The alliance seeks to modernize registry management by providing IT equipment, technical training, and creating more agile customer service channels, in a context of growing real estate demand and in anticipation of the future implementation of the Unified National Registry. De izquierda a derecha: Lic. Jorge Figueredo, miembro del Consejo Directivo de CAPADEI; Arq. Adriana Romañach, vicepresidenta de CAPADEI; Ing. Raúl Constantino, presidente de CAPADEI; Mgtr. Abg. Lourdes González Pereira, directora general de la DGRP; Dra. Mercedes Vera, directora del Registro Inmobiliario de la DGRP; e Ing. Mauricio Florentín, jefe de Informática de la DGRP. On Friday, August 29, a cooperation agreement was signed between the Supreme Court of Justice, through the General Directorate of Public Registries (DGRP), and the Paraguayan Chamber of Real Estate Developers (CAPADEI). The agreement was signed by the president, Dr. César M. Diesel Junghanns, and the minister, Dr. Alberto Martínez Simón, representing the highest court. The president, Engineer Raúl Constantino, and the secretary general, Engineer Enrique Strubing, represented the business association. This agreement is part of a growing trend of public-private partnerships that seek to respond to the structural needs of key institutions for the country's urban and housing development. The experience with CAPADEI builds on previous cooperation with Itaipu, Yacyretá, and, more recently, with the Paraguayan Chamber of Land Development and Real Estate Companies (CAPELI), which marked the beginning of this type of joint work. The Director of the Real Estate Registry of the General Directorate of Public Registries (DGRP) , Dr. Mercedes Vera, emphasized that the decision to open up to collaborative work with the private sector responded to the need to overcome the institution's historical limitations, especially in terms of IT infrastructure and trained human resources. The expansion of the real estate market in Paraguay beginning in 2010 was the turning point that exposed the weaknesses of the land registry system. The entry into force of Law 3966, the Organic Law for Municipal Property, introduced specific provisions on subdivisions and the horizontal property regime, requiring each real estate unit to be registered in a computer system. This change coincided with the real estate boom, which resulted in a sustained increase in the demand for registrations, barely interrupted during the pandemic, and which is now resuming accelerated growth. Faced with this situation, the DGRP identified that it lacked the technological equipment and personnel to process the growing volume of registrations for apartments, duplexes, triplexes, four-plexes, gated communities, private neighborhoods, and expanding residential developments. It was in this context that partnerships with business chambers became a viable alternative to guarantee the continuity and efficiency of the service. The agreement with CAPADEI establishes reciprocal obligations. On the one hand, the developers provide computer equipment for the offices specializing in horizontal property, which currently operate with three divisions responsible for processing complexes subject to this regime. In return, the DGRP commits to streamlining registration procedures by providing more direct consultation channels and promoting cross-training between public officials and private sector technicians. One of the most sensitive issues the agreement seeks to address is the modernization of the registry's computer system. The horizontal property office was one of the first to digitize its processes in the 1990s, but today it operates with a database model implemented in 1992, with notable limitations for current demands. Improving this platform is a priority, and cooperation with the private sector allows for the channeling of technical and operational support in this regard. The agreement takes on even greater relevance considering the upcoming implementation of the National Unified Registry (RUN), which will involve the merger of the Cadastre and the Registry. This initiative aims to unify service centers, technical criteria, and computer processes, so that users—whether notaries, lawyers, developers, or surveyors—do not have to resort to multiple institutions to complete procedures. The RUN seeks to simplify processes, reduce time, and standardize requirements, in addition to integrating other complementary registries, such as those for legal entities, commerce, automobiles, livestock brands and markings, bankruptcy, family, and property relations. The director of the Real Estate Registry, Dr. Mercedes Vera, emphasized that beyond CAPADEI's material contribution, the agreement represents moral and institutional support at a time when the DGRP faces the enormous challenge of transforming its structure in line with the RUN. "Listening to President Raúl Constantino and all the members of the board of directors gives us the strength to continue. It's not just about the equipment we receive, but also the support they provide us as a strategic sector, which encourages us to keep moving forward," she stated. Ultimately, the partnership with CAPADEI consolidates a public-private cooperation model that is marking a new era in the management of the property registry in Paraguay. By providing concrete solutions to historical limitations, it opens the possibility of a more efficient and modern service, with a direct impact on developers, notaries, urban planning professionals, business owners, and, above all, on citizens seeking access to housing.

The new 13-story, 59-apartment building faces the Encarnación waterfront, integrating contemporary design, first-class amenities, and flexible financing plans. Last Thursday, September 11th, Grupo Barcelona held the groundbreaking ceremony for Torres Bolik II, a project that consolidates its commitment to the urban growth of Encarnación and marks the continuation of one of the city's most emblematic residential projects. The event brought together investors, real estate agents, and collaborators, reflecting the interest and confidence this second tower has generated in the market. Torres Bolik II is the natural continuation of Torres Bolik I, originally conceived as a two-tower development. With 13 levels and 59 apartments, this new building seeks to meet the demands of a younger buyer and an increasingly active international investor in the city. Its design emphasizes spaciousness, quality, and, above all, views: all units face the waterfront and beaches of Encarnación, blending seamlessly into the increasingly sophisticated urban landscape. The architectural proposal, designed by the established local studio ArquitecTava, combines modernity and environmental responsibility. The project complies with the current municipal ordinance on building permits, which entails the incorporation of natural soil areas and ecologically active surfaces that allow for rainwater infiltration, reduce the heat island effect, and generate green spaces that promote biodiversity. This is an increasingly valued component in a city seeking to balance urban growth with sustainability. One of the highlights of Torres Bolik II is its market reception even before the formal start of construction. At the groundbreaking, the project had already recorded 37 units sold; during the same event, new reservations were added, reaching almost 70% sales. This dynamic confirms the confidence in Grupo Barcelona and the solidity of its proposal, in a context where investing in a well represents a leap of faith based on the developer's track record. The location is another of the project's key distinguishing features. Encarnación is structured into three key residential areas: downtown, the waterfront, and the main access to the city. Torres Bolik II is located precisely in the latter, considered the new benchmark area for those looking to live close to everything: facing the Paraná River, next to the Savoy Hotel, close to the shopping center, and with direct access to the beaches and restaurants. This location makes it an aspirational and highly sought-after development within the local market. The project also stands out for its level of amenities. The tower will incorporate the largest infinity pool in Encarnación, a sauna, a gym, and barbecue areas, consolidating a lifestyle that combines comfort and leisure. Furthermore, Torres Bolik II will introduce a co-working space. This addition responds to the growing presence of foreign buyers and professionals seeking to establish themselves in Encarnación, attracted by the quality of life and investment opportunities. The available types include one-, two-, and three-bedroom apartments, with floor areas ranging from 46.59 m² for one-bedroom units to 77 m² for two-bedroom units. The penthouses, designed as exclusive high-rise units, were the first to sell out. Currently, the offer focuses on one- and two-bedroom apartments, tailored to the profile of today's buyer. The tower's delivery is scheduled for October 2027, when buyers will be able to move into its units. Pricing is available for one-bedroom apartments starting at USD 79,000, while two-bedroom apartments start at USD 118,000. Grupo Barcelona offers flexible payment plans: a 20% down payment, the option to pay another 30% during the construction process, and the balance upon delivery. The company is open to adjusting the plans according to the client's convenience, with the goal of facilitating access to investment. Confidence in the project is based on Grupo Barcelona's track record, which combines the roles of construction company, developer, and manager within a single structure. Under the B360 concept, the company offers a comprehensive service that encompasses everything from land acquisition to construction and development, including the management and maintenance of the buildings once completed. This model guarantees compliance with deadlines, quality of construction, and, above all, preservation of property values over time. The company not only develops but also manages the rental and maintenance of its clients' apartments, ensuring an after-sales service that strengthens customer loyalty. This approach is reflected in its portfolio, which includes projects such as the Barcelona building, Torres Mirador, Paraná Playa Costanera, Davanti, and the Palmaroga Hotel, landmarks that consolidate its reputation in both Asunción and Encarnación. Encarnación is undergoing a process of urban and economic transformation, making it a strategic location for real estate investment. The city has managed to attract buyers of multiple nationalities, as was the case with the Paraná Playa Costanera project, which registered clients from up to twelve different countries. This trend is repeated at Torres Bolik II, where pre-sales show growing interest from both foreign and local clients. El Showroom de Torres Bolik II en Encarnación For Grupo Barcelona, being pioneers in Encarnación has allowed them to build a relationship of trust with the community and investors. The continuity of the Torres Bolik brand, now with this second tower, strengthens that bond and projects new development opportunities in the coming years. With this new building, Grupo Barcelona reaffirms its commitment to Encarnación, providing a development that reflects the city's evolution and its future prospects.

ACIP celebrates a decade of setting the agenda for real estate brokerage in Paraguay, promoting its own MLS and discussing a law to regulate and professionalize the activity. The Association of Real Estate Brokers of Paraguay (ACIP) celebrates its tenth anniversary in 2025, consolidating its position as one of the main reference entities in the process of organizing and professionalizing the local real estate sector. Born in a context where the activity was dispersed and often sustained solely by social or personal ties, the ACIP emerged in response to a specific need: to provide institutional support to real estate agents and lay the groundwork for moving toward specific brokerage legislation, a concept already in place in more developed markets in the region and around the world. From its inception, the association had a clear objective: to provide direction for the real estate industry. Its first president, Yamili Jara—currently vice president—was part of the founding group that launched this process. A decade later, under the presidency of Daniel Ortiz, the organization combines experience and renewal, maintaining the essence with which it was founded, while incorporating new ideas and challenges. Real Estate Broker's Day, which coincides with the founding date of the ACIP, has become an annual meeting place for industry professionals. This year, the celebration took place on the rooftop of the TRYP Hotel, with a strong presence of franchisees and companies that see the association as a key space for dialogue about the future of the business. Daniel Ortiz - Presidente de la ACIP One of the structural challenges facing the Paraguayan real estate market is the lack of a shared information system. The proliferation of duplicate or triplicate listings on different portals creates confusion and makes it difficult to obtain reliable data on the real estate market. A paradigmatic case is that of real estate portals, where the same property can appear listed ten times, distorting reference prices and discouraging transparency. In more mature markets, this problem has been solved with the Multiple Listing Service (MLS), a collaborative system in which different real estate agents and companies upload their inventory to a common, organized, and standardized platform. The MLS not only prevents duplication, but also allows for the construction of solid databases, the generation of reliable statistics, and facilitates networking among professionals. Aware of this need, ACIP launched a partnership with the ITTI Group, part of the Vázquez Group, which also owns Ueno Bank. This firm's experience developing technological solutions for the financial and data sectors made ITTI a strategic partner for the leap toward a Paraguayan MLS. The project includes the use of tools such as Place Analyzer , which uses artificial intelligence to perform comparative market analyses, optimizing decision-making. ACIP's vision is clear: to create an MLS that is not exclusive to its members, but rather becomes an open ecosystem, capable of integrating other chambers, franchises, and eventually interested third parties. The goal is not to raise barriers, but to build bridges that facilitate more orderly and collaborative work. While the process is complex and time-consuming, the goal is to have a clear framework in place by the end of 2025 so the system can be operational in 2026. The other major focus of the ACIP's work is the creation of a real estate brokerage law, a regulatory framework that will allow for the regulation and professionalization of the activity. Unlike other countries in the region and around the world, Paraguay currently lacks legislation regulating the practice of real estate brokerage. This means that anyone, without specific training or prerequisites, can call themselves a real estate agent and operate in the market, creating a considerable gap for both serious professionals and owners and investors who expect minimum guarantees. The lack of parameters also directly impacts the sector's credibility, as there are no clear channels where clients can file complaints or validate a broker's track record. In neighboring markets, the situation is very different. In Argentina, for example, brokerage is regulated as a university degree of at least three years, with mandatory registration and membership in a professional association. In the United States, the system is even more demanding: two years of initial training are required, in addition to periodic renewals that guarantee the constant updating of agents. These regulations ensure that the end consumer has properly trained professionals with legal, technical, and commercial knowledge that reduces risks in often multi-million-dollar transactions. The absence of these types of requirements in Paraguay leaves clients on uncertain footing and, in a context of increasing influx of foreign capital, becomes a factor that can discourage investment. Aware of this situation, the ACIP has been promoting for several years the drafting of a bill to serve as a starting point for national debate. This project has already gone through various stages of discussion with lawyers, corporate law experts, representatives of other chambers of commerce, and related sectors, seeking a balance between market needs and the specifics of the Paraguayan legal framework. The draft, which has been developed, aims to address three key aspects: first, establish an official registry of real estate advisors that provides clear credentials and allows for the identification of licensed professionals, with legal consequences in cases of noncompliance. Second, establish basic parameters for the collection of commissions, ensuring clear rules of the game. And third, provide greater legal certainty for all parties involved, especially foreign investors, who currently lack support in the event of conflicts or breaches of contract. The debate, however, is not without its complexity. A real estate brokerage law not only impacts brokers and advisors, but can also conflict with the interests of developers, construction companies, land developers, and even financial institutions. Furthermore, there is the challenge of not repeating mistakes made in other countries, where excessively rigid regulations ended up limiting the entry of new players. The ACIP maintains that the future law should be pro-market, not protectionist. The goal is to create clear and fair conditions, but without erecting artificial barriers that run counter to national capital attraction policies. The search, therefore, focuses on a delicate balance: ensuring professionalism, transparency, and legal certainty, while maintaining a flexible framework that fosters the competitiveness of the Paraguayan market. The goal is to establish regulations that elevate the level of the profession without dampening the dynamism that has characterized the sector in recent years. In the words of its proponents, the idea is to provide the market with modern tools that support both brokers and end customers, reinforcing the industry's credibility and laying the foundation for sustained and orderly growth. In this maturation process, an emerging player has been the education system. Universities and training centers have begun offering diplomas and specialized programs in real estate brokerage and investment. This academic interest reflects the existing and growing demand for training, and that the market is beginning to value professionalism as an indispensable attribute. The ACIP recognizes this phenomenon as a positive sign: the incorporation of training programs in the field by the academic world is an indicator that Paraguayan real estate brokerage is moving away from being viewed as an informal practice and is becoming established as a profession with more solid technical and ethical foundations. As it turns ten, the ACIP not only celebrates a symbolic anniversary, but also reaches a turning point. With the MLS underway, a draft law in the making, and increased participation from the academic world, the current landscape reflects a sector in the midst of transition. The challenge now is to translate these advances into concrete structures that organize the present and lay the foundations for a more competitive and reliable future. The association has a clear vision: to professionalize real estate brokerage in Paraguay, consolidate exclusivity as a common practice, and ensure credibility through registries, laws, and technological tools. As its current president summarizes, the path forward is not to build walls, but to build bridges. And it is in this process—gradual, structured, and collective—that the opportunity for the Paraguayan real estate market to reach a new level of maturity and international recognition lies.

Jorge Mendelzon, Vice President of the Chamber of Shopping Centers of Paraguay, explains the specifics of the shopping center model in the country, from the contract structure and initial investment by tenants to management strategies that ensure traffic and competitiveness. Shopping Mariscal The shopping center model in Paraguay has established itself as one of the country's main consumer and retail platforms. Beyond being a place to shop, behind each shopping center lies a structure of contracts, investments, and management strategies that differentiate it from a brick-and-mortar store. Understanding how their basic rules work helps to understand why they have become a central player in the real estate and retail markets. One of the unique features of this business is that contract terms are usually determined by the tenant's needs. The shopping center hands over the vacant space, and it's the retailer who must assume the investment in refurbishing their premises. These significant amounts include civil works, equipment, and interior design, making it unfeasible to consider short-term contracts. In practice, agreements are typically set for three to five years, allowing for the amortization of the investment. In the case of large stores or anchors, which require larger spaces and more complex setups, contracts can extend up to ten years. This permanence provides predictability for both the operator and the shopping center, and contributes to the stability of the store mix that defines the identity of each shopping center. Another characteristic of this sector is that rentals are not limited to a fixed monthly rent. Contracts often include a variable component linked to the tenant's sales. This makes the shopping center an indirect partner of the retailer, with a direct interest in the business's success. To achieve this, shopping centers allocate resources to marketing, promotions, and events, seeking to generate constant traffic. In this way, the percentage-rent scheme aligns incentives: the better the store sells, the higher the income for both parties. A decade ago, entering a shopping center involved paying a "key" or entry fee that could range from $400 to $700 per square meter. Today, this practice has declined. The reason for this is the increasing supply of square meters in Asunción and surrounding areas, which has generated vacancies and increased competition. Currently, key values are rather symbolic and depend on supply and demand. In a market with abundant space, shopping centers prefer to prioritize occupancy and the incorporation of attractive brands that strengthen their commercial mix. The entry process has become much more accessible. Shopping centers have active websites and social media platforms where interested parties can easily initiate contact. Furthermore, the Paraguay Chamber of Shopping Centers—which represents approximately 25 complexes—collects useful information and maintains a policy of openness toward potential tenants. Once the contract is signed, the merchant is given between 60 and 90 days to complete the renovation of their premises, with the obligation to submit plans approved by the government. In more complex cases, such as large retail stores or special technical installations, the deadlines can be extended up to six months. Managing a shopping mall isn't limited to renting space. Shopping centers constantly monitor their operational performance. To do this, they use electronic systems at entrances and parking lots that record the number of visitors and peak hours. This information is complemented by the sales reports that tenants regularly submit. This dual source of data allows for adjusting strategies, planning campaigns, and measuring the impact of events or promotions. Generating traffic is one of the central tasks of shopping centers. To achieve this, they employ a schedule of activities that includes promotions, fairs, activations, and special events. At the trade level, the Chamber organizes two annual events: Shopping Day , in August, and Black Shopping Weekend , toward the end of the year. Both are held simultaneously in the associated shopping centers and have a significant impact on sales. Added to this are times when the country receives extraordinary influxes of visitors, such as international sporting events or business conferences, which increase the flow of visitors. In a country with a low level of inbound tourism, these events represent significant opportunities for shopping malls and their tenants. The difference between operating in a shopping center and an independent store is stark. A street vendor must generate customer flow themselves, which entails high advertising costs and scale limitations. In contrast, a shopping mall concentrates collective efforts: a person visiting a movie theater, a supermarket, or a fashion store inevitably passes by other stores. This synergistic effect is the main advantage of being in a shopping center: traffic is shared, and the investment in attracting customers is assumed by the complex. The retailer's task becomes capturing that visitor and converting them into customers. New tenants often make a common mistake: replicating the same product mix in every shopping center. Each shopping center has a different customer profile and requires a tailored offering. Failure to do so reduces sales performance and wastes the location's potential. In recent years, the number of commercial square meters in Asunción has grown significantly. This has increased competition and forced both shopping centers and retailers to differentiate themselves. For shopping centers, the challenge is to maintain high traffic levels and improve their value proposition; for tenants, it is to strategically choose which shopping centers to operate in, as it is unfeasible to cover all of them. The arrival of foreign brands in the last five years reinforces this trend. Many of them were already familiar to Paraguayan consumers accustomed to traveling or following international trends on social media, which facilitates their acceptance. The globalization of consumption is reflected in the fact that the same brands can now be found in Paraguay, Brazil, or the United States, within the same commercial framework. The expansion of the commercial sector raises questions about its long-term sustainability. The increased availability of space is forcing a natural market realignment, where demand will drive the pace of new developments. Meanwhile, shopping centers will continue to occupy a central place in Paraguayan urban life: as meeting points, as drivers of consumption, and as venues where real estate investment decisions and brand strategies intersect.

Comprised of thirty residences, Terrazas Malibú integrates harmoniously into the El Delta masterplan , taking advantage of the natural topography and lagoons to propose a housing model that redefines the way architecture interacts with the landscape. Within El Delta , one of the country's most ambitious urban developments, stands Terrazas Malibú, a complex of thirty residences that takes the idea of waterfront living to the extreme. The proposal is based on the topography of its location, taking advantage of its natural unevenness to transform it into an essential part of the living experience. Rather than leveling the terrain, the architecture incorporates it and transforms it into an element that defines the identity of each home: houses that rest gently on the slope, open toward the lagoon, and establish visual continuity with the horizon. Daily life is thus organized in constant dialogue with the water, in a play of heights and perspectives that reinforce the sense of integration between interior and exterior. Their proposal is articulated around the idea of a "lookout house," in which each main and secondary room of the home visually interacts with the lagoon, whether through floor-to-ceiling windows, extensions to barbecue areas on the ground floor, or elevated balconies in the bedrooms. In this way, the architecture is not limited to solving a functional program, but rather translates the experience of living by the water into built form. The use of stepped terraces reinforces this sensation: upon entering on an intermediate level, the path flows toward the social spaces, which are located closer to the water, while the bedrooms are projected upward, seeking privacy without losing the open views. The complex is composed of two very similar design typologies, differentiated only by an expansion of the barbecue area. Typology A has 515 square meters and Typology B has 530 square meters, with ten units in the former and twenty in the latter. All homes will be delivered finished, with finished bathrooms and kitchens, installed fixtures, and high-end finishes, which means that the buyer can separate themselves from the construction process and directly access a home ready to move into. The logic is different from that of purchasing a lot, where the owner must meet defined construction deadlines; here, the project is designed from start to finish, ensuring a uniform architectural standard consistent with the identity of the complex. Each unit includes a lagoon-facing pool, four-car garage, living, dining, kitchen, and service areas on the ground floor, as well as two generously distributed en-suite bedrooms upstairs, culminating in the master suite, isolated by a double-height ceiling that accentuates the sense of spaciousness. The interior and exterior design are unified by large glass panes that frame the landscape, a resource that makes water an integral part of everyday life. The distinguishing feature of Terrazas Malibú lies in the site itself. This section features a steep slope, which the architects utilized as a key design resource. The entrance is located on an intermediate level that descends to the social area, bringing the living room, dining room, and the extended barbecue area closer to the water. This layout creates a much more intense visual and spatial relationship with the lagoon: upon descending, residents feel at the edge of the reflecting pool, intensifying the integration between interior and exterior. Thus, the topography becomes the defining element of the complex's identity, giving each home a unique location within the neighborhood and reinforcing the idea of a house as a viewing platform. Another aspect that reinforces its uniqueness is the residents-only pedestrian walkway, which runs for over a kilometer at water level and connects all the houses, creating an experience of direct contact with the surroundings. This path, along with the gardens and private extensions, reinforces the neighborhood-within-a-neighborhood character, a closed and self-contained unit. Owners will have access to the clubhouse, sports areas, and common amenities, adding to the privacy of the complex with a shared offering of infrastructure and activities. The development process is in the pre-sale stage, with construction expected to begin in the coming months and a construction period of twenty-four months. Units are priced at around six hundred and fifty thousand dollars, placing them in a high-end segment of the local market, but at the same time competitive with the alternative of purchasing a lot and undertaking the construction of the home independently. The difference here lies in the fact that the investment translates into a finished home, within a planned environment, with permanent security, and a waterfront living experience that is difficult to replicate in other areas. Terrazas Malibú's location within El Delta is another key factor. The development, which spans 1,600 hectares between the Remanso Bridge and the Héroes del Chaco Bridge, is conceived as a planned city encompassing residential neighborhoods, corporate buildings, shopping centers, and expansive natural spaces. The scale of the masterplan, designed by the international firm BMA in conjunction with Solaria City Makers, ensures consistency in each intervention and predictability for each owner, who invests knowing that the surrounding area will grow within defined guidelines. In this context, Terrazas Malibú represents a key element: it is not an isolated complex, but rather a development integrated into a larger framework, with a business center, a future shopping mall, multi-sport areas, and marinas. This comprehensive vision means that the proposal is measured not only by the quality of its homes, but also by the quality of life it offers: the opportunity to end the workday and go for a walk along waterfront paths, to play sports at nearby facilities, to shop within the same neighborhood, or to enjoy community life in a safe and planned environment. El Delta Terrazas Malibú was designed by NOU Arquitectos, a studio founded in 2009 and recognized for its conceptual architecture that goes beyond meeting the user's needs, approaching each project as a space for experimentation and exploration of the essential elements of design. With a track record spanning residential, corporate, commercial, hotel, and industrial developments, both in Paraguay and abroad, the firm has consolidated a versatile yet coherent approach, always guided by the search for identity and a sense of belonging in each project. Terrazas Malibú's uniqueness ultimately lies in its combination of three elements: an architectural design that takes advantage of the land and maximizes the views, urban integration within a regional masterplan, and a value proposition that frees the buyer from the complexities of construction. In a market where the trend still leans toward the lot-and-build model, projects like this mark a paradigm shift and consolidate the idea that housing, in addition to being a private space, can also be an extension of the landscape and the planned city.

The Paraguayan capital's corporate office market, still small compared to the region, is showing sustained growth with new space additions, stable prices, and the arrival of high-standard projects that aim to diversify the offering and improve the quality of the available stock. The Asunción corporate office market continues to consolidate and expand, according to the Corporate Office Market Report for the first half of 2025, published by JLL. The report reveals that the Paraguayan capital remains one of the smallest markets in the region, but also one of the fastest-growing, driven by new projects and increasingly demanding quality and service. By the end of June 2025, the total corporate office inventory reached 263,000 m², a modest figure compared to similar-sized cities in Latin America, but significant in the local context. Short-term projections indicate growth: between 2025 and 2026, an additional 28,000 m² will be added, representing an 11% increase over the current stock. If projects in advanced planning stages—although with no set opening date—are included, the supply could expand by at least an additional 70,000 m² over the next five years. One of the market's structural features remains its geographic concentration: 88% of the surface area is located in the Aviadores del Chaco and Villa Morra submarkets. However, a shift in this trend is beginning to become evident. The emergence of new hubs to the west of the city and in adjacent areas heralds a process of spatial diversification that will give companies greater flexibility when choosing their location. Added to this is the progressive improvement in the quality of facilities and the arrival of projects that incorporate international sustainability and safety certifications, elements increasingly valued by multinationals and large corporations. The development of new office towers also has a broader urban impact. The addition of amenities and services in buildings—common spaces, auditoriums, wellness areas, and energy-efficient technology—not only benefits tenants but also enhances the infrastructure of the neighborhoods where they are located. In this context, it is worth noting that the city will soon add the first project by the studio of British architect Norman Foster, who designed the new headquarters of a leading bank in Paraguay, marking a milestone in local corporate architecture. Regarding rental prices, the market remained stable. The overall average stood at USD 13.00 per m²/month, practically identical to the previous year (USD 12.90). In the upper segment, corresponding to Class A, the price reached USD 18.20 per m²/month, while Class B stood at USD 12.20 per m²/month. Price stability, combined with the expectation of new supply, creates an attractive environment for companies considering establishing themselves in Asunción, as it allows for negotiating competitive conditions in a still-expanding market. Factors such as location, age, finishes, sustainability certifications, road and commercial access, HVAC systems, floor efficiency, space typology, parking ratio, and rentable area influence the classification as Class A or B. Currently, almost 90% of Class A buildings are concentrated in Aviadores del Chaco, with a growing expansion toward Villa Morra, particularly around the Mariscal Shopping Center. Meanwhile, Class B buildings predominate in Villa Morra and the Avda. España area, with a growing trend toward Recoleta. In the Class A segment, the Sudamérica Plaza building is emerging as an icon of the new offering, planned for San Martín and Mariscal López avenues. Its development will mark a turning point in the definition of the Class A product in Paraguay. Meanwhile, Class C buildings, located mainly in the downtown area, have lost relevance for this type of analysis, although they are still considered. in specific cases, such as for call centers or large retail stores looking for lower rents (USD 7–8 per m²/month). In addition to its market research work, JLL operates three main business units in Paraguay. The first is transactions, which encompasses the representation of owners and tenants in leasing and sales processes. The second is project management, focusing on the refurbishment and management of construction projects. The third, currently expanding, is the wealth unit, linked to the analysis of hotel and investment projects, which is coordinated with teams in Argentina and Colombia. With a regional presence throughout Latin America and offices in the United States, Mexico, Colombia, Brazil, Argentina, Chile, Peru, Panama, Uruguay, and Paraguay, JLL is positioned as one of the leading consulting firms in the corporate real estate sector. In Paraguay, its contribution lies in providing transparency and accurate data in a still young but rapidly evolving market. The report's outlook reaffirms that Asunción's office market, although small, is on a trajectory of sustained growth. Price stability, the entry of high-standard projects, expansion into new areas of the city, and the incorporation of international certifications create an environment with clear opportunities for developers and tenants. In a scenario where scale is still limited, each new project has the potential to change market dynamics, consolidating Asunción as an increasingly competitive destination within the regional corporate landscape.

In the Paraguayan real estate market, Gustafson & Asociados has been involved in pioneering projects that have not only transformed the urban landscape but also the way life is conceived in buildings and condominiums. Nathaly Gustafson, in addition to her role in marketing through Paraguay Sotheby's, leads the administration of all the firm's developments through MAJUBE SA, a structure created specifically to ensure the quality of the projects remains intact over time. MAJUBE's relevance lies in two key aspects: it is a company created to manage solely and exclusively the buildings developed by Gustafson, which allows it to count on the logistical support of the construction and development company itself, and with a work team made up of people trained within the company, who have in-depth knowledge of each building and are fully committed to the quality of the service they provide. In this article, Nathaly shares her approach, lessons learned, and recommendations on how professional, transparent, and proactive management can make the difference between a building that ages gracefully and one that loses value over the years. Condominium management is, in essence, the backbone of community life within a building. Its scope extends far beyond the timely payment of bills or the contracting of basic services. It entails comprehensive management that combines two complementary dimensions: operational, focused on functionality and daily maintenance, and administrative, focused on financial transparency, planning, and decision-making. In practice, this means that every task, from verifying the functioning of equipment to managing major investments, must be approached with a preventive approach and a rigorous methodology. Experience shows that improvisation in management ends up being costly, both financially and in terms of quality of life for residents. On the operational level, efficient management doesn't wait for contingencies to arise: it works to ensure they don't occur. This requires implementing preventive maintenance plans that cover everything from electrical systems and water pumps to elevators and generators. The key lies in regularity and strict adherence to schedules. Anticipating a major failure, such as an elevator repair or the replacement of a backup power system, not only saves money but also prevents residents' lives from being disrupted. The ability to respond to unforeseen events is another pillar of the operational area: prolonged water outages, power outages, or structural failures demand immediate and coordinated solutions, with a team available 24/7 to ensure the building continues to operate normally, even under adverse circumstances. The administrative dimension is equally critical, although often less visible to owners. In this area, management focuses on transparency, efficiency, and clarity of processes. The use of integrated administration systems allows for detailed and organized records of each expense, automating the issuance of expense sheets and generating reports that accurately show how each guaraní is invested. This level of detail not only facilitates accountability but also strengthens trust between management and co-owners by eliminating areas of uncertainty or mistrust. A well-designed administrative process establishes filters and authorizations that ensure each payment is properly documented, minimizing the possibility of errors or unclear management. But managing a consortium isn't just about keeping the accounts in order and the services running. Management involves a crucial human component: the ability to mediate, listen, and facilitate agreements between owners with different interests and priorities. In Paraguay, co-ownership regulations for horizontal properties—such as buildings or condominiums—establish the rules for living together and the use of common and private areas. These regulations are mandatory; they must be formalized by public deed and registered in the Property Registry. They involve the intervention of the Municipality, which, within the framework of its urban planning powers, participates in the approval and regulation of these documents. It is common practice to hold a general meeting once a year to present accounts, present financial statements, and define policies for the following fiscal year. In these meetings, management not only acts as a decision-maker but should also act as a technical and strategic guide, presenting proposals that respond to the building's real needs and providing clear information so that co-owners can make informed decisions. In parallel, each consortium appoints a board of directors that functions as a liaison and advisory body. This board represents the owners in overseeing management and evaluating investment or improvement proposals. Fluid communication between the board and management is essential to maintaining coherent actions and ensuring that decisions respond to the collective interest. Experience shows that when management is proactive, proposing improvements and strategies before problems become urgent, the community responds positively and investments are made with consensus. One aspect that makes a difference in management is the strategic vision with which the building is conceived from the outset. When the design and typological composition of the units consider how the complex will be managed, subsequent management is greatly facilitated. Avoiding extreme combinations of typologies—such as mixing studio apartments with luxury penthouses—reduces the risk of conflicts of interest in assemblies and promotes a community with more consistent goals. This initial planning is a competitive advantage that, in practice, translates into more agile and less conflictive management. Aspects such as safe access for cleaning facades and windows, the strategic location of technical rooms so staff can work without interfering with common areas, the choice of durable and easily replaceable materials, or the installation of systems that simplify the inspection and repair of critical equipment are decisions that, although invisible to the buyer at the time of purchase, determine the efficiency and cost of future management. This initial planning not only improves daily operations but also constitutes a competitive advantage that, in practice, translates into more agile, less conflict-ridden, and financially more efficient management. Finally, management plays a decisive role in preserving the value of a real estate asset. A building that receives constant maintenance and periodic improvements can remain competitive in the market, even after decades. The example of the 15-year-old Castavista building, which recently underwent a repaint, confirms this: sustained maintenance not only prevents depreciation but also projects an image of quality that attracts new buyers and reinforces the confidence of current residents. In contrast, poor management can lead to a property losing its appeal and becoming a liability rather than an asset. Properly executed condominium management is a discipline that combines technique, strategy, and commitment. It is work largely invisible to those who enjoy its results, but it is reflected in the quality of life, community harmony, and the economic value of the property. In a market where competition between developments is increasingly intense, the difference between a building that ages gracefully and one that loses its relevance may lie precisely in the way it is managed.

With terraced balconies on each level, large-scale amenities, and a strategic location across from Shopping del Sol, Matter introduces a bright, open, and sustainable office model to the market, designed to respond to new work dynamics and raise the corporate standard in Paraguay. Yesterday, Consorcio JGL Casatua unveiled Matter, an office tower that seeks to redefine the corporate standard in Paraguay. The project, recognized with the 2025 International Property Awards as Best Office Development in the Americas , is located at the intersection of San Juan XXIII and Dr. Cirilo Cáceres Zorrilla, across from the Shopping del Sol, establishing itself as one of the most strategic points of Asunción's new corporate hub. With 20 floors and AAA status, the building introduces an innovative office concept to the local market that speaks to new ways of working. Matter's conception responds to a profound shift in how we understand workspaces. After the pandemic, it became clear that the traditional, closed, and rigid office had become obsolete in favor of a more open, healthy model that adapts to new work dynamics. With this premise in mind, the project was designed to offer environments that prioritize flexibility and well-being. Each level incorporates terraced balconies and floor-to-ceiling windows, ensuring natural ventilation, abundant light, and 360-degree views of the city. This feature, far from being a simple aesthetic detail, became the building's hallmark and an added value that differentiates it in the Asunción corporate market. This architectural innovation is enhanced by its strategic location. The developers emphasize that the new corporate hub behind Shopping del Sol has established itself as a prime location for a high-quality, designer workspace. Its location across from the shopping center makes it one of the most attractive buildings for companies looking to reduce commute times, increase their networking opportunities, and operate in a dynamic and stimulating environment, in direct contact with food, financial, and commercial services. The design, by Atelier Seizu, is inspired by the rationalism and modernism of 1930s Buenos Aires, reinterpreted with a contemporary ethos. The proposal includes exposed concrete, double-glazed windows with thermal and acoustic insulation, glass railings, and high-precision finishes. The goal was to achieve a sophisticated product that combines excellent materials, energy efficiency, and corporate aesthetics, resulting in a result that transcends the simple office space and is presented as a comprehensive work and meeting space. Matter offers a range of amenities and services that reinforce its position in the premium segment. It features an exclusive double-height entrance hall with state-of-the-art security systems, more than 250 parking spaces with an allocation rate above the market standard, an auditorium with capacity for more than 90 people, and a networking and leisure hub with a communal patio. Among its highlights is a world-class restaurant located on the penultimate floor, with panoramic views of Asunción, designed for high-level meetings and first-class dining experiences. The ground floor includes a commercial space of more than 250 m², while air conditioning will be provided by VRF systems and electricity will be provided by a full-coverage generator. The developers' commitment is also reflected in the choice of materials and construction technologies that are above the local average, with the goal of offering a final product of international quality. Matter will be delivered with complete wet rooms, fully equipped kitchens and bathrooms, raised floors, ceilings with integrated connections, automated curtains, and high-level thermal and acoustic insulation, ensuring an immediate user experience and reducing future adaptation costs. The project also aims to obtain LEED certification, which guarantees sustainability and energy efficiency criteria. The integration of natural light throughout the spaces will reduce electricity consumption, while the selected materials aim to use resources responsibly, ensuring environmental performance above the market average. The offices are being sold in two formats: semi-floors averaging 250 m² with six parking spaces included in the price, and full floors of between 450 and 550 m² with twelve parking spaces. Prices for the semi-floors start at USD 950,000. The marketing plan includes a minimum down payment of 20% and interest-free financing over the 48 months of construction, which begins in March 2025 and has an estimated term of four years. A distinctive aspect of the project is its operational management system. Matter's administration and maintenance team will ensure the building is kept in perfect condition at all times, prioritizing prompt response to any requests from tenants or owners and ensuring a consistently first-class experience. This service philosophy complements the architectural quality with an operational standard aligned with international best practices. The project is being developed by the JGL Casatúa Consortium, comprised of Jiménez Gaona Lima and Casatúa, a partnership that has already consolidated projects such as Casa M, Met Lomas, Met del Sol, Cosmopolitan, and Artemio. Matter represents the sixth joint development, reaffirming the consortium's ability to offer high-end real estate products. The collaboration with Atelier Seizu, a trusted architectural partner, reinforces this commitment with a design that balances innovation, flexibility, and corporate aesthetics. On the urban level, Matter is located in a strategic area of the new Asunción corporate district, across from the Shopping del Sol and surrounded by gastronomic, financial, and commercial services. The location offers advantages in accessibility, networking, and visibility, reinforcing its appeal for companies looking to reduce commute times and operate in a dynamic and connected environment. With this proposal, the Paraguayan office market incorporates a project that combines architectural innovation, large-scale amenities, and a conscious approach to sustainability. Matter not only adds an office building to the city's skyline, but also introduces a new paradigm for how workspaces should be conceived: flexible, bright, integrated with the outdoors, and designed to elevate the quality of life of those who inhabit them.

Determining factors and market dynamics that shape real estate appreciation in Paraguay In real estate discourse—whether in sales presentations, press releases, or advertising campaigns—it's common to hear that certain areas "are ideal for investment" because "they will appreciate over time." While this statement may be true, the logic behind real estate appreciation is often unclear. Understanding what factors actually drive a property's value increase is key to making informed decisions and avoiding unfounded expectations. In the Paraguayan market, appreciation of property values isn't the result of a single factor, but rather the interaction of multiple variables. From infrastructure investments to well-executed marketing strategies, regulatory changes, and the establishment of economic hubs, the value of a property is closely linked to the urban, social, and economic context in which it is located. Investment in infrastructure Investment in infrastructure is one of the most decisive factors in real estate appreciation, with an impact felt both in the short and long term. Its benefits can be understood in three interconnected ways: an increase in the property's intrinsic value, an improvement in its commercial appeal, and a strengthening of the urban environment in which it is located. Projects such as highways, paved avenues, public lighting, water and sewage networks, and transportation systems reduce friction in daily life and improve the perceived quality of life. A paved and well-lit street not only improves accessibility and safety, but also expands the universe of potential buyers or tenants, which translates into greater demand and higher prices. Infrastructure also generates a "trickle-down effect": when an area receives new road connections, basic services, or urban amenities—such as parks, educational centers, or healthcare facilities—not only do existing property values increase, but they also stimulate the arrival of new developments, reinforcing the area's status and creating a virtuous cycle of appreciation. Furthermore, this type of project is often perceived as a long-term investment supported by public or private policies, which reduces perceived risk and encourages faster purchasing decisions. In the Paraguayan context, the Héroes del Chaco Bridge is a recent and compelling example. This connection between Asunción and what was formerly Chaco'i—now Nueva Asunción—completely transformed the dynamics of the area. Even before its inauguration, the mere announcement of the project drove up land prices. After its opening, lots that were worth just cents per square meter 15 years ago were quoted at over USD 20/m², consolidating a new front of urban expansion and demonstrating how infrastructure can be the most powerful trigger for appreciation. New corporate and commercial areas The creation of new corporate and commercial areas has a direct and profound impact on real estate valuations, as it not only changes the economic dynamics of an area but also redefines its urban identity and future prospects. The establishment of corporate hubs—whether office buildings, business parks, or innovation centers—increases demand for both commercial and residential real estate in their immediate surroundings. The concentration of companies and workers generates a constant flow of people that boosts consumption, drives the opening of businesses, and increases the need for nearby housing, resulting in sustained increases in prices and rents. Similarly, large-scale commercial developments, such as shopping malls, food courts, or specialized service centers, function as true urban anchors. These facilities not only serve the area's residents but also attract visitors from other areas, raising the visibility and perceived value of surrounding properties. The opening of a high-end shopping center is often accompanied by new investments in hotels, offices, and higher-end residential projects, generating a multiplier effect that transforms the profile of the entire neighborhood. In Paraguay, this phenomenon is exacerbated by a particular reality: most squares and parks are poorly maintained, and a widespread perception of insecurity limits their use, especially in the evening or at night. Poorly maintained equipment, poor lighting, and lack of regular maintenance have reduced their ability to function as natural hubs of community life. This void has been largely filled by shopping malls. In Asunción and other cities, shopping malls are not just places for shopping, but true social gathering places where families, friends, colleagues, and tourists converge. They offer a climate-controlled, clean, well-lit, and monitored environment, providing a sense of security and comfort that open public spaces often cannot guarantee. In countries with a tradition of active public spaces, plazas and central areas fulfill this role; in Paraguay, much of that function falls to shopping malls. The consequences for the real estate market are clear: properties located near a major shopping center—such as Paseo La Galería in Aviadores del Chaco, Shopping del Sol in the Santa Teresa area, or Mariscal López Shopping in Villa Morra—tend to appreciate in value more quickly and steadily than those located farther from these centers. Living nearby means reducing commutes, accessing a safe environment, and having a range of services—food, entertainment, banks, supermarkets, gyms, and even clinics—just minutes from home. For an investor, it means investing in an asset backed by a steady flow of people and the established reputation of the commercial hub, factors that sustain its appreciation over time. New industries and logistics centers The establishment of industrial and logistics centers has a particularly strong impact on real estate valuations, although their rationale is different from that of corporate or commercial hubs. Their impact is based on job creation, the revitalization of supply chains, and the structural transformation of the region. First, these developments cause an immediate increase in demand for land. A large-scale industrial plant or logistics center requires not only its own operational land, but also the presence of suppliers, workshops, service companies, and, in many cases, areas for future expansion. This increases the value of industrial and semi-urban land in the surrounding area and can transform previously marginal areas into strategic investment areas. The impact extends to the residential market. When a production center is built, the need for housing for employees at all levels increases, from operators to administrative and management staff. This population influx exerts pressure on the rental market and on the sale of nearby lots or homes, boosting the appreciation of residential properties. Added to this are the connectivity improvements that often accompany these investments: road paving, access expansion, and installation of water and electricity networks. These projects not only benefit the company or industrial park, but also enhance the value of the entire logistics corridor and increase the competitiveness of nearby properties for various uses. In Paraguay, logistics centers and industrial parks tend to be concentrated in peri-urban areas or satellite cities, such as Limpio, Luque, Mariano Roque Alonso, or along the Route PY02 and PY01 corridors. In these areas, the arrival of meatpacking plants, e-commerce warehouses, and distribution complexes has generated a notable shift in the real estate landscape. Sectors previously considered low-density or of little interest began receiving investment in warehouses, technical offices, and auxiliary services, resulting in sustained price increases and a diversification of land uses. Land that sold for USD 15/m² a decade ago now exceeds USD 45/m² in sectors with direct connections to the modernized route. In the medium and long term, when an industrial or logistics hub consolidates, the area's perception of economic stability is strengthened. This encourages the establishment of banks, service stations, hotels, restaurants, and businesses, transforming what was once an isolated sector into a diversified economic hub with a much more dynamic real estate market. Catalytic megaprojects Catalytic megaprojects—whether real estate, infrastructure, mixed-use projects, or even international events—have a transformative impact on property valuation because they not only physically change the territory but also alter market perceptions and expectations on a large scale. They are called "catalytic" because they trigger processes that transcend their own physical boundaries, generating economic and urban dynamics that reshape entire areas. The construction of a large-scale mixed-use complex, a new airport, a modern river port, a multimodal terminal, or an international stadium can completely redefine the centrality of an area, transforming it into a key hub that didn't exist before. In the short term, these projects generate immediate economic activity: employment in the construction sector, demand for inputs and services, and real estate speculation on nearby land, with prices often beginning to rise even before the project is completed. Once operational, the scope of its impact expands. A new airport or port terminal, for example, not only improves connectivity but also attracts hotels, convention centers, business parks, and residential developments geared toward capturing the new demand from visitors or professionals. A large urban district, such as a financial hub or technology district, concentrates offices, retail, housing, entertainment, and quality public spaces, acting as a microcenter that radiates activity and increases land values within a radius that can extend for miles. In addition to the tangible benefits, catalytic megaprojects provide an intangible but crucial element: a shift in perception. A well-designed and executed large-scale project sends a signal of confidence and long-term vision to the market, reducing perceived risk and encouraging follow-up investment. The spillover effect is multisectoral: improving urban infrastructure, strengthening the area's identity and image, attracting events, tourism, and businesses that previously didn't have the intervention area on their radar. This virtuous cycle, if well managed, can sustain urban appreciation and repositioning for decades. Opening of facilities of high social value The installation of high-value social facilities—such as schools, universities, hospitals, cultural centers, and sports centers—is one of the most consistent and long-lasting drivers of real estate appreciation. These projects not only attract direct users but also transform the urban dynamics of a neighborhood, increasing its appeal and strengthening its identity. First, they act as population attraction centers. The opening of a prestigious school attracts not only students but also families looking to live nearby to reduce commute times and ensure convenience. The same is true of universities and hospitals: in addition to students and patients, they attract teachers, doctors, researchers, and administrative staff, generating a sustained demand for housing and services in their immediate surroundings. Their presence also enhances the perception of quality of life. Proximity to education, healthcare, or culture is a decisive factor in residential decisions, especially in middle and upper-income segments, and translates into a willingness to pay more per square meter. This makes appreciation in areas with these types of amenities more stable and less susceptible to market cycles. In addition to this direct effect, there is an indirect impact on the local economy: the arrival of these facilities encourages the opening of shops, pharmacies, restaurants, bookstores, cafes, and transportation services, creating a more active and safe urban ecosystem. This dynamism enhances the area's reputation and consolidates its appeal to investors, developers, and residents alike. Favorable changes in urban planning regulations Favorable zoning regulation changes can have an immediate and profound impact on property values because they directly alter the rules of the game regarding what can be built, how the land can be used, and what activities are permitted in a given area. Simply put, zoning regulations define the "potential" of a piece of land. If the rules change to allow for greater height, greater building density, or a mixed use that was previously restricted, that land automatically becomes more valuable, even without any physical improvements. This also applies when tax incentives are introduced, setbacks are relaxed, parking requirements are reduced, or areas are integrated into mass transit networks. In many cases, a rezoning can completely transform the profile of a neighborhood. When a previously low-density residential area is opened to high-rise or commercial development, lot values can multiply, as developers identify the opportunity to maximize the new building potential. In Paraguay, these changes have been decisive in the transformation of strategic corridors. Areas such as Aviadores del Chaco and Molas López, which until two decades ago were dominated by single-family homes, became high-density zones thanks to the flexibility in height and use. This regulatory change paved the way for the emergence of large-scale residential towers, hotels, and corporate buildings, boosting the value per square meter and attracting large developers. The case of Molas López is illustrative: the development of taller buildings, accompanied by investments in road infrastructure and the sewage and drainage network, led to a 30% to 50% increase in land values in less than three years, consolidating the corridor as one of the most sought-after areas for residential projects. Favorable regulations not only stimulate the local market: they are also a magnet for foreign capital. International investors often analyze the regulatory framework in detail before deciding to purchase land, and clear, predictable, and development-oriented regulations can make the difference between an area that stagnates and one that becomes a regional investment hub. Conversely, when regulations are tightened or significant restrictions are imposed, the effect can be the opposite: a slowdown in market dynamism and a decline in investment attractiveness. Therefore, monitoring regulatory changes is one of the key tasks for anticipating where the next waves of appreciation will occur. Marketing by the developer Real estate marketing, when executed strategically and sustainably, not only drives unit sales: it can redefine the urban identity of an entire neighborhood and, in doing so, catalyze its appreciation. In the Paraguayan market, there is a paradigmatic case that demonstrates this: the "New Corporate Axis of Asunción" campaign, launched in 2009 by the developer Capitalis. At the time, the company was executing an ambitious plan to build ten corporate buildings within a five-year period, all concentrated in a specific area of the city. Beyond the physical construction, the real masterstroke lay in the narrative. Through media articles, interviews, and promotional materials, the idea was promoted that Asunción was developing a new, modern, premium office hub with international reach. The strategy had a ripple effect: other developers, seeing the commercial potential and the power of the concept, adopted the term in their own campaigns. The market began to perceive the area not as a collection of independent projects, but as a coherent district, with a clear identity and growth potential distinct from the rest of the city. Most significantly, this territorial branding transcended the duration of the campaign. More than a decade later, the area is still known as "Asunción's Corporate Hub," a term that has become entrenched in the collective imagination, present both in media narratives and in the communication of new projects. This case demonstrates that embedding and consolidating a concept in the public mind can enhance the value of an area as much as an investment in physical infrastructure. When a sector achieves a recognizable identity associated with positive attributes—modernity, a concentration of services, and corporate status—the value of land and buildings tends to increase not only due to their intrinsic characteristics but also due to the strength of the built urban brand. After analyzing all the factors that can drive a property's appreciation—infrastructure, commercial centers, industries, megaprojects, social facilities, regulatory changes, and marketing strategies—it's essential to go one step further and ask: who will actually capitalize on this additional value? Real estate doesn't increase in price on its own. What these factors do is add attributes that improve its appeal and functionality. This new value only materializes when there is a segment of people or companies willing to pay more to access those attributes. Therefore, understanding the buyer or end user is just as important as analyzing the market in the abstract. Each area has a different target audience and, with it, different priorities. A neighborhood enhanced by a high-end shopping center will attract those who value dining, entertainment, and security; an area incorporating a large-scale industrial park will be more attractive to workers and companies that prioritize job proximity; a district redefined by a favorable regulatory change will appeal to developers who see room to maximize land use. In Paraguay, many of these factors are not just projections: they are already underway and, in several cases, are in the consolidation stage, with visible revaluation processes. According to the latest ECLAC estimate, the national economy will grow 4.0% this year, above the 3.6% projected in April. This active and expanding macroeconomic context favors constant revaluation in most urban and peri-urban areas, as new businesses, educational institutions, services, and facilities continue to expand. But just as important as recognizing these drivers of appreciation is understanding buyer dynamics: where they're moving, what attributes they prioritize today, and which ones they might no longer value in the short or medium term. Demand patterns change with the economy, mobility, technology, and lifestyle. Detecting these shifts early allows you to anticipate and position assets in the locations and formats that best capture current and future value. Ultimately, the key is not only identifying the elements that generate value, but also understanding who generates that value and how willing that audience is to pay for it. It is at this intersection—between the attributes of the area and the motivations of the target market—where value increases from a potential concept to a tangible return.

Asunción's urban growth responds to a specific economic logic, with solid regulatory frameworks and an investment profile that contradicts external prejudices. The recent article in Argentina's La Nación newspaper, titled "Skyscrapers, Housing Crisis, and Suspicions of Money Laundering: Argentine Money Fueling a Development Boom in Paraguay," offers an alarmist interpretation of the Paraguayan real estate market, anchored more in impressions than data. From a simplified, external perspective, the article attempts to draw a parallel between urban growth, capital flows, and suspicious practices. However, a deeper examination of the phenomenon reveals a much more complex and, above all, more professionalized reality than suggested. Paraguay has not only made significant progress in financial regulation and anti-money laundering, but also boasts one of the lowest risk indices in the region. According to the Basel AML Index—which compiles information from organizations such as the FATF, the World Bank, and Transparency International—Paraguay recorded a risk score of 5 in 2024, down from 5.07 the previous year, consolidating a downward trend since 2017. Within the Latin American context, the country is among the best positioned in this indicator, which categorically refutes any suggestion of institutional laxity or permissiveness. Regulatory developments have been dramatic. Although the real estate sector was considered a regulated entity since 2007, it wasn't until SEPRELAD Resolution 94/2019 that it was precisely defined who was required to comply with the prevention requirements: real estate agencies, brokers, developers, and commission agents. This regulation was expanded in an even more structured manner in 2020, with Resolution 201, which introduced requirements for compliance manuals, audits, KYC policies, and mandatory reporting. Since then, the sector has become heavily supervised, with a sanctions regime that has particularly affected those who failed to quickly adapt to these requirements. Today, real estate agencies are the second largest group of regulated entities in SEPRELAD, behind only non-profit organizations, confirming the degree of formalization and oversight governing this activity. Given this, the lightheartedness with which judgments are passed in the Argentine article is surprising. One particularly striking statement suggests the existence of a real estate bubble in Asunción. This isn't the first time its imminence has been announced: similar predictions have circulated since 2011, all refuted by the sustained—though not uncontrolled—development of the market. Growth in Asunción is logical and well-founded. A clear example is the pre-sale capital gains model. Many developers sell units at below-market values, and the investor makes a profit upon delivery. This appreciation margin is not the product of a speculative bubble, but rather a logical scheme for raising capital during the construction process. Furthermore, if the area where construction is carried out improves its infrastructure, services, and connectivity, that capital continues to grow. In fact, when speaking with numerous real estate agents in Asunción, the general perception is that, while there is a supply of finished apartments for both sale and rent, it is not as abundant or as easy to find as one might assume from the outside. Many properties with good locations, attractive designs, and reasonable prices tend to be snapped up quickly, especially in areas with established infrastructure or where demand is concentrated among young professionals, couples, or foreigners looking to live close to their business centers. This also explains why some new buildings show high turnover or even waiting lists for certain types. On the other hand, not all real estate offerings are performing the same. There are luxury buildings that still have units available even years after completion, which doesn't necessarily reflect a general structural oversupply, but rather a naturally more limited demand. The luxury segment involves larger square footage apartments, with above-average prices per square meter, and whose potential clientele—local or international upper class—tends to prefer single-family homes. In contrast, semi-luxury buildings, which are better located, have more compact, well-designed units, and offer a more competitive price-performance ratio, show high occupancy rates and even active resale. But what probably distorts external perception the most is the phenomenon of seemingly unoccupied apartments at night. At first glance, a building with only a few lights on may appear empty, but that observation doesn't stand up to serious analysis. Many homes are actually occupied, but the light on in the living room or master bedroom isn't always visible from the street. Blackout curtains, mirrored glass, covered balconies, or interiors facing internal patios prevent such direct observation. In other cases, the units are intended for temporary rentals or are in the normal occupancy phase, especially in newly completed buildings. The profile of foreign buyers also changes the interpretation. Many Argentines, Bolivians, and Brazilians buy apartments in Paraguay as a capital reserve, given the macroeconomic conditions in their countries of origin. This does not imply disuse or unproductivity, but rather a logic of asset diversification. Furthermore, many of these apartments are rented through platforms such as Airbnb or Booking.com, with variable turnover depending on the season, or are simply paused between rental contracts. In a context of population growth and urbanization, temporary vacancy cannot be interpreted as synonymous with a structural market failure. The Argentine journalist also omits another crucial fact: the assets seized in connection with money laundering in Paraguay are mostly houses, ranches, vacant lots, or rural properties. According to SENABICO's public auction records, only two apartments located in older buildings in the city center have been auctioned in recent years. The real estate market in the universe of seized assets is marginal, which undermines the theory that high-rise developments in Asunción are the preferred vehicle for illicit operations. Instead of continuing to reproduce external perspectives based on generalizations or prejudices, it's time to engage in a more rigorous conversation about Asunción's urban future. The Paraguayan real estate market isn't perfect, but it's far from a Latin American anomaly. Its growth is driven by clear fundamentals: a stable macroeconomy, a low tax burden, controlled inflation, an expanding middle class, and a developer ecosystem that—with nuances—has increasingly professionalized its offering. Paraguay is not a land of speculators. It is a land of opportunity, yes, but also of rules that have been consolidated, with a more active state and a private sector that, in many cases, seeks to do things right. And if there's one thing the sector needs, it isn't unfounded warnings, but more serious analysis, more data, and more quality economic journalism.

A critique of the reductionist logic of "low price" as a synonym for opportunity, and a call to evaluate real estate investments based on real value, liquidity, and long-term sustainability. In a market like Paraguay's that is still maturing, there remains a distorted—and deeply rooted—notion about what it means to invest in real estate. The word "opportunity" is often automatically associated with accessing a low-priced property or a low price per square meter, without a deeper analysis of its true performance as an investment asset. This interpretation, although tempting for those looking to multiply their capital without taking great risks, is often misleading. And in many cases, it ends up generating more losses than profits. Real estate profitability cannot and should not be measured solely by the entry price. The difference between price and value, between initial cost and net return, is fundamental to understanding how to build a solid, sustainable, and financially strategic investment. And that difference, in Paraguay, clearly marks the line between an asset with potential and one that is simply cheap. Price is the amount paid. Value is what is obtained in return. In the real estate sector, this difference is expressed in factors such as location, quality of design and construction, the prestige of the developer, the prestige of the construction company, the liquidity of the product, its performance in the secondary market, projected occupancy, rental demand, legal stability, and the asset's reputation as a safeguard. An apartment selling for USD 45,000 on the outskirts of the city may seem like an attractive opportunity numerically. However, if that property lacks a consolidated urban network, if it's located in a project lacking technical or commercial support, if rental demand is unstable, or if resale is restricted by the product's low liquidity, the supposed initial "savings" quickly fade. In contrast, a USD 90,000 apartment in a dense, well-connected urban area with solid rental demand and institutional support may have a lower profitability in gross percentage terms, but offer a higher, sustained, and predictable net return. Even within the same neighborhood, it's possible to find notable differences between projects that seemingly share a similar location. One apartment may be listed at USD 1,300 per square meter, while another, just a few meters away, is selling for USD 1,800 per square meter. At first glance, the cheaper option might seem more attractive, but the difference can be explained—and justified—by multiple factors: architectural design, quality of materials, common spaces, ceiling height, the developer's profile, the type of projected management, and even the specific street on which the property is located and its relationship to the urban fabric. This price difference is often, in reality, a difference in value. Evaluating a real estate investment involves understanding these subtleties and knowing that what is being paid more isn't always a premium, but rather a premium for liquidity, predictability, and lower risk exposure. One of the most common mistakes is limiting profitability measurement to the ratio of monthly rent to purchase price. This formula, useful as a quick reference, doesn't consider critical factors such as vacancy, common expenses, administration, taxes, maintenance, insurance, depreciation, and—most importantly—asset disposal. In Paraguay, where the secondary market is still opaque and underdeveloped, true profitability must also incorporate liquidity analysis. How long does it take to sell that property, if necessary? How many offers are actually received? Is there a public willing to pay for that product without having to auction it off? A "high-yield" asset with chronic vacancy or no resale market loses its attractiveness as an investment, even if it was acquired at a low price. In mature markets, real estate investment analysis always considers three pillars: liquidity, projection, and backing. In Paraguay, these variables are often ignored or underweighted. Liquidity: This is the asset's ability to be converted into cash without losing value. A property may offer high returns on paper, but if it cannot be sold in the short or medium term, or if it must be auctioned off to generate liquidity, its usefulness as an investment is severely limited. This applies especially to apartments in poorly established projects, without professional management or market positioning. Projection: It's not just a matter of whether the area "will grow," but whether there is an urban logic to support that growth. Public infrastructure, amenities, connectivity, mixed-use development, proximity to economic hubs. Without these factors, the project remains tied to speculative narratives without any real foundation. Support: In Paraguay, informality and the lack of traceability among many developers remain a serious problem. Choosing a product developed by a player with proven experience, a track record of delivery, regulatory compliance, after-sales management, and technical expertise reduces risk and provides real value. The difference between similar projects with different developers can be measured in years of stability or months of litigation. There is a growing trend in the local market to present low-ticket products as "democratizing investment," when in reality they are financially unviable schemes sustained by aggressive marketing and inflated promises. The absence of strict regulations and a lack of financial education favor the proliferation of these models. Apartments in the pits sold below actual construction and marketing costs, peripheral areas without basic services where "high profitability" is promised, or projects without technical support that entice with affordable installments but without providing deeds or guaranteeing occupancy are examples of false opportunities that abound in the market. In this context, the responsibility of the investor—and the real estate agent—is to raise the level of analysis. To ask questions beyond price. To question projections. To demand support. In the Paraguayan real estate market, where supply is growing rapidly but qualified demand is still limited, investing wisely means understanding that a low price is not synonymous with opportunity. And that true profitability is built with time, strategy, and technical judgment. A solid investment isn't based on the illusion of a quick return, but on building a stable, liquid, projected asset with real demand and concrete backing. The challenge is to stop looking only at price and start looking at value. Because in this market—as in any other—the true investor is not the one who buys cheap, but the one who buys well.

With studio apartments starting at 30 m² and one-bedroom units of 45 m², NIX Recoleta responds to the demand for traditional and temporary rentals, attracting the interest of investors from its pre-sale price starting at USD 46,000. Grupo Fénix, with over a decade of experience advising investors in the Paraguayan real estate market, presents its first in-house development: NIX Recoleta, a residential project that combines purpose, profitability, and aesthetic appeal in one of the capital's most promising areas. Designed specifically for those seeking a strategic investment, NIX Recoleta is located at 4826 Cuartel de la Rivera Street, in the heart of the Recoleta neighborhood. Traditionally residential, Recoleta is now transforming into a new high-density urban axis, where a boom in corporate and residential developments coexist with a growing culinary and commercial offering. Steps from La Cuadrita—the only pedestrianized food court in Asunción—the Mariscal Shopping Mall, and a consolidated network of cafes, shops, and services, the project's immediate surroundings articulate centrality, connectivity, and quality of life. In this context, NIX Recoleta is presented as a mid-scale proposal—70 apartments spread over 7 living floors, plus a rooftop with amenities—aimed at responding to the growing demand for urban rentals, both traditional and temporary. The product strategy is based on an efficient typology: studio apartments averaging 30 m² and one-bedroom units measuring 45 m², designed for rentals on platforms like Airbnb or traditional rentals. Accompanied by 24 parking spaces, these units were designed to maximize turnover, occupancy, and resale value, prioritizing attributes such as practicality, location, and low operating costs. Since the pre-sale, the proposal has been well received by a young investor community, who see NIX Recoleta as a real opportunity to enter the market. Studio apartments are priced from USD 46,000, including full furnishings and a garage, while one-bedroom units start at USD 58,000, with the option to add a garage and equipment. Financing during construction—with a 24-month, interest-free term—allows for staggered payments, facilitating access for those just starting out in real estate investment. NIX Recoleta incorporates a home automation system developed by ITE, with presence sensors in common areas that enable energy savings of up to 30%, access control via card, cell phone, or key fob, and digital locks that integrate with virtual assistants. All units include Alexa as an environment control interface, and functions can be managed remotely from mobile devices. This technology aims not only to enhance user convenience but also to optimize remote management, which is key in temporary rental models. This technological solution is complemented by a centralized administration unit, which will handle all operational management of the units, from occupancy to maintenance, allowing owners to fully delegate management and receive only the performance and return on their investment. This structure is designed for those who wish to participate in the real estate market without taking on additional tasks, ensuring a streamlined, efficient, and professional experience. In terms of amenities, the building is inspired by hotel infrastructure and the needs of urban travelers. It will feature a pool, gym, coworking space, a heated barbecue area, and a laundry room—functional spaces that allow for everything from maintaining work or workout routines to receiving visitors and completing everyday tasks without leaving the building. This comprehensive approach reinforces the project's vocation as a high-turnover investment product, with services that cater to a diverse audience: tourists, executives, temporary residents, or owners seeking profitability without sacrificing quality. One of the most unique elements of NIX Recoleta is the integration of art as a structural element of the project. Renowned Paraguayan artist Antonio Barú has been commissioned to create a mural that will become the building's visual icon. His artistic language, deeply connected to Guaraní spirituality, is expressed in symbols, sacred geometries, and internal landscapes that seek to reconnect with Paraguay's ancestral memory. His intervention is not merely decorative: it serves as a conceptual anchor that connects the building with its original purpose of being a space for creation, expansion, and authenticity. The project will have an estimated duration of 20 months and will begin on August 28, 2025. Behind NIX Recoleta lies a vision: to build from the center, from the essentials. In this project, Grupo Fénix conveys its philosophy of purposeful investment, focused on providing security, returns, and long-term value. It's not just about investing capital in bricks and mortar, but rather in a product conceived with coherence, market knowledge, and a clear identity. The NIX Recoleta project was designed by SIAR Engineering, one of the longest-established companies in the sector. With over 40 years of experience and a track record of more than 450 projects executed nationwide, SIAR SRL has established itself as a benchmark in terms of compliance, professionalism, and operational capacity. Backed by a team of more than 500 contractors and workers, its participation in the project guarantees high technical standards and execution tailored to the highest demands. SIAR's selection reflects a vision that prioritizes not only construction quality but also reliability and predictability throughout the project's development. The structural calculations will be performed by Engineer Francisco Muñizaga, renowned for his technical expertise and experience in medium- and large-scale projects. In an urban context where demand for temporary rentals is consolidating and the search for assets with real value is gaining momentum, NIX Recoleta represents a perfect opportunity: affordable in price, clear in its positioning, backed by experience, and built to last. To learn more about NIX Recoleta, please complete the following form: