When a property remains on the market for months without any specific transactions being closed, the most common diagnosis is usually a superficial one: "the market is slow." However, this statement, although partly true, does not alone explain why some similar properties sell and others do not. The reality is that behind every stalled transaction is a combination of factors operating simultaneously—economic, psychological, technical, and strategic—that often go unnoticed by the owners. Below, we break down, one by one, the most common reasons why a home fails to sell in Paraguay today. This isn't meant to simplify, but rather to show the real complexity of a decision involving money, emotions, and lost opportunities. 1. The Price: Between Affective Memory and Market Reality In Paraguay, as in many emerging markets, the average homeowner sets their home price subjectively. They calculate how much it cost to build, how much they invested in expansions, how much they "think" their neighborhood is worth, and often, how much they would like to receive to buy something else. But the market doesn't pay for memories or expectations. It pays for perceived and comparative value. In a context of low mortgage penetration and reduced liquidity—especially for mid- to high-priced properties—listings that fall outside the market simply don't generate interest or traffic. They become invisible, even if they are active on the most relevant portals. 2. The Strategic Error of the Entry Price A less visible—but equally damaging—mistake is what's known as "miscalibrated entry pricing ." That is, entering the market with a high price with the intention of "negotiating later." This common practice often backfires. In today's digital environment, where searches are filtered by price range, square footage, and area, an overpriced home not only receives fewer clicks, but is often excluded from searches altogether. And by the time its price finally drops, it has already lost traction and trust. The market has a memory: a property that has been listed for 120 days without any activity is marked as "problem" or "last option," even if it is later adjusted correctly. 3. Aesthetics: When Photos Don't Sell The first visit today doesn't happen at the property, but on a cell phone. And if the photos don't convey clarity, order, and warmth, the potential buyer won't move on to the next step. In the digital environment, the image doesn't just accompany the product: it is the product, at least in that first split second when it's decided whether it's worth digging deeper. Often, homeowners don't invest in professional photography because they believe it "doesn't make a difference." But the data tells us otherwise. According to the National Association of Realtors (NAR), 87% of buyers find photos the most useful resource when evaluating properties online. And a PhotoUp study showed that listings with professional photography receive up to 61% more views than those with low-quality images. In the mid-to-high-end segment, where prices hover around USD 200,000 or more, not using professional photos is like posting a premium car without washing it. Not only does it detract from its value, but it also conveys sloppiness and neglect. Added to that, the lack of ambiance (staging), empty rooms or outdated decor create an emotional disconnect : the house does not project the lifestyle the buyer is seeking to achieve. 4. Land, Typology and Functional Obsolescence Many homes built 15, 20, or even 30 years ago were designed with a spatial logic that no longer fits contemporary living styles. Large social areas—such as formal living rooms and separate dining rooms—were prioritized, while bedrooms were left behind in terms of surface area and functionality. Bathrooms were often small, with poor ventilation and no storage space. Walk-in closets, if they existed, were minimal or reserved exclusively for the master suite. Kitchens were generally closed, conceived as service areas with no integration with the rest of the house. The idea of versatile spaces, such as a desk or home work area, was practically nonexistent. Garages also followed another paradigm: they were designed for smaller vehicles, without taking into account the growth of the vehicle fleet or the simultaneous use of multiple vehicles by the same family. Furthermore, structural design used to be fragmented into multiple levels—stairs, slopes, mezzanines—which today are difficult to access or adapt to new family dynamics, especially when older adults or young children are present. In technical terms, this translates into functional obsolescence: not because the property is deteriorating, but because it no longer meets current usage expectations efficiently or comfortably. Habits have changed: today we seek integration, natural light, cross-ventilation, connected spaces, usable surfaces, and a fluid everyday experience. 5. Location: Is Your Neighborhood What It Used To Be? In the seller's mind, the neighborhood often retains the prestige it had 10 or 20 years ago. But the market is changing. Neighborhoods that were once considered "well-located" may now be overcrowded, poorly connected, unsafe, or have aging infrastructure. Furthermore, new, expanding areas can offer more modern, better-connected alternatives, lower prices per square meter, and greater potential. Competition shifted, and the owner didn't always realize it. 6. Sales Strategy: Who's Telling the Story? A key point: selling a property isn't about listing it. It's about building a strategic narrative around it. What you communicate, how you present it, why it's relevant to that specific buyer profile. Is it designed for a family? An investor? An expat? Everyone is looking for something different, and the message must be tailored. Many properties don't sell simply because they're poorly positioned in the market. And that's a strategic error, not a product error. 7. The Human Factor: Are You Really Prepared to Sell? There is something that no advisor, architect, or appraiser can solve without starting with the owner: the emotional willingness to close a cycle. Many sales fail because, deep down, the owner doesn't want to sell yet, or isn't ready to let go of that part. This manifests itself in subtle ways: Not responding in time Reject reasonable offers Cancel visits at the last minute Demanding excessive conditions The emotionality of selling is real. A house isn't just a possession: it's a symbol, a memory archive, an extension of the self. And a cycle doesn't just close. 8. Wrong Channel: When the Problem Isn't the House, But Who's Telling It Not all properties sell equally, and not all channels are suitable for all types of properties. Selling a USD 300,000 family home is not the same as marketing a USD 65,000 investment unit. Each property requires a tailored strategy, its own language, and a specific audience. Listing a home on the wrong channel can result in many views... but no calls. If the portal or platform doesn't reach the right buyer profile, visibility becomes noise. The same thing happens when a mid- or high-end property is advertised without a narrative or aesthetic: it loses appeal before it's even considered. Who represents you also plays a role. A real estate agency specializing in volume won't necessarily know how to market a property with outstanding architecture or unique attributes. And an agent who lacks time or motivation won't adequately defend the property's value. A good house that's poorly presented, poorly advertised, or poorly advised is unlikely to sell. Because in today's market, it's not enough to be visible: you have to be well positioned. And for that, the channel matters as much as the product. Your house not selling isn't a punishment from the market. It's often a mirror that reflects all the inconsistencies in the offer: a price that doesn't reflect the real value, a sloppy presentation, a poorly defined strategy, or an unconscious intention to not close the cycle yet. The real estate market doesn't punish: it responds. And if it doesn't respond, you have to read it more intelligently. Selling well isn't about luck; it's about preparation. And above all, it's about being honest with yourself.

HQ is establishing itself in Asunción with an office model that breaks with traditional norms, offering turnkey solutions for a market increasingly oriented toward flexibility, efficiency, and scalability. HQ's entry into the Paraguayan market represents much more than the arrival of an international coworking brand. It represents a structural shift in the way we think about workspace, aligned with global trends in flexibility, operational efficiency, and professionalism. This proposal, backed by the experience of IWG—the leading British group in office solutions with more than 4,000 locations in 120 countries—is being established in the Automotor Center Building in Asunción, partnered with Automotor and Steromar , and operated locally by Steromar, a firm with a track record in the management and development of corporate spaces. Martín Silva, CEO South America IWG PLC The Automotor Center Corporate Building, located on Avenida Artigas, was the chosen location for this first HQ headquarters in Paraguay. This is no small choice: the building was a pioneer in consolidating a new corporate hub in the city, anticipating the real estate development that is now beginning to take shape in this area, with projects such as GoTower, Distrito Perseverancia, and growing public and private investment. Since its opening in 2020, the Automotor Center has housed technology companies, professional studios, and institutions that value its strategic location, just 10 minutes from Asunción's main neighborhoods and with direct access to the Costanera. The incorporation of HQ complements this ecosystem with an innovative proposal, designed to respond to the new dynamics of hybrid work and the needs of an increasingly demanding market. HQ offices are designed as turnkey solutions. In contrast to the traditional office rental format—which involves long-term contracts, high warranties, renovation work, furniture acquisition, and ongoing operational management—this model offers a comprehensive service, with fully equipped infrastructure, flexible contracts, and zero initial investment. Everything is set up so companies can simply arrive, settle in, and begin operating without wasting time or resources on logistical issues. The approach aims to facilitate the start-up of medium-sized companies, many of them international, seeking efficiency, scalability, and professionalism from day one. The spaces offered include 30 private offices ranging in size from 8 to 50 m², with capacities from 2 to 12 workstations. Currently, 600 m² are available, which can be adapted to the needs of expanding companies or those with distributed teams. The cost of an office starts at approximately USD 179 per month, with prices varying depending on the location within the building, brightness, privacy, or panoramic views. All contracts are flexible and tailored to the client's needs, with options from one month to longer periods, ideal for companies in transition or in the market testing phase. Offices can be rented individually or in combination, allowing a single company to occupy several adjacent units if it needs to scale quickly. This modularity makes it easier for companies to start with a small footprint and, as they add staff or consolidate operations, expand their presence within the same space without complications. In addition to the physical space, HQ offers associated services that reinforce its value proposition. High-speed internet access, the use of fully equipped meeting rooms, printing options, and cafeteria services are part of the all-inclusive package, along with electronic access control and on-site parking. The attention to detail, quality furnishings, air conditioning, and panoramic views from the rooftop dining area enhance the daily experience of those who choose this location as their workplace. A key element of this proposal is virtual offices, which allow foreign companies to have a valid fiscal address in Paraguay, receive correspondence, and complete all the legal procedures necessary for incorporating a company without having to rent a physical space from the outset. This solution, particularly useful in the early stages of expansion, has attracted interest from several sectors, including the real estate sector, which often requires space for small teams during market exploration or operational setup phases. HQ also adapts perfectly to new forms of work organization. As the hybrid model—combining physical presence with remote work—becomes established, companies are increasingly considering the possibility of decentralizing their operations and bringing workspaces closer to the areas where their employees live. This structural change in corporate culture favors the emergence of alternative business hubs to the traditional financial center, and the Artigas corridor is emerging as one of the areas with the greatest potential for this type of development. With this opening, Asunción not only adds a new international brand to its corporate ecosystem, but also takes a step forward in consolidating more flexible, accessible office models that are prepared for today's challenges. HQ offers an environment where infrastructure is no longer a concern, and companies can focus on what truly matters: developing their businesses, growing, connecting with new markets, and generating value from day one. For more information, please contact Architect Paola Arias, Steromar's commercial manager, at +595 984 645877 or visit the website www.steromar.com.py .

Encarnación is experiencing a period of consolidation as one of the most active cities in the Paraguayan real estate market. The advancement of new residential developments, the growth of its urban infrastructure, and the sustained arrival of investors and residents—both local and foreign—are shaping a new urban identity. In this context, the continuity of projects that have already demonstrated concrete results takes on special importance. Torres Bolik II, developed by the Barcelona Group, is presented as a direct response to this demand: a solid, modern residential offering focused on quality of life, designed for those who choose Encarnación as a place to live or invest with a long-term perspective. Located in one of the most privileged areas of Encarnación, Torres Bolik II is located on the city's most valued axis: the main entrance and the waterfront. The setting combines tranquility, greenery, and direct connectivity to the city's key points. Just a few blocks away are the new waterfront shopping center, the Savoy Hotel, and other iconic hotels. This neighborhood has established itself in recent years as one of the most desirable areas to live, partly due to its proximity to the Paraná River and its residential atmosphere. The tower is strategically located where each unit has a direct view of the Paraná River. This decision was no coincidence: it answers one of the most frequently asked questions by buyers in Encarnación. In this case, all apartments have guaranteed views of the river, which clearly differentiates them from other offerings on the market. Torres Bolik II consists of 59 apartments, distributed in one-, two-, and three-bedroom units. The one-bedroom apartments, measuring 46 m², are especially attractive to young couples, professionals, and students looking for a first home or a solid investment in a location with potential for appreciation. The two-bedroom units are available in two versions: one measuring 64 m² and the other 77 m², both with efficient layouts and well-designed spaces. The upper floors contain the only two three-bedroom units, each measuring 148 m². One of these has already been acquired during the pre-sale phase. The common spaces were designed to add value to everyday life. The tower will include a large pool, which will be the largest among the city's residential buildings. It will also feature a separate whirlpool area, a fully equipped gym, a sauna, and heated barbecue areas with 180-degree views of the river. A coworking space will also be incorporated, in line with new ways of working that demand comfortable and functional environments for professionals who opt for remote or hybrid work. As in the first tower, landscaping will take center stage, with gardens and vegetation integrated throughout the perimeter of the building. The idea is that contact with nature will not be limited to the view from the balcony, but will be an everyday experience. The design was led by architect Keiji Ishibashi, who was also responsible for the original Torres Bolik I project. Its continuity in architectural direction reflects the intention of preserving the coherence between both stages of development, while clearly adapting to current demands. This new tower prioritized more contemporary lines, a greater presence of glass to guarantee open views, and a more functional internal layout. Unlike the previous tower, where some units did not have a direct view of the river, this was a requirement from the beginning of the project in Torres Bolik II. The intention was clear: for each owner to have a direct connection with the natural surroundings of Encarnación. The development is being led by Grupo Barcelona, a company that has consolidated its presence in the real estate market with more than 500 apartments delivered between Asunción and Encarnación. Its approach centers on building long-term relationships with buyers, rigorous delivery deadlines, and a development model that prioritizes trust. Many of the current buyers have already invested in the group's previous projects, reflecting a high level of satisfaction and loyalty. One of the group's fundamental pillars is construction through its own company, BCN Construcciones, which allows it to maintain full control over quality standards at all stages of the project. This construction company not only executes the group's own projects but also works on third-party projects in the hotel, corporate, and real estate sectors. This integration guarantees continuity, compliance, and visible long-term results. In fact, Torres Bolik I, delivered more than ten years ago, remains in excellent condition, thanks in part to the management that the group directly performs on the buildings it develops. In a context where Encarnación continues to grow as an investment and residential hub, projects like Torres Bolik II consolidate a way of doing things based on planning, functional architecture, and commitment to the final product. It's not simply about erecting a building, but rather offering a project that delivers on its promise and provides real value to those who choose to live or invest in the city. For more information, you can contact Grupo Barcelona at +595 982 801000 .

From elevated urban highways to the duplication of strategic routes, investments in road and urban infrastructure seek to modernize Greater Asunción, improve mobility, and open up new opportunities for economic and residential development.

With more than 900,000 square meters under development and an investment of nearly USD 350 million, Paraguay's shopping center industry is accelerating its transformation into multifunctional urban centers, decentralizing investment and generating new economic opportunities throughout the country. Plaza Mariscal, el espacio abierto que complementa la propuesta comercial del Shopping Mariscal Yesterday, the Mariscal Convention Center hosted a key event for the country's retail sector: "The Development of the Shopping Center Industry ," organized by the Latin American Chamber of Shopping Centers (CLICC) and the Chamber of Shopping Centers of Paraguay (CCPY). The event brought together developers, operators, strategic partners, and international experts to analyze the present and future of an industry undergoing rapid transformation and growth. Paraguay is currently experiencing an unprecedented wave of expansion in the sector, with more than 912,000 square meters of construction planned for shopping centers in different regions of the country, of which 150,000 square meters correspond to Gross Leasable Area (GLA). This expansion is accompanied by an estimated investment of nearly USD 350 million, reflecting a dynamism that transcends the capital and reaches cities such as Encarnación, Ciudad del Este, Pedro Juan Caballero, Limpio, San Lorenzo, Itauguá, and Mariano Roque Alonso. Proyecto de Plaza Norte en Limpio actualmente en construcción The decentralization of economic growth is one of the most notable features of this new era. Industry is no longer limited to Asunción, but aims to generate new commercial hubs in areas that have historically been marginalized by formal retail development. This trend not only drives private investment but also demands improved urban infrastructure from the public sector. During the meeting, the CCPY presented an ambitious overview of the sector, highlighting that this industry plays a key role as a driver of urban transformation, job creation, and economic formalization. It is estimated that, during the execution of the projects, between 7,500 direct and indirect jobs will be created, and once operational, each shopping center will be able to support between 300 and 800 formal jobs, not including the ecosystem of complementary suppliers and services. Distrito Perseverancia, en ejecución en Asunción, se posiciona como el mayor desarrollo urbano del país con más de 245.000 m² Among the flagship projects presented are the expansion of del Sol Shopping (with a total area of 99,720 m² and 35,620 m² of commercial space), the Central Mariscal in Asunción, which will adopt a mixed-use model integrating residences, offices, and restaurants, and the Perseverancia District, which with 245,900 m² is positioned as the largest development underway in the country, combining commerce, green spaces, and urban design. Other developments such as Shopping Mariano, Paseo Guaraní, Shopping Costanera, and Dubai by Pedro Juan Caballero reflect the growing regional diversification of the industry and its ability to adapt to different territorial and demographic dynamics. One of the most discussed areas was the transformation of the traditional shopping center concept toward more comprehensive models. New developments are no longer conceived exclusively as shopping centers, but as multifunctional urban centers where commerce, medical services, education, sports, entertainment, housing, and gastronomy converge. This evolution responds both to changes in consumer habits and to the country's urbanization process. In this context, it was emphasized that the growth of formal retail not only expands the commercial offering but also raises the standards of consumer experience and strengthens the sector's competitiveness in the face of new challenges. Furthermore, the interest in mixed formats and the arrival of new international brands open a window of opportunity to deepen the penetration of formal retail in Paraguay, especially in areas where it is still low. Central Mariscal, actualmente en construcción en Asunción, integrará residencias, oficinas y espacios comerciales bajo un concepto de usos mixtos. However, the sector faces significant structural challenges. These include excessive bureaucracy, long project approval times, a lack of regulatory clarity, and insufficient road infrastructure, particularly in emerging areas. For industry leaders, these weaknesses do not represent a definitive obstacle, but rather an opportunity for the public and private sectors to work together to close historical gaps. Finally, it was emphasized that the sector's projected growth is supported by a dual phenomenon: on the one hand, changing consumer habits, with a growing preference for safe and well-designed spaces; and on the other, urban migration, which is driving demand for comprehensive commercial spaces in areas previously considered peripheral. The event not only consolidated the role of the CCPY and CLICC as strategic articulators, but also made it clear that the shopping center industry in Paraguay is preparing to take on an even more prominent role in the country's urban and economic development. The future of national retail is no longer measured solely in square meters, but rather in its ability to build community, revitalize cities, and generate sustained economic and social value.

By José Carlos Palacio, Head of Administration and Finance at Paraguay Sotheby's International Realty

Giuseppe Cipriani, CEO de Cipriani In a world where immediacy and unlimited access to goods and services have diluted many concepts of exclusivity, speaking of truly exceptional experiences has become an art reserved for those who understand that true luxury lies not in ostentatiousness, but in authenticity, humanity, and meticulous attention to detail. This is the vision that has guided the Cipriani family for generations, a legacy that Giuseppe Cipriani leads today with the same passion that led his grandfather to open the legendary Harry's Bar in Venice in 1931. Since then, the Cipriani brand has transcended the boundaries of traditional hospitality. What began as a small bar in Piazza San Marco is now synonymous with a lifestyle that understands elegance as a form of respect for others, not an exercise in ostentation. This vision has been embodied in restaurants, hotels, residences, and iconic spaces in cities such as New York, Dubai, Monte Carlo, Milan, and Hong Kong, and continues to expand with new projects that aim to go beyond impressing: they seek to transcend. Casa Cipriani Milano For Giuseppe Cipriani, true luxury is, above all, a genuine act of service. A concept that goes beyond aesthetics and finds its greatest expression in small gestures, those invisible details that transform a space into a memorable place. In his view, excellence is born from the natural way in which the team interacts with guests. In an increasingly standardized global market, where responses seem programmed and services automated, Cipriani defends the importance of preserving the authenticity of human contact. Hospitality, he says, is an art that must be felt, not executed like a script. The Cipriani philosophy finds its essence in a subtle, almost imperceptible balance between the elements that make up a memorable experience. Every detail is carefully orchestrated: the exact proportion of the spaces, the harmony of the materials, the delicacy of the aromas, and the way the light gently bathes each room are as important as the warmth of a genuine smile when welcoming guests. A space should not impose itself or overshadow those who inhabit it; its true mission is to frame and elevate shared moments, allowing people to always be the protagonists. Perfection is not born from grandiloquent gestures, but from meticulous attention to the small details that transform the ordinary into the extraordinary. From the purity of the air and the absence of overpowering aromas to the precise height of tables and chairs that facilitate closeness and conversation, every decision is geared toward fostering human interaction. An overly large table or an oversized glass not only disrupts the aesthetics of the space, but also disrupts the harmony of encounters. In Cipriani spaces, the design never seeks to be the centerpiece, but rather a subtle setting where emotions, encounters, and conversations flow naturally. Rather than dazzling, these environments are conceived to be experienced, remembered, and, above all, felt. For the Cipriani family, creating exceptional spaces goes far beyond architecture or interior design; it focuses, above all, on the human experience. This philosophy, passed down from generation to generation, finds one of its pillars in a teaching that Giuseppe Cipriani holds dear. His grandfather used to say that, in a room, no matter how beautiful, you spend more time with the light off than on. And it is precisely in those moments, when the visible disappears, that what is truly important becomes meaningful: a comfortable bed, sheets of the highest quality, subtle and enveloping aromas. When the light goes out, the room ceases to be a stage set, and what remains is the feeling of absolute well-being. This vision is realized today in one of the brand's most ambitious projects: Cipriani Resort, Residences & Casino in Punta del Este. Conceived as a tribute to the history of the iconic Hotel San Rafael, this development seeks not simply to replicate a glorious past, but to reinterpret it through the timeless values of elegance and simplicity. With architecture inspired by classic lines and meticulous attention to every detail, the project seeks to create not only a physical space, but an emotional legacy. The project's first phase includes a luxury oceanfront hotel with 64 rooms, haute cuisine restaurants, the first Cipriani casino, and an exclusive beach club. The second phase will include 120 additional suites and 68 residences, designed to offer some of the most spacious and refined residential spaces in South America. Each of these spaces was designed with the same principles that guide the brand's hospitality: comfort should not be a fleeting luxury, but a constant that accompanies the lives of those who inhabit every corner. This project stands out both for its exceptional hospitality and service offerings, as well as for the architectural innovations that mark a turning point in the Punta del Este real estate market. For the first time, the city's urban planning regulations allowed for heights exceeding 90 meters, resulting in residences with privileged panoramic views and interior spaces of a magnitude uncommon in the region. Each apartment has been designed with floor-to-ceiling heights of between 3.40 and 3.50 meters, well above the city's average of around 2.60 meters. This decision not only provides a sense of greater freedom and light, but also elevates the quality of life for those who live in these spaces. Furthermore, the residential units begin at a height higher than most buildings in the area, ensuring unobstructed views of the ocean and Punta del Este's iconic landscapes. Cipriani Resort, Residences & Casino Punta del Este Giuseppe Cipriani knows Punta del Este intimately, not from the distance of an observer, but from the experience of having made it his home for almost three decades. This direct connection with the culture, rhythm, and essence of the place has allowed him to genuinely interpret what it means to live in this environment. In this sense, the project not only recovers the splendor of a historical icon but also proposes a new way of experiencing Punta del Este, balancing modernity and tradition, exclusivity and openness. A fundamental part of this vision is the Cipriani Academy, an institution that will open its doors in 2026 near the resort. Conceived as an international hospitality training center, this academy will not only train the team that will work on the project but will also contribute to raising service standards throughout the region. It is an investment in human talent and in preserving a philosophy of life that understands that true distinction lies in the way one cares for others. In a market where many developments strive for immediate spectacularity, Cipriani opts for permanence. Architecture can be impressive, but if it's not accompanied by authentic service, a profound respect for detail, and a genuine commitment to people, it soon loses its value. The grandeur of a space, according to Giuseppe Cipriani, is not measured by its scale, but by the emotional imprint it leaves on those who experience it. This vision has also sparked growing interest in Paraguay. Paraguayans' long-standing relationship with Punta del Este and their fondness for Playa Brava beach have found in this project an investment and enjoyment opportunity that goes far beyond the conventional. More than acquiring a property, it's about becoming part of a carefully designed lifestyle. The area where the Cipriani project is currently located has been a meeting point for this community for decades, and even boasts a symbolic space: Plaza Paraguay. It's not just about acquiring a property, but about being part of a carefully designed lifestyle. The residences are not merely physical spaces, but settings for experiencing memorable moments in an environment of absolute privacy, comfort, and beauty. When reflecting on the spaces that will define the next era of real estate excellence, the vision is oriented toward environments that transcend the functional and become true universes of experience. These spaces have evolved significantly over the years, transforming not only the architecture of hotels and residences, but also the concept of amenities, which today stand as essential components of residents' lifestyles. In projects like Cipriani Residences Punta del Este, this evolution is embodied in a range of services and spaces that until recently were unthinkable in residential developments. Residents acquire much more than a property: they access an unprecedented ecosystem of wellness and entertainment. Pools surrounded by private cabanas, landscaped terraces inviting relaxation, a holistic spa with a sauna, steam bath, and treatment rooms, and a state-of-the-art fitness center with Pilates and yoga studios redefine the concept of quality of life. Casa Cipriani New York These experiences are complemented by squash, pickleball, and paddle tennis courts, a screening room, library, game room, art and podcast studios, and even a bowling alley, creating a comprehensive and sophisticated lifestyle. All of this is complemented by high-end services such as high-speed internet, pet care assistance, housekeeping, and personal trainers available to residents. This attention to detail and the creation of complete, self-sufficient environments is what distinguishes the developments of the future. It's about going beyond the simple acquisition of a property to offer residents a universe of possibilities, where elegance and convenience blend harmoniously, elevating every aspect of daily life to a level of true exceptionality. Cipriani Residences Miami Thus, in a world where the immediate and the ephemeral seem to dominate, true distinction continues to belong to those who understand that the exceptional is not built in haste or ostentation, but with the patience of those who polish every detail until it reaches perfection. The Cipriani philosophy, forged over nearly a century, is not only a model of hospitality, but a way of understanding life: a reminder that the most valuable experiences are those that transcend the visible and remain in the emotional memory of those who experience them. Along this path, Cipriani doesn't just design spaces; he builds legacies. He doesn't simply build structures; he creates settings where life takes on new meaning. And while the world continues its relentless search for the extraordinary, the answer, perhaps, has always been in the simplest ways: in the warmth of a welcome, in the perfection of a well-achieved silence, and in the certainty that the greatness of a place is ultimately measured by the emotions it manages to evoke.

Paraguay is undergoing a period of transformation that few would have anticipated just a decade ago. On Asunción's main thoroughfares, such as Villa Morra and the corporate district, foreign accents have become a familiar part of the urban landscape. What was once an occasional phenomenon is now palpable evidence of a country that is quietly positioning itself as one of the most attractive destinations in the region, not only for investment, but also for living, raising a family, or enjoying a quieter life with greater freedom. This surge in foreigners choosing Paraguay as their new home is not an isolated phenomenon, but rather the direct consequence of global factors that are reshaping migration flows and investment decisions. In a world marked by political uncertainty, economic instability, and increasing restrictions on individual freedoms, Paraguay presents itself as a safe, accessible, and forward-looking alternative. This new dynamic is not only boosting the local economy but is also redefining real estate market trends, adapting to a more international and demanding demand. The international context plays a decisive role in this trend. The European region is experiencing a complex geopolitical and economic scenario. The aftermath of the war in Ukraine, the escalating inflation that has driven up the cost of living in countries like Germany, Spain, and France, and increasing tax regulations restricting capital mobility have put the financial security of families and large estates to the test. At the same time, Latin America is facing its own turbulence: the prolonged economic and political crisis in Argentina, the high tax burden in Colombia and Peru, and recent regulatory changes in Chile and Mexico have raised alarm bells for those seeking to protect their assets and find more stable environments for their life and investment projects. One of the groups that has contributed the most to this change is digital nomads. Following the COVID-19 pandemic, Asunción established itself as an emerging destination for those seeking a peaceful and affordable place to work remotely. The city has even risen to number 37 on the list of top destinations for digital nomads according to Nomads.com, reaching positions within the top 10 at certain times last year. These new residents, mostly young professionals, initially opt for temporary rentals on platforms like Airbnb or Booking.com, locating themselves near the corporate hub to explore the city. Over time, many of them choose to establish a permanent base in Paraguay, attracted by the ease of obtaining tax residency and the possibility of enjoying a safe, low-cost environment. Some prefer to continue traveling but maintain their Paraguayan residency due to the tax benefits it entails. Others decide to settle permanently, accessing traditional rentals or purchasing apartments in the most desirable areas of Asunción. The "Plan B" phenomenon has also taken on particular relevance. More and more Europeans, North Americans, Argentines, Venezuelans, and even Bolivians are finding in Paraguay a refuge from the instability of their countries of origin. This concept, which refers to the search for a second home or citizenship as a contingency plan, has translated into an increase in the purchase of apartments, houses in gated communities, and even rural areas far from large cities. For many of these foreigners, Paraguay represents not only a retirement or investment destination, but also a space where individual and economic freedoms remain intact. Encarnación, with its proximity to European colonies and its orderly urban expansion, has become one of the most sought-after destinations for this type of foreigner. But not everyone arrives with the idea of a "contingency plan." An increasing number of people are making the conscious decision to move permanently to Paraguay, attracted by the possibility of starting a family in a safe environment with strong cultural roots. According to data from the Directorate of Immigration, in the last year alone, 28,464 residency permits were issued to foreign citizens, of which more than 6,600 were permanent, representing a 6% increase compared to the previous year. Brazilians, Argentines, and Germans lead these statistics, consolidating a migratory flow that continues to grow. This demographic shift directly impacts real estate market trends. The solutions these new residents seek vary depending on their profile and goals. On the one hand, there are those who prioritize security and community living, opting for homes in gated communities or private condominiums with family amenities and green areas. On the other, there are those who seek the practicality of urban living, purchasing apartments in areas such as Recoleta, Villa Morra, Las Lomas, or Santísima Trinidad, with easy access to international schools, shopping centers, and first-class services. Investors, for their part, have found in Paraguay a market with profitability margins that are difficult to match in other countries in the region. Properties still have low entry prices compared to cities like Buenos Aires or São Paulo, allowing for net returns of between 5% and 8% annually. The growing demand for rentals, both in the residential and corporate sectors, offers unique opportunities, especially in high-value areas such as Asunción, Encarnación, and Ciudad del Este. The country's economic and fiscal stability, coupled with a highly competitive tax system with a 10% Corporate Income Tax (CIT) and a 10% VAT, make Paraguay an ideal destination for both those seeking asset security and those seeking long-term profitability. Furthermore, the ease of acquiring property without restrictions, coupled with legal security surrounding private property, has been a key factor in attracting foreign investment. Meanwhile, the local real estate market is adapting to this new reality. Short-term rental projects, driven by platforms like Airbnb, are gaining ground in tourist and corporate areas. At the same time, demand for commercial and office space in strategic areas is growing, accompanying the expansion of new business hubs. Mixed-use developments, which integrate residential, commercial, and corporate spaces, are increasingly attractive to a public seeking comprehensive and modern solutions. The rise of foreigners in Paraguay is, without a doubt, a phenomenon that is just beginning. The opportunities the country offers, both for living and investing, position it as a new center of attraction in South America. And in this context, the real estate market is emerging as one of the major beneficiaries of this change, with growth potential that promises to continue in the coming years.

Last Thursday, May 8th, Grupo Barcelona celebrated the official opening of Paraná Playa Costanera, its newest residential development in the city of Encarnación. The event was attended by investors, residents, real estate agents, and the entire Grupo Barcelona team. With 90% of its units already sold, Paraná Playa Costanera not only symbolizes a commercial achievement, but also the consolidation of Encarnación as an investment and quality-of-life destination. The prime location of Paraná Playa Costanera is, without a doubt, its greatest attraction. Located in a setting that combines the tranquility of green spaces with the dynamism of the city, the project faces the majestic Paraná River, in an area where the waterfront, the most important gastronomic hub, and just one block from Encarnación's main shopping center converge. This enclave not only offers accessibility and convenience, but also gives its residents the opportunity to live with uninterrupted panoramic views of the river, a privilege that has become the project's distinctive feature. Each unit, designed in an L-shaped structure, has been conceived to ensure that both the living rooms and bedrooms have direct views of the river, allowing residents to enjoy the incomparable landscape from the comfort of their homes. During the opening, Grupo Barcelona executives highlighted the positive reception from customers, many of whom are repeat buyers who have placed their trust in the brand on more than one occasion. This loyalty is a testament to the quality of the product and the support of a development group that has established itself as a benchmark in the city. In this regard, they also highlighted the growing interest from foreign buyers, particularly Europeans from Spain, Germany, Switzerland, and Portugal, as well as South American investors, especially from Brazil and Chile. This trend is due to Encarnación's strategic location, close to the historic European colonies, and its projection as a rapidly growing residential paradise. Encarnación is currently experiencing a period of transformation. The opening of new businesses and the expansion of its urban infrastructure have turned the city into a center of opportunity. This growing economic activity generates a steady demand for rentals in well-located areas, such as the Paraná Playa Costanera, where quality housing is still limited. Therefore, purchasing a property in this development not only guarantees an excellent place to live, but also an investment with high potential for profitability and capital gains. According to Grupo Barcelona executives, Encarnación is a city that is just beginning to unleash its true potential, and those who enter the market at this early stage will be able to take advantage of growth opportunities that are no longer available in other, more established cities. Regarding available units, the project has just six two-bedroom apartments remaining, out of the 65 total units in the building. Prices for these last units start at $115,000, with flexible financing options tailored to the needs of buyers. Grupo Barcelona offers its own financing plans and works in conjunction with banks, facilitating the administrative process for obtaining mortgage loans, even with the possibility of immediate approval upon delivery of the units. The amenities at Paraná Playa Costanera have been designed to complement a lifestyle commensurate with its riverfront location. The building features a large pool with a sundeck and panoramic river views, allowing residents to enjoy the scenery while relaxing outdoors. It also features a fully equipped gym, ideal for maintaining a healthy lifestyle, and two heated barbecue areas with river views, perfect for social gatherings and private events. The project also includes three levels of parking, distributed across a basement and two upper levels, ensuring comfort and security for residents and their visitors. The architectural design of Paraná Playa Costanera was led by the prestigious Bauen studio, led by architect Aldo Cristaldo, who has collaborated with Grupo Barcelona on previous projects. This continued professional relationship reflects the trust in high-level design, characterized by functional spaces, the selection of quality materials, and a modern aesthetic that enhances the surroundings. Grupo Barcelona, of Spanish origin and with roots in the city of Barcelona, has built a track record of more than 15 years in Paraguay, establishing itself as a benchmark of trust, security, and solidity in the real estate market. Its first project, the emblematic Edificio Barcelona in Asunción, marked the beginning of a long-term vision that also led them to become pioneers in the city of Encarnación in 2014, with the first major development in the area. Since then, the brand has positioned itself as a strategic ally for investors, backed by the experience and quality of its projects. Its business model integrates various units, including hotels and real estate development. It is notable for building its own projects through its construction company, which allows it to guarantee high standards of quality and compliance. It also offers comprehensive management services, providing investors with a complete solution that encompasses everything from property management to rental management, thus facilitating a secure and hassle-free investment. During the opening event, the owners themselves shared their experiences, highlighting not only the quality of the units but also the ongoing support of Grupo Barcelona throughout the entire purchase and investment process. This support, combined with the group's long-term vision, ensures that Paraná Playa Costanera is not just a residential project, but a symbol of the new Encarnación: a booming city with real investment opportunities, a privileged riverfront setting, and a promising future for those who choose to invest in its growth. For more information, you can contact Grupo Barcelona at +595 982 801000 .

In recent years, Paraguay has moved from being a peripheral market to one of the most attractive destinations for foreign investment in South America. Its macroeconomic stability, competitive tax regime, and abundant natural resources have captured the attention of analysts, international media, and institutional investors, positioning the country as a strategic option for long-term business development. According to data from the Ministry of Industry and Commerce (MIC), in 2024 alone, Paraguay attracted more than 1,100 companies from 55 countries, with Argentina, Brazil, Bolivia, the United States, and Chile being the main sources of investment. This figure is not isolated: according to the Central Bank of Paraguay, foreign direct investment (FDI) reached USD 9,966.6 million at the end of the third quarter of 2024, representing a 4.1% increase compared to the same period last year. This influx of capital is largely driven by the strength of the Paraguayan economy. In July 2024, Moody's awarded the country investment grade status for the first time in its history, with a Baa3 rating and a stable outlook. This milestone was widely celebrated, as it represents greater confidence in global financial markets and facilitates access to credit at lower rates for the country and its companies. After being the fastest-growing country in the subregion in 2024, Paraguay is expected to remain among the most dynamic economies this year. The 3.8% growth forecast by the IMF for 2025 would place it behind only Argentina, which is expected to experience a 5.5% economic expansion this year. One of Paraguay's main distinguishing features compared to its neighbors is its macroeconomic stability. While other economies in the region face high inflation and fiscal crises, Paraguay has maintained prudent monetary policy, moderate inflation, and controlled public debt. Furthermore, the country has one of the most competitive tax regimes in Latin America. The Corporate Income Tax (CIT) rate is 10%, one of the lowest in the region. Added to this is a 10% Value Added Tax (VAT), also considered among the lowest in Latin America, which reduces the tax burden on consumption. Paraguay's overall tax structure generates a total tax burden of around 11.4% of GDP, one of the lowest in the continent, providing greater scope for business profitability. Paraguay also has clear and accessible incentive policies, such as Law 60/90, which grants tariff and tax exemptions to domestic or foreign investment projects that meet certain strategic requirements. This law allows companies to import capital goods, raw materials, and inputs without paying tariffs or VAT, thus encouraging the establishment of industries and local productive development. There are also special regimes such as free trade zones, where companies can operate with significant tax benefits, including full exemption from national taxes, provided their production is destined for export. Likewise, there are special regimes such as free trade zones, where companies can operate with significant tax benefits, including full exemption from national taxes, provided their production is destined for export. This combination of low tax burden, regulatory stability, and investment incentives positions Paraguay as an ideal environment for medium- and long-term projects, especially in sectors such as manufacturing, logistics, agribusiness, and technology. In parallel with the boom in productive investment, Paraguay is also beginning to position itself as an attractive destination for digital nomads and expats. Its favorable tax regime, low cost of living, economic stability, and growing digital connectivity have captured the attention of remote workers and independent professionals seeking a safe and accessible environment in South America. Asunción, in particular, has seen an increase in the arrival of foreign residents who value the city's tranquility, its emerging cultural life, and the opportunity to establish an operational base without the regulatory complexities of other markets in the region. This trend not only boosts the real estate market—especially for short-term rentals and urban residences—but also expands the consumer ecosystem, bringing diversity and human capital to the country's social and economic fabric. Geographic location also plays a strategic role. Paraguay is at the heart of Mercosur, with access to markets with more than 300 million consumers. Through the Paraná-Paraguay waterway, it connects to Atlantic ports, facilitating exports. In terms of resources, Paraguay has one of the cleanest and cheapest energy mixes in the world, thanks to the hydroelectric power produced by the Itaipu and Yacyretá dams. This factor has been key to attracting investment in electro-intensive industries, such as data centers, manufacturing, and agribusiness. Economic dynamism and rising domestic consumption have also driven sustained growth in the real estate sector. Residential, commercial, and corporate projects are multiplying in cities such as Asunción, Luque, San Lorenzo, Encarnación, Nueva Asunción, and Ciudad del Este, reflecting the demand of an expanding middle class and investor interest in capitalizing on rising land values. Local and international developers are investing in innovative models such as gated communities, mixed-use developments, sustainable buildings, and rental-oriented formats. In particular, the corporate sector has seen a boom in new AAA buildings and logistics centers, while the mid-range and upper-middle-range residential segment continues to lead in sales. Furthermore, the price per square meter in Paraguay remains competitive compared to other markets in the region, allowing for attractive margins and capital gains opportunities. On the other hand, access to financing has begun to improve, with local banks offering more competitive mortgage lines of credit and new financial tools such as real estate investment trusts (FIBRAS) beginning to emerge in the ecosystem. From 2019 to 2024, housing loans increased from $422 million to $996 million, more than doubling the loan amount in just five years. This has boosted both supply and demand, allowing for greater professionalization of the sector. Paraguay has managed to consolidate a positive narrative in the world: that of an emerging, stable, accessible country with room for growth. Multilateral organizations and analysts agree that the country is at a mature stage to receive impact investments, especially in sectors such as infrastructure, renewable energy, agribusiness, digital services, and real estate. Paraguay's strategic location, at the heart of Mercosur, is also a differentiating factor. Its connectivity with Brazil, Argentina, and Bolivia allows it to operate as a regional logistics hub, an advantage further enhanced by the low cost of energy from hydroelectric plants such as Itaipu and Yacyretá. This context has driven interest in real estate developments linked to infrastructure, industrial zones, distribution centers, and new planned urban developments. However, there are still challenges that must be addressed to sustain this trend: increased investment in public infrastructure, institutional strengthening, access to financing for SMEs, and improvements in transportation and connectivity systems. It will also be key to maintain policies that provide legal predictability and support urban growth with sustainable planning. Paraguay is no longer a secret. What was once an opportunity seen only by bold investors is now consolidated as a strategic choice for those seeking stable growth. The international spotlight is on the country, and rightly so. With appropriate policies and a long-term vision, Paraguay has all the elements to become one of the most promising development hubs in the region.

With a symbolic event attended by leading figures from the regional business and real estate sectors, CRESIA broke ground on Paseo Boquerón, officially marking the start of construction on its new residential project in Ciudad del Este. The ceremony took place last Wednesday on Pantaleón Aguirre Street, just a few meters from Lago de la República, one of the city's most cherished natural settings. The event was attended by representatives from Codas Vuyk, directors of the Ciudad del Este Chamber of Entrepreneurs, and various commercial partners of the project. Paseo Boquerón is the second project CRESIA has developed in conjunction with Codas Vuyk in Ciudad del Este, following the sales success of VIVO Área 1, an exclusive residential building that already has more than 90% of its units sold. Paseo Boquerón, for its part, has already reached 80% of its units sold in the pre-construction phase. The excellent market response to both projects positions CRESIA as one of the main players in real estate development in Ciudad del Este, demonstrating its ability to identify opportunities, develop high-demand products, and consolidate a modern, functional residential offering adapted to today's lifestyle. In this new proposal, the developer is opting for a mid-scale building, comprised of 11 floors of apartments, with a total of 84 one- and two-bedroom units, designed to respond to a modern, functional lifestyle connected to its surroundings. One of the building's distinctive elements is its contemporary architectural design, with a dynamic and modern façade characterized by curved parapets reminiscent of waves, a tribute to its proximity to Republic Lake. These curved bands alternate throughout the levels, providing movement, originality, and a youthful identity, all framed by glass railings and metal profiles that balance functionality and aesthetics. The building will feature a wide range of amenities, distributed across the ground floor and terrace. These include a multipurpose room, gym, swimming pool, meeting room, game room, and sauna, all designed to enhance the residents' experience. The project also includes parking spaces distributed between the ground floor and two basement levels, with a hierarchical general access on the ground floor, reinforcing the urban and contemporary character of the project. From an investment perspective, Paseo Boquerón represents an attractive opportunity for both traditional and short-term rentals. Thanks to the functionality of its units, its strategic location, and its comprehensive service offering, the project is emerging as an excellent option for those seeking rental income in one of the country's most promising markets. The high demand for the development is already reflected in the market: more than 80% of the units are sold in the pre-construction phase, consolidating Paseo Boquerón as one of the best-selling properties in the region. The actual start of construction is scheduled for late May 2025, and delivery of the units is planned for May 2028, with an estimated completion period of 36 months. CRESIA is a real estate development company created by the partnership of Pridelta Capital SA and Codas Vuyk SA, comprised of a team with extensive training and experience in the sector. Its work philosophy is based on being a connector between real estate projects and clients, committed to vertical growth that not only drives infrastructural development but also social progress. "We believe in the future and we bring it to life through concrete projects," the firm summarizes. With Paseo Boquerón, CRESIA reaffirms its commitment to the urban development of Ciudad del Este, offering a product that combines quality design, housing efficiency, and a proposal that embraces today's lifestyle. More than just a project, this project seeks to become a new way of living and experiencing the city.

In Paraguay, the subsoil and mineral resources do not belong to surface owners, but to the State. This principle, established in Law No. 3180/2007 "On Mining and Metallurgy" and subsequently amended by Laws 4269/2011 and 4935/2013 , lays the foundation for a legal framework that regulates all mineral prospecting, exploration, and exploitation activities in the national territory. For the real estate sector, understanding this legal framework is fundamental. The existence of existing mining rights on a property can limit urban development, affect land appreciation, or, conversely, open up opportunities for complementary economic development in certain areas. Paraguay has significant mining potential, supported by geological studies, although much of the territory has yet to be fully explored. This opens up opportunities for new discoveries and developments. Companies are currently analyzing the economic viability of what has already been identified. Gold and iron ore are already being extracted in Paraguay, and lithium, copper, titanium dioxide, and uranium are in the prospecting or exploration stages. However, Paraguayan mining is still in its infancy, with significant room for development. Article 3 of Law 3180 establishes that all mineral resources are the exclusive domain of the Paraguayan State. This includes metallic and non-metallic minerals, with the exception of stone, earth, and calcareous substances used for construction, which, while not subject to concession, require authorization, supervision, and control by the Ministry of Public Works and Communications (MOPC). This means that a landowner cannot freely exploit sand, stone, or clay without going through defined administrative processes. More importantly, if a third party already has a prospecting or exploitation permit for that property, the landowner cannot object without justified reason. The Paraguayan mining regime distinguishes three stages of activity: Prospecting: A general search for mineral deposits. Lasts up to 1 year. Exploration: Detailed investigation to define the technical and economic viability of a deposit. It lasts up to two years. Exploitation: Commercial extraction of the resource. Lasts up to 20 years, extendable in 5-year periods. Each phase requires authorization from the Ministry of Public Works (MOPC), and an annual fee per hectare is paid, the amount of which varies depending on the stage. For example, for prospecting, the fee ranges from USD 0.35 to USD 0.55/ha/year, while for exploitation, it can reach USD 2.25/ha/year. A particular feature of the legislation is that substances used for construction (stone, sand, clay, limestone) are subject to special regulations. While mining concessions are not granted for these materials, their extraction must be authorized and regulated by the Ministry of Public Works and Transport, especially when it is on a commercial scale. This directly affects real estate developers, construction companies, and urban development projects, as they cannot excavate, extract, or stockpile materials without the proper permit. Failure to comply can result in fines and suspension of construction work. When the holder of the mining right is not the same as the landowner, the law establishes mechanisms to coordinate surface use. If there is no agreement, the MOPC can authorize mining easements (right of way, water use, facilities) or even initiate an expropriation process. To avoid legal conflicts and ensure the viability of a real estate project, it is essential that developers consult the mining cadastre before acquiring land, especially in rural or peri-urban areas. The Vice Ministry of Mines and Energy, under the Ministry of Public Works and Mines (MOPC), maintains an online Mining Cadastre available on its website, where concessions, permits, applications, and those currently "in administrative or judicial process" can be viewed. During the prospecting and exploration phase, mining rights holders enjoy exemption from national taxes (except for royalties) and can import machinery duty-free. This has helped attract international investors, especially in regions such as the Cordillera, Caaguazú, and the Chaco. The law also provides a simplified regime for Paraguayan citizens wishing to exploit areas smaller than 10 hectares. This provision is important in areas where extractive activities coexist with small rural communities. All mining activities must comply with national environmental legislation. The Ministry of Public Works (MOPC), in coordination with the Ministry of Environment and Natural Resources (MADES), may require environmental impact studies and mitigation and restoration plans, and is empowered to impose sanctions and revoke permits if serious non-compliance is detected. For the real estate sector, these laws have clear implications: Before purchasing land, it is advisable to check whether there are any active mining rights on it. If materials (earth, stone, sand) need to be extracted for construction, the corresponding permit must be obtained from the MOPC. In areas with high mining potential, land may have additional value not only due to its location but also due to its geological content. Overlapping rights (real estate and mining) can generate conflicts that must be resolved in administrative or judicial proceedings. In a context of urban growth and sustained demand for infrastructure, the link between real estate development and the mining regime is becoming increasingly important. Understanding these regulations allows investors, architects, and real estate agents to make informed decisions, anticipate legal risks, and discover new business opportunities in Paraguay.