City offers great opportunities for vertical housing development.
The high price of family housing, the lack of extensive land in the capital or on the outskirts of the city, are some of the motives behind the construction of apartment complexes.
"Xavier Andrade, president of the National Association of Home Builders (Anacovi), said that vertical complexes are a necessity for a city like Guatemala, because as time goes on cheaper land ends up further and further away from places of work, which means higher costs in terms of transport", noted an article in Prensalibre.com.
In the first half of 2014 housing construction grew by 30% and 27% for apartment buildings, compared to the same period last year.
The balance between the demand for houses and apartments is very equal, depending on the geographical area; generally there are more apartments in the capital and more houses in the countryside.