In recent years, the Recoleta neighborhood has transformed from a purely residential area into one of Asunción's most dynamic, diverse, and desirable urban enclaves. Covering an area of 2.63 km², Recoleta is experiencing an unprecedented boom in residential, corporate, and commercial development, while maintaining its historic imprint and neighborhood character. Recoleta owes its name to the Recollect Franciscans, who established their convent in the area where the iconic Recoleta Church currently stands. Over time, it has evolved from a traditionally middle- and upper-middle-class neighborhood with single-family homes, leafy trees, and a strong community fabric into a landmark urban center. This evolution has occurred gradually, respecting the neighborhood scale, integrating innovation without losing its historical identity. The neighborhood's growth is clearly marked by the growing demand for housing in central areas that offer connectivity, infrastructure, services, and security. This has led to a gradual transformation of the urban landscape, where traditional single-family homes are giving way to high-rise developments. This trend has been driven primarily by young professionals, childless couples, and older adults seeking an active urban lifestyle, with everything just minutes away. Currently, numerous real estate projects are underway, with Central Mariscal, developed by Altius Group Paraguay, standing out as one of the most ambitious in the city. This mixed-use complex will integrate a corporate building, two residential towers (MORE), a gastronomic and commercial promenade, and parking spaces, consolidating Recoleta as an epicenter of urban innovation. In addition to Central Mariscal, Recoleta is also home to several other developments underway that aim to redefine its skyline and strengthen its residential and corporate presence. These include First Mariscal, Civis Mariscal, Palmanova Villamorra, Palmanova Pacheco, Soho Flats, and Aires Recoleta. These projects, driven by renowned local and international developers, confirm the growing interest in investing in established urban areas with services, connectivity, and an environment that balances residential life with commercial and social activities. An emblem of this urban renewal is La Cuadrita, a pedestrian street that extends along Alberto de Souza Street, between Cruz del Defensor and Cruz del Chaco streets. Opened in April 2024, La Cuadrita was inspired by international models of depaving, where cities are converting traditional streets into vibrant, sustainable, and inclusive public spaces. Today, La Cuadrita is one of Recoleta's most visited spots, boasting a first-class culinary offering that includes Patria Parrilla, Mozzafiato, Pecadora, Pintón, La Provista, and Pez de Mar Dulce, all iconic signature restaurants. This promenade, where gastronomy, art, and vegetation merge, sets a new standard for urban coexistence in Paraguay. Located in the heart of the neighborhood, Shopping Mariscal has established itself as one of the most important shopping centers in the country. With more than 115 retail stores, 20 dining options in its food court, four in Plaza Mariscal, and 23 in the Mercado Mariscal, it represents a constant attraction for thousands of people who visit it daily. The shopping center has recently been remodeled to blend more seamlessly into the public space, facilitating pedestrian access and creating a more fluid flow between the street and the mall. On weekends and evenings, both the Mariscal Market and Plaza Mariscal become lively meeting points, further invigorating the area. Recoleta is home to several key banking institutions in the country. Banco Atlas, Banco GNB, and Citi Bank have their headquarters here, while Sudameris Bank, Itaú, Interfisa, and the BNF actively operate in the area with high-volume branches. Furthermore, the Inter-American Development Bank (IDB) has its headquarters in Recoleta, reinforcing the neighborhood's institutional and corporate presence. The most significant corporate buildings already operating in the area are Citi Center, Mariscal Center, Atlas Center, and Torre de las Américas. Additionally, New World Tower and Asunción Trading Center, two new office towers, are under construction and will significantly expand the premium space offering for national and international companies. The neighborhood's educational infrastructure is also notable. Recoleta is home to historic institutions such as Colegio Las Almenas, Colegio Santa Clara, and Colegio Campoalto, all with over 40 years of history, educating generations with a solid academic and humanistic focus. In the hotel sector, two of Asunción's most elegant and renowned accommodations stand out: Hotel La Misión and Hotel Hub. Both are frequently chosen by celebrities, businessmen, and diplomatic figures, thanks to their strategic location, excellent services, and discretion. In addition, the neighborhood offers a wide variety of services that complement the urban lifestyle: a spa, hair salons, gas stations, Biggie convenience stores, three Superseis stores, and a Real Supermarket, covering all the daily needs of its residents. Although Recoleta is a well-established area, its green infrastructure needs attention. Plaza Manuel Ortiz Guerrero, Plaza José Asunción Flores, and Plaza Infante Rivarola are traditional spaces in the neighborhood, with high symbolic value, but they require renovation and modernization. Even so, the recent renovation of Mirador Recoleta, a small urban space with an attractive and well-maintained design, demonstrates that with commitment and investment, these places can become oases of encounter, relaxation, and community life. The Centenario Club, founded in 1937, is one of the most prestigious institutions in the country and a social icon of the neighborhood. Its infrastructure occupies 67,983 m², including 14,500 m² of civil buildings, 12,240 m² of parking, and 20,000 m² dedicated to sports facilities. The club represents not only a recreational space but also a key point of social integration between generations. Club Centenario One of the most transformative elements of Recoleta's new face has been the creation of the Mariscal Neighborhood Association, an initiative driven by business owners and residents committed to the neighborhood's harmonious development. In less than three years, this association has substantially improved the quality of the urban environment through concrete actions: removing fences, improving sidewalks, improving public gardens, cleaning, painting curbs, and signage. The Association not only seeks to beautify the neighborhood, but also strengthen the sense of community, promote pedestrian safety, and position Recoleta as a replicable model of inclusive and sustainable urban development. In its balance between the traditional and the contemporary, Recoleta represents the new face of Asunción. A neighborhood where every block tells a story, every project reflects a vision of the future, and every urban intervention seeks to make life more fulfilling. With an expanding ecosystem that includes culture, business, education, gastronomy, housing, and community, Recoleta stands as an exemplary case of urban transformation and a strategic opportunity for those who wish to invest, live, or build a city.

Yesterday, Altius Group Paraguay officially launched MORE Plaza, its latest real estate project in Asunción, during an event held at its showroom located at the corner of Nuestra Señora del Carmen and César López Moreira streets in the Manorá neighborhood. The location chosen for the event was no coincidence: it is the very location where the complex will be built, which has already reached 50% of units sold in the pre-sale phase. Directivos y equipo ejecutivo de Altius Group Paraguay durante el lanzamiento de MORE Plaza With a strategic location, just steps from Shopping del Sol and the corporate hub, MORE Plaza consolidates the success of Altius and raises the standard of urban housing in Paraguay. The project will be built on a 22,000-square-meter lot, a significant area considering the 12-story building, allowing for an architectural design focused on spaciousness, natural light, and green spaces. MORE Plaza not only responds to the growing demand for housing in premium areas, but also proposes a new concept of urban living: a haven of serenity amidst the city's dynamism. The design integrates internal gardens and green areas that invite you to reconnect with nature, without straying far from Asunción's commercial and corporate core. Every corner is designed to breathe better, live better, and be part of an environment that calms and renews. The project offers an ideal balance between comfort, technology, and sustainability. The incorporation of smart home systems allows you to control lighting, air conditioning, and security from your cell phone, simplifying daily life. The layout of the spaces and the quality of construction are designed to meet the expectations of a demanding public, who value both functionality and contemporary aesthetics. The project will feature 130 residential units, ranging from studios of 40 m², one-bedroom units from 57 m², two-bedroom units from 88 m², and three-bedroom units reaching 157 m², with exclusive duplex units reaching 215 m². Among the amenities located on the rooftop are a pool, gym, yoga studio, game room, locker rooms, and barbecue areas, designed to offer wellness and socializing experiences for both residents and guests. The mixed nature of the project is reinforced by the addition of four ground-floor commercial spaces and a separate corporate office building, reflecting global urban planning trends that focus on integrating living, work, and services into a single environment. Furthermore, the presence of a central plaza at the heart of the development creates a new open urban space, serving as both a meeting point and a green lung for the neighborhood. The architecture of MORE Plaza is the result of a remarkable collaboration between renowned Paraguayan architect Julia Galanti and the prestigious international studio Gómez Platero. This partnership combines local expertise with a global vision, resulting in a design that blends elegance, functionality, and harmony with the surroundings. The landscaping will be designed by Graciela Bo, one of the leading experts in outdoor space design in Paraguay. Her work will ensure a coherent integration of nature, architecture, and well-being. Construction of the project is scheduled to begin in the coming weeks, with delivery expected by the end of 2027, marking the beginning of a new era for the Manorá area, which continues to position itself as one of the most attractive residential and corporate hubs in Asunción. The architecture of MORE Plaza is the result of a collaboration between two prestigious studios: Julia Galanti Arquitecta and the internationally renowned Gómez Platero Arquitectura y Urbanismo . This union of a local perspective and a global vision results in a design that combines functionality, aesthetics, and good taste, creating ideal spaces for the comfort and well-being of its occupants. The project's landscaping will be led by Graciela Bo, a leading professional in the field of outdoor space design in Paraguay. Her focus on integrating nature into the urban environment is reflected in a careful selection of plant species and natural elements, ensuring a harmonious environment that complements the complex's architecture and reinforces its character as an urban oasis. MORE Plaza will be Altius Group's fifth development in Paraguay, following the successes of MORE del Sol, MORE Mariscal, Nostrum, and Los Pingos . With this project, the firm has over 120,000 m² of development space in the country, reaffirming its commitment to transforming the urban landscape of Asunción. Founded in 2008, Altius Group is present in Uruguay, Paraguay, Panama, and Mexico, positioning itself as a key player in the regional real estate market. Construction will be carried out by the Gómez Abente firm, founded in 2012 by engineers Santiago Gómez Grassi and Miguel Abente Brun, both with over three decades of experience in the field. The company is characterized by its technical expertise, reliability, and focus on quality, combining experience with innovation thanks to a multidisciplinary team of professionals from different generations. MORE Plaza is more than a real estate project: it's a thoughtful lifestyle, designed for those looking to live, work, and enjoy the city from a prime location with everything within reach. For more information, interested parties can contact Altius Group Paraguay at +595 976 127 729 .

Carlos Guasti, CEO Grupo Petra, y Christian Daghelinckx, Managing Director America , Minor Hotels Europe & America. The renowned international chain Minor Hotels confirmed its arrival in Paraguay with the development of the NH Collection Asunción, a luxury hotel that will be part of a mixed-use mega-real estate project, marking a milestone in the transformation of the capital's skyline and the evolution of the national hotel sector. With more than 560 hotels and resorts in 58 countries, Minor Hotels operates renowned brands in Asia Pacific, the Middle East, Europe, the Americas, Africa, and the Indian Ocean. The expansion into Paraguay is part of its growth strategy in Latin America and responds to the growing dynamism of the Paraguayan tourism market, with strong demand in both the corporate and leisure segments. The future NH Collection will be located on Santa Teresa Avenue, just 400 meters from the intersection with Aviadores del Chaco Avenue, one of the most developed urban and commercial areas in Asunción. The hotel will be integrated into Petra Imperiale , a complex of more than 70 floors, which will become the tallest building in the city and the fourth tallest in South America, also encompassing residential apartments, corporate offices, commercial spaces, and parking. This ambitious urban ecosystem aims to redefine the experience of living and working in Asunción. Scheduled to open in 2029, the hotel will have 80 rooms and operate under the NH Collection brand, positioned in the upper-upscale segment. The offering will be geared toward both business and leisure travelers, offering first-class services such as a spa, pool, restaurant, bar, panoramic terrace, helipad, and meeting rooms, consolidating the NH Collection Asunción as one of the region's new premium destinations. The project is being developed in conjunction with Grupo Petra, one of the leading real estate firms in Paraguay, known for its construction excellence and for pioneering innovative, high-standard developments. The estimated investment for the hotel ranges between USD 8 and 12 million, with a projected creation of 35 to 40 direct jobs, contributing to the economic, urban, and tourism development of the capital. "We are confident that, together with Grupo Petra, we will make this hotel a landmark in Asunción, a city with great dynamism and growth potential. The arrival of NH Collection represents a strategic commitment to Paraguay, elevating the country's hotel offering with a distinctive product of international quality." -Gonzalo Aguilar, CEO of Minor Hotels Europe & Americas. The decision to enter the Paraguayan market stems from an analysis that identifies sustained growth in corporate and leisure tourism, as well as a growing demand for premium accommodations. Furthermore, Asunción has established itself as a relevant destination for organizing events and conventions, reinforcing the investment opportunity. The NH Collection Asunción will be Minor Hotels' first venture in the country, while the company continues to evaluate possibilities in other secondary cities in Paraguay. In parallel, the brand is advancing its expansion strategy in Latin America, exploring key markets such as Chile, Argentina, and Peru through hotel management and franchise models. "We are excited to begin this project with Minor Hotels, a company that shares our vision of excellence and quality. We are convinced that this will be the beginning of something extraordinary." -Carlos Guasti, Director of the Petra Group. Construction of the hotel will begin in the coming months, with an opening scheduled for 2029.

On April 9th, at a special event held on the terrace of the Navis building, Riverside was officially presented. This first residential development in El Delta , designed by renowned Uruguayan architect Martín Gómez Platero . This housing complex marks a turning point in the city's lifestyle and is positioned as the only project in Nueva Asunción that focuses its attention on the heart of Asunción, creating a unique visual and emotional connection with the Paraguay River. Riverside is strategically located within the ambitious El Delta master plan, developed by Solaria City Makers in collaboration with the prestigious international architecture firm BMA. This new urban district, spanning 1,600 hectares, is poised to become a model for a 21st-century city, where infrastructure, community, and nature coexist in a relationship of respect, harmony, and forward-looking vision. Just 20 minutes from Asunción's historic center and a few minutes from access to the new Chaco Bridge, El Delta represents a symbol of modernity and innovation that redefines the concept of urban expansion in Paraguay. Riverside proposes a way of living in harmony with nature, through a design that organically connects the environment with each living space. Its five residential buildings are distributed on different levels, allowing all units to have open views of the river, privacy, and natural air circulation that improves daily comfort. Far from imposing itself on the landscape, the complex blends with it, and each terrace, balcony, or interior space invites a close experience with water, sky, and greenery. Riverside's architecture, in the words of Martín Gómez Platero himself, constructs an image of the habitat that goes beyond its privileged location and is articulated in an integrated way at all levels of living: the natural territory, the city, the architectural grouping, and the housing unit, respecting the specifics of the site and enhancing its identity. The first block under construction within the plan is Zafiro, a seven-story building with units already in the commercialization phase. Available typologies include three-bedroom apartments with areas ranging from 280 to 710 square meters, and four-bedroom units ranging from 410 to 450 square meters. For those seeking an even more exclusive experience, the project offers penthouses with dimensions exceeding 450 square meters and reaching up to 600 square meters. Each of these units was designed with a contemporary approach, prioritizing comfort, natural light, fine materials, and an emotional connection with the surrounding landscape. The project's design also includes a series of common spaces and services designed to enrich the daily lives of residents. These include a shared pool with a sundeck, a fully equipped gym, coworking spaces for those working from home or seeking creative environments, barbecue areas that allow for social gatherings year-round, and separate areas for children and teens, which encourage intergenerational interaction while maintaining the privacy and well-being of each group. The impetus behind this comprehensive urban vision comes from Solaria City Makers. With over 15 years in the market, the firm has revolutionized Nueva Asunción with its comprehensive and sustainable planning proposal. El Delta is not just a real estate project, but a true urban ecosystem that has already given rise to important landmarks, such as La Isla del Delta, the Business Center housing the Alkan and Navis corporate buildings, the Marina del Delta Nautical Complex, and the Tarumá Golf course, all already completed. Added to this are projects currently underway, such as Barrio Náutico, M5 Río Verde, and Barrio Norte, which consolidate Solaria as a benchmark in contemporary urban development in the region. Riverside was conceived by Gómez Platero Arquitectura y Urbanismo , a Uruguay-based firm that has made a significant mark in Latin America, and particularly in Paraguay, since 2002. Founded by Martín Gómez Platero , the office was consolidated with a philosophy centered on human design, inclusion, and the construction of sustainable communities. With more than two decades of experience, Gómez Platero has become a regional benchmark for architectural quality, cultural sensitivity, and technical excellence, creating projects that not only respond to a functional need, but also transform urban realities and improve the quality of life of those who live in them. This proposal is not just a set of buildings, but a declaration of principles on how the future of cities should be projected: with respect for the environment, a focus on people's well-being, and a clear vision of urban integration. In this sense, El Delta reaffirms its commitment to developing high-quality residential spaces that not only respond to market demands but also propose a new way of understanding life by the river, in full contact with nature and without sacrificing comfort and sophistication. For those who wish to learn more about Riverside and explore available investment opportunities, please contact our commercial advisors at +595 981 503 255 or email info@solaria.com.py . This is the time to be part of a project that not only holds promise, but is already building a new paradigm for living in Paraguay.

Starting June 2, 2025, all applications for cadastral certification in Paraguay must be processed exclusively in digital format through the Electronic File System (SIEE), as announced by the Ministry of Economy and Finance (MEF). This measure marks a new milestone in the modernization process of the National Cadastre Service (SNC) and puts an end to the acceptance of paper applications, which will be accepted only until May 30 of the same year. The cadastral certificate is an essential document in real estate transactions in the country. It certifies the physical, legal, and economic data of a property, such as its location, surface area, cadastral value, and use, among others. Its presentation is mandatory in deeds involving the creation, transfer, or modification of real estate rights, and the information contained therein must be reflected in said notarial documents. The decision to move toward complete digitalization of the process is part of MH Resolution No. 207/2018, which authorizes the use of electronic signatures, digital signatures, and electronic files in the SNC's administrative processes. This transformation not only seeks to modernize the service but also to reduce paper use within the State, in compliance with Law No. 6562/2020. In preparation for this implementation, the Directorate General of the National Cadastre Service urges authorized public notaries who do not yet have a SIEE user account to register before June 1, 2025. The goal is to ensure a smooth transition to the new digital system and avoid setbacks in the processing of key documents for the real estate market. The Ministry of Economy and Finance (MEF) assures that, thanks to this digitalization, the issuance of the cadastral certificate can be completed within a maximum of two to three business days, with greater traceability, efficiency, and transparency. Furthermore, SNC Resolution No. 637/2019 remains in effect, which provides for the exemption from payment of fees for files processed through the electronic system, in the event that a certification is rejected due to an error attributable to the institution. In such cases, professionals can contact the entity directly via email at sncdigital@hacienda.gov.py . This firm step toward digitalization consolidates the Paraguayan government's intention to modernize and streamline processes in the real estate ecosystem, while strengthening transparency and security in real estate transactions. For developers, notaries, agents, and buyers, the implementation of this system promises a substantial improvement in the time and operational efficiency of one of the most important processes in the sector.

The recent rise of the dollar in Paraguay, which surpassed the 8,000 pesos per dollar barrier in the first quarter of 2025, has generated significant implications for the local real estate market. This sustained appreciation of the dollar, despite interventions by the Central Bank of Paraguay (BCP), is redefining the dynamics for both local buyers and foreign investors. According to current data, most Latin American currencies are expected to depreciate against the dollar from the beginning of 2025. The Brazilian real and Chilean peso are down 7.1%, while the Colombian peso is down 6.2%, and the Uruguayan peso is down 4.4%. The Peruvian sol and Mexican peso are also down 3.1% and 3.4%, respectively. In contrast, the Argentine peso, both in its official and CCL versions, is up 3.8% and 8.9%, respectively. Internationally, the euro and pound sterling are down 3.9% and 3.0%, while the Japanese yen and dollar index are down 4.2% and 3.6%. The BCP has attempted to contain the exchange rate escalation by selling or injecting foreign currency totaling USD 1.549 billion in 2024, and USD 201 million in the first two months of 2025 alone. It has also announced that it will continue its presence in the foreign exchange market with daily sales of USD 15 million starting March 27, 2025. Despite these efforts, the rising dollar continues to directly impact a real estate market where most properties are priced and transacted in dollars. The most immediate impact of the rising dollar is the increased cost of housing for local buyers, whose income and savings are denominated in guaraníes. Since most properties are priced in dollars, the cost of purchasing has skyrocketed in guaraníes, making it difficult for local buyers to access properties. This situation also directly affects those seeking financing for home purchases, as mortgage payments denominated in dollars become more expensive in guaraníes. Even when mortgage loans are granted in local currency, the exchange rate fluctuation increases the final amount payable for those who must cover commitments denominated in dollars. This situation also affects the down payments that buyers must put together to complete the purchase, as the rising exchange rate makes accumulating the capital necessary to acquire properties more expensive. The rental market reflects this dynamic, as most residential and commercial rents are priced in dollars. This reality means that local tenants now face higher costs to maintain their leases, creating additional economic pressure for those who rely on income in guaraníes. This situation could lead to a migration to cheaper properties or to peripheral areas, which in turn could increase demand for properties with rents denominated in guaraníes, affecting profitability for owners who have chosen to maintain their contracts in local currency. The secondary market also faces significant risks in this new context. The decline in local purchasing power and the rising price of properties in dollar terms could slow property turnover in the secondary market. This could lead to a buildup of inventory and affect resale dynamics, reducing market liquidity and lengthening time to market. For real estate developers, the impact of the rising dollar is less drastic, given that most projects are priced and marketed in dollars. Although developers do not face a direct impact on dollar pricing, the ability of local buyers to acquire properties may significantly decrease, which could slow sales and increase the time it takes to fill available units. This situation is leading some developers to adopt more conservative approaches when launching new projects, prioritizing financial viability and risk diversification in an environment marked by currency volatility. The Paraguayan market remains highly attractive for investors who manage capital in dollars. Since property prices remain stable in dollars, these investors do not face the same impact as local buyers and can benefit from the stability of their asset values. The ability to maintain their investments in dollars allows them to protect their capital from the depreciation of the guaraní and ensure stable income through rental contracts in dollars. Furthermore, in a regional context where several Latin American countries face high inflation rates and a constant devaluation of their currencies against the dollar, Paraguay is positioned as a safe option for safeguarding capital. The dollarized real estate market acts as a shield against loss of value, allowing investors to preserve their assets and generate attractive returns in a volatile economic environment. This combination of exchange rate stability and investment opportunities positions the Paraguayan real estate sector as a solid alternative for those seeking to protect their capital in a context of economic uncertainty. In this context, the key to mitigating risks and maintaining profitability lies in the ability of developers, real estate agents, and investors to proactively adjust their strategies. The flexibility to offer financing in guaraníes, adapt pre-sale models, and diversify property portfolios will be critical to respond to a changing environment. At the same time, property owners will need to carefully evaluate whether to continue pricing in dollars or adjust their contracts to appeal to a broader segment of the local market. The Paraguayan real estate market is at a crossroads. While the strong dollar represents significant obstacles for local buyers and tenants, it also offers strategic opportunities for investors seeking to position themselves in an emerging market or to safeguard capital and protect it from devaluation. Developers' ability to adapt their sales, financing, and pre-sale strategies will be key to maintaining market dynamism in this new economic context. The current outlook demands greater strategic planning and a differentiated approach to serve both local buyers and foreign investors. The balance between offering viable options in guaraníes for the local market and keeping projects attractive to dollar-denominated investors will be crucial to ensuring the stability and growth of the real estate sector in Paraguay in the coming years.

The Government of Paraguay and the Inter-American Development Bank (IDB) signed a USD 154 million loan agreement yesterday to finance the ambitious Ypacaraí Lake Basin Sanitation Program, a large-scale project that seeks to reverse decades of environmental degradation in one of the country's main freshwater reserves. This effort, led by the Ministry of Public Works and Communications (MOPC), aims to improve the basin's environmental conditions and ensure sustainable, climate-resilient, and low-carbon development, while promoting access to thematic and green debt markets for the water and sanitation sector. The program includes a series of strategic interventions to increase sanitary sewer coverage, improve wastewater treatment, and restore environmentally degraded areas. Specific actions include the construction of 370 km of sewer networks, 48 km of pumping lines, pumping stations, and a wastewater treatment plant equipped for nutrient removal. These works will directly benefit more than 27,000 households in priority areas of Capiatá, Itauguá, Areguá, and San Bernardino, and will generally improve the quality of life of approximately 800,000 people throughout the basin. In addition, the pumping line connecting to the San Bernardino Wastewater Treatment Plant will be reconstructed, allowing for more efficient management of liquid waste in the area. One of the program's core focuses is the restoration of environmentally degraded areas, which involves implementing measures to reduce pollution from industrial and diffuse sources. This includes industrial restructuring plans and the adoption of stricter regulations to prevent future pollution in the watershed. These actions, along with the regulation of industrial discharges and proper solid waste management, will significantly contribute to restoring the ecological health of Lake Ypacaraí, which has suffered a progressive degradation process due to human activity and the lack of an efficient sanitation system in the region. To ensure the sustainability of these investments, the program also aims to improve the management of water and sanitation services in prioritized areas. This includes strengthening the technical and operational capacities of service providers, ensuring that the implemented infrastructure operates efficiently and sustainably over the long term. Furthermore, institutional strengthening of the Ministry of Public Works (MOPC), which will receive support to optimize the management of the Ypacaraí Lake watershed, design climate- and nature-oriented investments, and establish effective monitoring, reporting, and verification (MRV) mechanisms to assess the program's impact on climate and biodiversity. Funding for the program comes from IDB Climate, an initiative of the Inter-American Development Bank aimed at promoting sustainable development projects in Latin America and the Caribbean. Paraguay is one of the first adopters of this program, which allows it to access a 5% benefit on the loan subsidy, conditional on meeting specific environmental recovery objectives. This incentive reinforces the country's commitment to achieving climate and environmental goals aligned with international standards and strengthens its position in green debt markets. Parque Nacional Ypacaraí The IDB Climate Program adopts an innovative approach that seeks to link environmental investments with measurable results in terms of carbon emissions reduction, climate resilience, and biodiversity preservation. This positions Paraguay as a leader in the implementation of sustainable environmental projects in the region and lays the groundwork for future green infrastructure projects. The program's impact goes beyond the lake's environmental restoration. By significantly improving the environmental conditions of the Ypacaraí Lake basin, it will also boost the real estate value of the surrounding areas, increasing their attractiveness for residential, tourist, and commercial development. Infrastructure and sanitation improvements, along with a restored natural environment, will position cities like San Bernardino, Areguá, and Capiatá as highly attractive investment hubs for national and international developers. The Minister of Public Works, Claudia Centurión, highlighted the historic importance of the project: "Lake Ypacaraí will once again be the blue lake we all dream of, a heritage of all Paraguayans and a part of our identity." The contract signing took place in Santiago, Chile, during the annual meeting of the IDB Board of Governors, where the Minister of Economy and Finance, Carlos Fernández, and the IDB President, Ilan Goldfajn, formalized their commitment to the program's implementation. This IDB-approved financing is also part of a broader agreement reached during the 2023 COP in Dubai, where Paraguay and the IDB agreed on two budget lines of USD 778 million for sustainable development projects in infrastructure, energy transition, and water resource management. These funds will not only improve the water quality of Lake Ypacaraí, but also strengthen the country's institutional capacity to design and manage sustainable environmental projects. The Ypacaraí Lake Basin Cleanup Program represents a historic opportunity to reverse the environmental degradation of the lake and its surrounding areas. The implementation of these actions will not only ensure the preservation of this emblematic natural resource but will also lay the foundation for a more efficient and sustainable environmental management model. With this investment, Paraguay reaffirms its commitment to sustainable development, climate resilience, and the promotion of a cleaner and healthier environment for future generations. The transformation of Lake Ypacaraí will not only restore its natural splendor but will also have a positive impact on the local and national economy, boosting tourism, attracting investment, and promoting more balanced and responsible urban development. The commitment of the Government and the IDB is clear: to restore Lake Ypacaraí's natural beauty and ecological value, while ensuring that this restoration translates into tangible benefits for the entire community.

The data center market in Paraguay is undergoing a period of development and growth. Although current infrastructure is limited, the country's structural conditions—such as its low-cost renewable energy, incentives for foreign investment, and strategic geographic location—position it as an ideal candidate to become a regional digital hub. Currently, Paraguay has an estimated installed capacity of just 1 to 2 megawatts (MW) for data centers available to the business sector. This figure excludes both cryptocurrency mining operations—which can exceed 50 MW—and the internal facilities of banks and public agencies. The main operational centers are: Tigo Business (Villa Elisa): The only Tier III-certified data center in Paraguay, offering colocation and business continuity services. IPXON Asunción 1 and 2: structures equivalent to Tier III, although they do not have official certification. This capacity is insufficient even to cover a minimum functional base, estimated at 3 to 5 MW in 2025. Countries with similar characteristics, such as Uruguay, already have this scale. In digital growth scenarios, Paraguay will require between 5 and 10 MW by 2027, and up to 20 MW if it positions itself as a regional edge computing and disaster recovery service provider for Mercosur. Why is the need for data centers growing? Paraguay is experiencing a significant expansion of its digital business ecosystem. Several sectors are experiencing accelerated growth rates, increasing the demand for technological infrastructure. The software market is projected to grow by 5.68% annually until 2029. Digital commerce is projected to grow by 22.69% annually until 2029, while e-commerce revenue is projected to increase by 9.64% annually to reach USD 2.27 billion in 2029. Enterprise software is projected to grow by 7.04% annually, and digital investments are projected to increase by 6.75% annually. Furthermore, the digital health sector is projected to grow by 49.17% between 2024 and 2029. This dynamic of digital expansion is putting direct pressure on the need for modern and secure data centers within the country. The digital transformation experienced by businesses, the public sector, and society in general is driving unprecedented demand for data storage, processing, and security. This phenomenon is fueled by the rise of e-commerce and remote work, which require fast connections and low-latency cloud services. Added to this is the digitalization of the state and the financial system, which require stable, scalable, and secure platforms to operate efficiently. Furthermore, the growth of the data-driven economy demands that companies make decisions in real time, which requires infrastructure capable of ensuring high availability and redundancy. Finally, the need for digital sovereignty is becoming increasingly urgent, as relying on foreign servers to manage sensitive or strategic information entails technological and geopolitical risks. A modern data center allows for hosting business servers and applications in controlled environments, with redundant power, specialized cooling, and high-level physical and digital security. In this sense, data centers become a critical component of the economic infrastructure of any country aspiring to integrate into the global digital economy. Latent demand and infrastructure leakage Currently, most large Paraguayan companies and SMEs host their digital infrastructure in data centers in Brazil or Argentina due to the scarcity of local options. This leakage represents a loss in digital sovereignty, business opportunities, and real estate investment. It is estimated that if only 20% of this demand were repatriated, the country would need between 2 and 4 MW of additional installed capacity. Despite the growth of cloud services—which will reach USD 155.5 million by 2025, with an estimated 19% annual growth rate through 2029—the physical data center market remains significant, with projected revenues of USD 83.85 million by 2024, according to Statista. Many companies still require hybrid solutions or on-premises infrastructure for reasons of latency, security, or regulatory compliance. Structural conditions that favor investment Paraguay offers one of the most competitive energy rates in Latin America, with industrial prices between USD $0.03 and $0.05 per kWh, and a 100% renewable energy matrix based on hydroelectric generation (Itaipu and Yacyretá). This is complemented by a 4G network with full national coverage and a projected average connection speed of over 53,000 kbps by 2025. Furthermore, the government is promoting public policies and incentives to attract technological investment. An example of this approach is the construction of the first state-owned data center, led by SENATICs, which will house critical state infrastructure in Asunción. Although still under development, this project aims to guarantee digital sovereignty and reduce dependence on foreign infrastructure. An opportunity for the real estate and technology sectors The evolution of the data center market represents a concrete opportunity for the local real estate sector: demand will increase for land suitable for technological use, with good fiber optic connectivity, reliable electrical access, and efficient cooling conditions. The cities of Asunción and regions near hydroelectric dams, such as Hernandarias, are emerging as strategic hubs. Conclusion: a nascent market with high potential The data center market in Paraguay is still in its infancy, but the foundations for expansion are solid. With planning, investment, and public-private partnerships, Paraguay has the potential not only to close its internal digital divide but also to become a key regional player in technological infrastructure. For real estate investors, operators, and developers, the time to explore this sector is no

The Agreement to Avoid Double Taxation and Prevent Tax Evasion or Avoidance (DTA) between Paraguay and Spain, signed on March 25, 2023, entered into force on October 14, 2024, and its tax effects began to apply as of January 1, 2025. This agreement has a significant impact on the taxation of Spanish investors in Paraguay, especially in the real estate sector, providing greater legal certainty, reducing duplicate tax burdens, and encouraging foreign direct investment in real estate. Palacete Peris, headquarters of the Embassy of Spain in Paraguay. Article 6 of the CDI addresses the taxation of real estate income and stipulates that income from real estate located in Paraguay, obtained by Spanish residents, will be subject to tax in Paraguay. This includes income from rentals, leases, or any other form of exploitation of the property, whether residential, commercial, or industrial. However, to avoid double taxation, Spanish investors may deduct the taxes paid in Paraguay when filing taxes in Spain. In other words, although these incomes will be taxed locally, Spanish investors will not have to pay additional taxes on those same income in their country of residence, offering significant tax relief for those investing in Paraguayan properties. Article 13 of the CDI addresses capital gains derived from the sale of real estate located in Paraguay. When a Spanish investor sells a property in Paraguay, the profits generated may be taxed in Paraguay. Furthermore, if these gains arise from the sale of shares or interests whose value is derived, directly or indirectly, from more than 50% of real estate located in Paraguay, they will also be subject to Paraguayan taxation. This is especially relevant for developers or investors who structure their operations through corporate vehicles whose principal investments are real estate. The advantage for these investors is that they will be able to deduct the tax paid in Paraguay when filing their tax returns in Spain, ensuring that there is no duplicate tax burden. Article 10 of the CDI regulates the withholding of taxes on dividends distributed by Paraguayan companies to residents in Spain. If a Paraguayan company distributes dividends to a Spanish company that owns at least 50% of the capital of the Paraguayan company for at least 365 consecutive days, the maximum applicable withholding will be 5% of the gross amount of the dividends. In cases where the shareholding is less than 50%, the withholding may not exceed 10%. This provision is especially advantageous for investors who participate in real estate projects through Paraguayan companies, as it allows for the repatriation of profits with a reduced withholding tax, thus improving the net profitability of their investments. Article 11 of the CDI also addresses interest derived from investments and establishes that interest paid from Paraguay to residents in Spain may be subject to a withholding tax not exceeding 10% of the gross amount. This primarily affects investors who finance real estate projects through loans or structured financing schemes. The reduction in withholding tax allows these investors to optimize their financial flows and minimize associated costs. Furthermore, Article 26 of the CDI introduces a mechanism for the exchange of tax information between the tax authorities of Paraguay and Spain. This exchange ensures greater transparency and reduces the risk of tax evasion in cross-border transactions. For real estate investors, this means operating in a safer and more predictable environment, where regulatory compliance and proper income reporting become key factors in avoiding tax risks and maintaining confidence in their investments. Direct Impact of the CDI on the Paraguayan Real Estate Market The elimination of double taxation and the reduction of withholding rates encourage the influx of Spanish capital into the Paraguayan real estate market. This new tax framework makes Paraguay more attractive to Spanish developers seeking to diversify their portfolios and explore opportunities in emerging markets with high growth potential. The legal security offered by the agreement also allows for the execution of large-scale projects, such as mixed-use developments, shopping centers, and residential developments, increasing Paraguay's competitiveness as a destination for real estate investment. The CDI also promotes the creation of strategic alliances between Paraguayan and Spanish companies, facilitating the transfer of technology, know-how, and best practices. This synergy fosters the development of innovative projects that can be executed more efficiently and with lower tax risks, further invigorating the Paraguayan real estate sector. Furthermore, by strengthening tax cooperation between the two countries, the agreement contributes to an environment of greater transparency and market formalization, which increases investor confidence and consolidates Paraguay as a reliable destination for foreign capital. Opportunities for Investors and Developers The agreement offers significant opportunities for Spanish investors seeking to diversify their real estate portfolio in Paraguay. The reduction in the tax burden on dividend distributions and the possibility of avoiding double taxation through tax credits allow for optimized investment returns. For developers, this means the ability to more easily attract foreign capital, offering competitive and predictable tax conditions. Investors who properly structure their transactions under this new framework will be able to maximize tax benefits and minimize tax risks. On the other hand, Paraguayan developers wishing to attract Spanish investors must adequately structure their projects to offer favorable tax conditions. This means considering the incorporation of companies with foreign participation that can benefit from reductions in withholding taxes on dividends and other passive income, optimizing the tax burden for all involved. The Double Taxation Agreement between Paraguay and Spain represents a historic opportunity to boost the Paraguayan real estate sector and position the country as a competitive destination for foreign investment. By eliminating tax barriers, guaranteeing a secure legal environment, and promoting tax transparency, this agreement establishes the ideal conditions for Spanish investors to actively participate in the growth of the Paraguayan real estate market. With its tax effects applicable as of January 1, 2025, the agreement opens the door to a new era of opportunities for the development of high-impact real estate projects and for the consolidation of Paraguay as a key hub for real estate investment in the region.

The Sheraton Asunción Hotel, one of the flagship hotels in Paraguay, is undergoing an ambitious renovation that began three months ago and represents one of the most significant architectural interventions in the recent history of the country's hotel sector. The goal is not only to update its infrastructure but also to redefine its role in the urban fabric, integrating it more actively into the social, business, and cultural life of Asunción. The project, led by the international studio Gómez Platero Arquitectura y Urbanismo , includes a comprehensive renovation of strategic spaces in the building: the lobby, the main restaurant, the entrances to the ballroom, the hallways and rooms, as well as the rooftop that houses the pool, the bar, and the gym. In addition, an 80 m² expansion of the event rooms is planned, with the aim of increasing their capacity to host regional and international meetings. This renovation comes at a key moment, with Asunción positioning itself as the host of major events such as the 75th FIFA Ordinary Congress and the Junior Pan American Games. Although the building's original structure is preserved, the architectural proposal redefines its identity through new materials and a more functional spatial layout. The design focuses on opening spaces to the urban environment, blurring the boundaries between public and private, in a commitment to permeable, contemporary, and welcoming architecture. This approach seeks to make the Sheraton not just a hotel, but a daily meeting point for the city's residents and visitors. One of the most visible aspects of this transformation is found in the main entrance, which was redesigned with a large pergola that improves the thermal comfort of the entrance, provides shade, and simultaneously functions as a symbolic threshold between the city and the hotel interior. This new structure reinforces the visual and physical connection with the urban space. Inside, the lobby was completely renovated. The traditional curved staircase was replaced with a lighter, more contemporary structure that articulates the triple height between the ground floor and the first level. A skylight floods the space with natural light, visually connecting the reception with the entrances to the ballroom and event services area. This decision not only improves lighting but also the visitor's spatial experience. The new check-in counter incorporates individual stations with a semi-open design, designed for more personalized and streamlined service. In front of it, a decorative panel made with repurposed ñandutí pieces provides a strong local identity and pays homage to Paraguayan craftsmanship in a setting with a sober and modern aesthetic. Just steps away, living areas for waiting and relaxing are located alongside coworking areas and multipurpose spaces. These areas respond to the changing demands of corporate travelers and locals, offering warm and functional environments for working, socializing, or simply relaxing. The restaurant, located on the ground floor, also underwent a thorough renovation. Conceived as a flexible and dynamic space, it allows for various furniture configurations depending on the time of day. The buffet area was reorganized to improve flow and functionality, a private room was created for more intimate gatherings, and tables were added to the outdoor gallery, facing toward green areas. At night, the restaurant is transformed by a hidden bar that is activated during the evening, creating a more intimate and sophisticated atmosphere, with references to local design and warm lighting that invites you to linger. On the rooftop, the gym was relocated to create an exclusive club lounge for members of the chain's loyalty program. The reorganization of the space optimizes views, allows for better circulation, and reconfigures the pool and bar areas to accommodate different types of events. Modular furniture and landscaping with native plants reinforce the relaxed and versatile nature of the space, designed for both daytime and nighttime experiences. As for the guest rooms, the renovation does not include an increase in accommodation capacity, but rather a complete update of the flooring, furniture, and lighting. The design was designed with a simple and timeless aesthetic, prioritizing guest comfort through the use of acoustic materials, high-quality textiles, and warm wood details. The hallways, meanwhile, adopted a neutral color palette with flooring that maintains a visual consistency with the rest of the building. The entire interior design is inspired by a contemporary reinterpretation of traditional Paraguayan elements. Fine materials such as stone, wood, and clay pottery, as well as native textiles, were used, integrating local art and custom-designed furniture to create a unique sensorial experience. The result is an elegant, sophisticated atmosphere deeply rooted in the country's cultural identity. The renovation will continue until July 31, 2025, with a partial reopening planned for the end of April. This renovation positions the Sheraton Asunción among the leading names in South American hospitality, not only as a tourist and corporate destination, but also as a new hub for cultural, social, and gastronomic activity in the Paraguayan capital. The renovation of the Sheraton Asunción faithfully reflects the architectural vision of Gómez Platero Arquitectura y Urbanismo , a Uruguay-based firm with international reach. Recognized for their human and urban approach, their projects are characterized by generating collective value, revitalizing existing structures, and integrating the natural with the built environment. With an interdisciplinary team of more than 250 professionals, the studio is committed to an architecture that not only beautifies, but also transforms: an architecture that generates connections, promotes well-being, and activates the city. This project in Asunción encapsulates that commitment, positioning the hotel as a new benchmark in the relationship between design, functionality, and the urban environment.

The capital of Paraguay is advancing toward a profound urban transformation with the implementation of an unprecedented technological interconnection between the Asunción Municipality's Traffic Management Center (ATMS) and the Ministry of the Interior's 911 system. This initiative, part of a comprehensive urban modernization strategy, aims to concretely improve citizen safety, traffic efficiency, and emergency response capacity, consolidating a safer, more connected, and smarter city model. The integration process was officially presented during an event at the National Police's 911 Monitoring System, attended by key authorities such as Mayor Óscar Rodríguez and the Director General of Technology for the Ministry of the Interior, Rubén Darío González. Also present were representatives from the National Police, technical teams from both institutions, and experts in the field of technology applied to urban management. This joint effort represents the culmination of a complex technical process that involved the implementation of fiber optic connectivity infrastructure, server upgrades, synchronization of digital platforms, and security protocols for the shared management of images and data. This connectivity now allows both institutions to have real-time access to recordings and transmissions from cameras installed at various strategic points throughout the city. Currently, the Municipality of Asunción operates a network of approximately 230 video surveillance cameras, distributed at major intersections, avenues, and high-traffic areas. The 911 System has approximately 600 operational cameras, covering sensitive points from a public safety perspective, including city entrances, commercial areas, public spaces, and vulnerable sectors. This interconnection achieves coverage of more than 800 active cameras, unified under a coordinated monitoring system. The interoperability of these systems not only allows for greater visual range, but also enables automated alerts and immediate response to emergency situations, such as traffic accidents, robberies, disturbances of public order, or traffic jams. For example, a Traffic Center operator can now detect an incident and report it in real time to the National Police for rapid and targeted intervention. One of the most notable elements of this integration is the advanced technology of the cameras used, many of which are equipped with automatic license plate readers, artificial intelligence-assisted facial detection, and the ability to identify movement patterns. These features enable intelligent reading of the urban environment, generating proactive alerts and facilitating investigation processes in cases of complex crimes or events. Furthermore, it is projected that these tools will be able to be integrated in the future with national and international databases, strengthening the fight against organized crime and immigration control in urban areas. From the perspective of urban planning and real estate development, this progress generates greater confidence in the city as a safe space, which is key to the revival of areas like Asunción's Historic Center, which seeks to establish itself as a residential, gastronomic, cultural, and tourist attraction. A city where citizens can walk freely, access restaurants or outdoor events, and move safely through well-monitored streets and avenues is a more vibrant, more humane, and more attractive city for investment. The impact of this interconnection also extends to the field of urban mobility, as the ATMS not only manages cameras but also the smart traffic light network, enabling rapid and coordinated decisions in the event of traffic disruptions, detours, mass events, or adverse weather conditions. This coordination improves traffic flow, reduces travel times, and contributes to reducing the urban stress that affects thousands of drivers and pedestrians every day. The medium-term vision includes the addition of new cameras, strengthening communication channels between institutions, and ongoing training for technical and operational staff. The possibility of integrating mobile applications for citizens to report incidents and connect directly to monitoring systems is also being analyzed, creating an urban ecosystem where citizens actively participate in the care and surveillance of public spaces. Ultimately, the interconnection between the 911 camera system and the ATMS is not just a technical improvement; it's a profound reconfiguration of the way the city is understood and managed. It marks the beginning of a new era where security, mobility, and information come together to provide faster, more humane, and more effective responses to the daily needs of Asunción residents and visitors. This action represents a concrete step toward a smarter, more resilient, and more inclusive Asunción, where technology serves people and their right to a better life.

Ciudad del Este continues to consolidate its position as one of Paraguay's most promising real estate hubs, and the launch of Paseo Boquerón by CRESIA, part of the Codas Vuyk group, is a clear example of this evolution. This new development, conceived with strategic vision and a strong commitment to architectural quality, represents not just a building, but a statement of intent in the city's urban and social growth. Located in a prime location, almost on the waterfront of the iconic Lago de la República, Paseo Boquerón redefines the concept of contemporary living in Ciudad del Este. Its location offers unparalleled views, direct connections to green spaces, and proximity to the city's main hubs, making it an attractive option for both residents and investors seeking high-yield projects with sustained growth. CRESIA's approach is distinguished by its understanding of real estate development as a tool for social transformation. Since its inception, the firm has sought to create spaces that transcend functionality to integrate into the urban fabric, add value to the community, and provide housing solutions that respond to the true needs of the market. Paseo Boquerón is the result of this philosophy: a carefully designed building, with attention to detail, conceived to offer comfort, well-being, and a first-class residential experience. The project's architectural design is inspired by the harmony between the natural and the urban. Its structure incorporates fluid and dynamic lines that evoke the movement of water, a tribute to the city's connection to the Paraná River and Lago de la República. This vision is realized in an 11-story apartment complex, accompanied by two floors of exclusive amenities and three levels of parking, creating a comprehensive complex that emphasizes functionality without sacrificing aesthetics. Paseo Boquerón will feature 84 one- and two-bedroom units, all suitable for temporary rentals, a decision that responds to the growing demand for versatile housing in strategic locations. The building will offer common spaces on two levels, including a coworking space, a study room, a gourmet lounge, and a game room on the first floor. The terrace will feature a barbecue area, a recreational area, a pool with a sundeck, restrooms, and a fully equipped gym. Construction on Paseo Boquerón is scheduled to begin in April 2025, with an estimated duration of 36 months and delivery scheduled for April 2028. Units are available from USD 63,900, with financing available during the construction period. The market response was immediate. In its pre-sale phase, the project achieved 50% of its units, demonstrating buyers' confidence in solid, well-located offerings with high design and execution standards. This success reinforces CRESIA's position in the region, which had already set a precedent with its first development in the city, VIVO Area 1, which now has more than 90% of its units sold. CRESIA is a real estate venture created in partnership between Pridelta Capital SA and Codas Vuyk SA. Its team has a solid background and extensive experience, and its mission goes beyond constructing buildings. CRESIA seeks to connect people with projects, investments with purpose, and spaces with a future. Its vision is based on vertical growth that is not limited to economic or infrastructural progress, but extends to social development. Those who invest in its projects are investing in the future, and the company is committed to making it a reality with every project. With Paseo Boquerón, CRESIA reaffirms its commitment to developing projects that not only enhance the quality of life for its residents but also drive urban growth in Ciudad del Este. The firm continues to work on new developments that are about to be launched, with the firm intention of expanding and continuing to meet the ever-increasing demand for quality spaces. For more information, contact CRESIA at +595 0985 900 622.