Modernizing the Paraguayan capital market could transform the way real estate projects are financed, promoting new funds, investment mechanisms, and greater access to institutional capital. The recent parliamentary approval of the Securities and Commodities Market Bill, currently submitted to the Executive Branch for enactment, marks a turning point in Paraguay's financial history. This legislation seeks to fundamentally modernize the legal framework of the capital market, replacing dispersed, outdated structures that are poorly adapted to contemporary economic dynamics. Its scope, however, goes beyond the financial system: the new law could redefine the way real estate projects are financed, structured, and managed in the country. For years, the Paraguayan real estate market relied almost exclusively on bank loans, equity capital contributions, and pre-sale mechanisms as its primary sources of funding. While these instruments were effective in the initial phase of the sector's expansion, their reach proved limited given the growing scale and complexity of urban developments. The lack of a solid financial infrastructure had restricted the participation of institutional and foreign investors, preventing local real estate from evolving toward more sophisticated and sustainable structures. The new Securities and Commodities Market Law seeks to fill this gap by creating a comprehensive framework for the issuance, public offering, trading, and administration of securities, investment funds, and financial products, under the supervision of the Central Bank of Paraguay (BCP) and its Securities Superintendency. The legal text proposes a modern architecture aligned with international financial regulatory standards. Its central pillars include the creation of public and private investment funds, comprehensive regulation of securitization companies, and the incorporation of hybrid instruments, such as convertible bonds, which offer new capitalization alternatives for companies and developers. The central objective is to strengthen the institutional architecture of the capital market, providing it with greater breadth, transparency, and competitiveness. Along these lines, the law reconfigures the roles and responsibilities of issuers, intermediaries, risk rating agencies, trustees, agents, and fund managers, incorporating corporate governance principles and investor protection mechanisms. One of the most important points is the review of the regulations applicable to publicly traded corporations, adjusting voting rules, shareholder rights, external audits, and procedures for withdrawing from the public offering regime. This aspect is key to ensuring market confidence and attracting long-term capital to structured instruments. Among the mechanisms with the greatest potential impact on the real estate sector are investment funds and securitization companies. The former constitute a legal vehicle through which various investors—whether individuals, companies, or institutions—can contribute capital to finance specific projects, with returns associated with the income or appreciation of the underlying assets. Until now, Paraguayan regulations offered a limited and unattractive structure for this type of fund, restricting its use to a small group of financial operators. The new law introduces two distinct categories that substantially expand the options available to the market. On the one hand, publicly offered investment funds, aimed at retail investors, must operate under high standards of transparency, liquidity, and oversight. On the other hand, private equity funds, designed for institutional capital or larger-scale projects, will have more flexible operating and confidentiality rules, allowing for the structuring of more sophisticated instruments tailored to the needs of developers. At the same time, securitization companies are taking on a central role. These companies will be able to transform illiquid assets, such as mortgage loan portfolios, rental income, or rights to real estate projects, into securities tradable on the stock market, allowing developers to finance their projects through the placement of securities backed by real assets. This mechanism, widely used in countries such as Chile, Colombia, and the United States, opens up the possibility of structuring professionalized real estate investment vehicles, such as income trusts, local REITs, or even mixed development and operating funds. The implementation of this law could redefine the landscape of Paraguayan real estate development in three key dimensions: Democratization of access to capital. By establishing a robust regulatory framework for the issuance and marketing of real estate asset-backed securities, the law lowers barriers to entry in the financial market. Medium- and large-scale developers will be able to access institutional capital without relying on traditional banking channels, which are often more restrictive or expensive. Transparency and formalization. The new regime will require higher standards of reporting, auditing, and risk rating. This will not only boost investor confidence but will also contribute to formalizing a sector where many transactions are still carried out in closed or informal circuits. Attracting foreign investment. Alignment with international standards will facilitate the entry of regional funds and foreign investment vehicles interested in Paraguayan assets. The country could position itself as a new financial and real estate investment hub in the Southern Cone, taking advantage of its macroeconomic stability, relatively low costs, and the growing urban dynamism of Asunción, Encarnación, and Ciudad del Este. In practical terms, the law will allow large-scale projects, such as mixed-use complexes, integrated urban developments, or industrial parks, to be financed through collective investment structures or specific bond issues, backed by the project's future cash flows. It also opens the door for the expansion of publicly offered real estate trusts, already established in more mature markets. In Paraguay, recent experiences such as the Link Center Real Estate Investment Fund and the AFD's structured instruments demonstrated the viability of this model, albeit within limited regulatory frameworks. With the new law, these schemes could multiply and diversify. Another relevant point is the possibility of issuing bonds convertible into shares, a tool that allows debt and equity to be combined into a single instrument. In the real estate sector, this could translate into more balanced partnerships between developers and investment funds, aligning incentives and reducing financial risk. The approval of the Securities and Commodities Market Law represents much more than a technical reform: it is the creation of a financial ecosystem capable of supporting Paraguay's urban growth. By offering a modern and transparent legal framework, the legislation lays the foundation for a new stage of professionalization in the real estate market, where financing ceases to be a constraint and becomes a strategic tool for the country's expansion. When the Executive Branch enacts the law in the coming weeks, Paraguay could begin a decade marked by the integration of real estate, finance, and institutional investment, with direct impacts on the scale, quality, and competitiveness of national urban development.

Located in the heart of Barrio Boquerón 1, the project is conceived as a vertical ecosystem that integrates housing, commercial activity, and collaborative spaces, reflecting a new stage in the urban evolution of Ciudad del Este. In a market that is beginning to mature and diversify, Metrika is establishing itself as one of Paraguay's most innovative developers. With a brief history marked by milestones such as Lofty Co-Living, Fronterra, and Riviere, the company is once again challenging the paradigms of real estate development with its newest project: Lofty City Hub, a building that redefines the future of urban living in Ciudad del Este. Located in Barrio Boquerón 1, the city's most dynamic and sought-after neighborhood, Lofty City Hub was born in an environment that combines the vitality of gastronomy, hospitality, and university education with a growing vocation for life on foot. Boquerón 1 has become the first truly pedestrian neighborhood in Ciudad del Este, where everything is within walking distance: cafes, restaurants, hair salons, gyms, and everyday services that make up an open, active, and safe urban experience. One block from the lake and with a guaranteed view thanks to the cul-de-sac that leads directly to the shore, Lofty City Hub's location epitomizes the city's new spirit: young, vibrant, and experience-oriented. The building will be developed over 24 levels, organically integrating commercial areas, residences, collaborative spaces, and technological amenities. The architectural proposal is based on criteria of efficiency and sustainability, seeking to maximize the real estate and functional value of each square meter. The "urban hub" concept is realized here as a mixed-use ecosystem that brings together residents, visitors, entrepreneurs, and tourists in a single space. From the food and service venues on the ground floors to the residential levels and the rooftop with sky bar, each section of the building is designed to respond to the needs of a new generation of urban dwellers: students, young executives, and digital nomads seeking flexibility, connectivity, and community. One of the project's distinctive features is its hierarchical vertical structure. The first floors will house gastronomic venues and urban services, with high-end offerings that complement the building without generating common costs. The intermediate levels will house contemporary residential units of approximately 23 square meters, intended for flexible stays and short-term rentals, while the upper floors will offer Lofty Suites of 40 to 60 square meters, geared toward executive demand. Between these two segments are amenities and common spaces, such as the coworking level, recording and podcast rooms, and a panoramic event hall designed for both social and corporate use. At the top, a double-height sky bar will become the first rooftop bar in Ciudad del Este with this design category, crowning the building as a new urban icon. The commercial launch of Lofty City Hub marks phase zero of the project, with units starting at USD 35,000 for 23 m² apartments, with an average price of USD 1,500 per square meter. The direct financing scheme allows for entry with a 10% down payment and the balance in 30 interest-free months, offering buyers flexibility based on the type of property, orientation, and height. Construction is scheduled to begin in January 2026 and is projected to be completed in July 2028, with a total construction period of 30 months. This commitment to concrete dates distinguishes the project in a market where many developments are launched without defined execution timelines. Beyond its design and structure, Lofty City Hub represents a comprehensive investment model. The developer offers a professional 360° management system, encompassing complete unit management, from development and leasing to maintenance, tax payments, and results reporting. This service, provided in partnership with a specialized company that also manages the Fronterra and Lofty Co-Living projects, allows investors access to transparent, performance-oriented management. In a market where investors' primary concern is ensuring occupancy and effective rent, this management represents a decisive differential. According to CEO Carlos Jorge Gómez Núñez, the goal is to offer security and tangible results: "The biggest fear investors in Ciudad del Este fear is not knowing if their unit will generate the expected rent. We make sure that happens. Today we manage more than seventy rented units and Lofty Co-Working is practically full." Metrika's strategy is based on a long-term vision and a keen understanding of the urban evolution of Ciudad del Este. The company identifies a cycle of expansion in this city similar to the one Asunción experienced a decade ago: a verticalization process driven by real demand, sustained land appreciation, and the opening of a local market to real estate investment. Metrika's prior experience reinforces its execution capacity. Founded in February 2021 by Carlos Jorge Gómez Núñez, Mauricio Segales, and Darío Arce, the company has positioned itself in record time as one of the most dynamic firms in the country. Based in Asunción and with an active presence in Ciudad del Este, its current portfolio includes Fronterra , already delivered; Lofty Co-Living , with almost full occupancy; and Riviere , a premium residential project within the Paraná Country Club whose construction began in March of this year. Its technical solvency is backed by Constructora Gómez Núñez, a Paraguayan company with more than three decades of experience, responsible for the execution of Lofty City Hub. Metrika's impact transcends the scale of a single building. In just five years, the company sold more than 76 units in Lofty Co-Living within eight months, mostly to local investors who had not previously participated in the real estate market. This phenomenon demonstrates not only the brand's ability to attract buyers but also the changing profile of Paraguayan investors, who are increasingly willing to invest in sophisticated, flexible, and highly profitable products. At Lofty City Hub, this equation is reinforced by a projected return of over 10% per year in dollars, consolidating the project as one of the most attractive opportunities in the eastern region. Lofty City Hub is not simply a tower. It's a manifesto about a new way of living and investing in Paraguay. A project that focuses on innovation, connectivity, and sustainability as core values, and that translates into architecture a philosophy of life based on community and experience. In the words of Gómez Núñez, "We're not just talking about square meters; we're talking about experiences that move, spaces that inspire, and opportunities that generate real value." With this development, Metrika reaffirms its role as a pioneer in the new generation of urban spaces, designing not only buildings but ecosystems that interact with the city and pave the way for a more mature and cosmopolitan era of Paraguayan real estate.

The "Tax Balance" ordinance, approved by the Municipality of Asunción, introduces a reduction of up to 52% in property taxes and additional benefits for heritage properties, with the aim of stimulating investment, restoring the old town, and promoting the repopulation of the downtown area. The recent approval of the "Tax Balance Project" marks a turning point in the revitalization of downtown Asunción. Promoted by the Asunción 500 Years Commission—led by the Office of the First Lady in close coordination with the Municipality of Asunción—the initiative introduces a reduction of up to 52% in the property tax applicable to numerous properties in the historic center, in addition to an additional 5% reduction in the construction tax for buildings classified as heritage sites. This measure, considered the most significant tax measure in recent years for the historic center, seeks to encourage investment, restore the value of the architectural heritage, and promote the repopulation of the area. The agreement is the result of more than six months of technical and collaborative work between various institutions, resulting in the presentation and subsequent approval of the municipal ordinance creating the new Urban Zone 16 (U16). This decision unifies the former tax zones U05, U06, and U11 under a single, more balanced tax regime consistent with current market values. Scheduled to come into effect in 2026, the ordinance establishes a revised tax base that corrects distortions accumulated over decades and allows for a fairer redistribution of tax burdens within the historic center. According to architect Omar Cubas Fanego, executive director of the Historic Center of Asunción, the project seeks to reverse a process of "urban, social, and economic degradation" resulting from low property tax collection and a significant number of abandoned or underutilized properties. The proposal aims to reactivate the 490 hectares that make up the historic center—with approximately 2,696 lots—and the 195 hectares of buffer zone—which includes approximately 3,366 lots—initiating this process through a substantial reduction in the tax burden. Before the reform, tax values in the downtown area were outdated and fragmented. The average payment was around 540,000 G per square meter, a figure that did not reflect the market reality. With the creation of Urban Tax Zone 16 (ZU16), a new base was established equivalent to that of ZU7, with a value of 257,795 G per square meter. This adjustment will allow property owners in the core area of the historic center to see reductions ranging from 50% to 52%, while in the buffer zone the decrease will be between 30% and 33%. Map delineating the Historic Center of Asunción, distinguishing the core area and the buffer zone included in the new Urban Zone 16 (U16). The project also introduces specific incentives for heritage properties recognized by the National Secretariat of Culture. Those in good structural condition will receive an additional 25% discount on the building's value. At the same time, the Municipality will be able to grant exemptions of up to 12% on certain municipal taxes for owners who submit restoration projects for abandoned buildings, thus stimulating building restoration and the reactivation of construction activity in the area. The proposal also includes a progressive tax equalization plan in other areas of Asunción, especially in highly developed real estate and commercial areas, with the goal of balancing tax rates between sectors with different urban dynamics. Architect Justo Martínez, coordinator of the Historic Center, illustrated the current disparity by pointing out that a downtown building of less than 300 m² could pay an estimated annual tax of 30 million guarantors, while a 500 m² home in the Mburucuyá neighborhood was valued at just 190,000 guarantors per square meter. This gap, which reflected an outdated tax structure, will be gradually addressed through new adjustment criteria. To ensure the regular updating of these values, the ordinance incorporates a five-year review mechanism that will allow for a re-examination of tax trends every five years. Cubas Fanego recalled that the last tax assessment in the area had been conducted for more than three decades, which contributed to the loss of competitiveness of the downtown area compared to other areas of the city. The approval of the "Tax Balance Project" ultimately represents a decisive step toward a fiscal policy that supports the vision of a more inclusive, heritage-responsible, and urban-planning balanced Asunción. By reducing taxes, encouraging private investment, and creating more equitable conditions for urban development, the municipality seeks not only to recover the splendor of the historic center but also to position it as an attractive area for living, investing, and conservation. The measure lays the foundation for a structural transformation that could mark the beginning of a new era for the historic heart of the Paraguayan capital.

Located on Artigas Avenue, the building is integrated into the Waterfront District as part of a new phase in the capital's urban evolution. Its open, efficient, and humane design redefines the way we work and inhabit the city. Yesterday, the official opening of GoTower took place. This building redefines the corporate standard in Asunción and marks a turning point in the development of the Costanera District, an area emerging as the capital's new business hub. Located on Artigas Avenue, the project combines design, technology, sustainability, and well-being, consolidating its position as one of the most significant landmarks in the high-end office market in Paraguay. From its conception, GoTower was conceived as a space designed to enhance the everyday work experience. The building proposes a people-centered architecture that understands work as part of urban life, not as an isolated space. In the first few days of operation, the scene repeats itself naturally: groups of collaborators come down at midday, have lunch in the plaza, rest in the shade, or share an informal conversation before returning to their offices. This spontaneous interaction, visible in the common spaces, reveals the essence of the project: an architecture that fosters human connection and elevates the quality of the work routine. The building has 24 floors and a total floor area of 32,000 square meters, distributed across spacious and flexible floors that adapt to different types of businesses. The program includes 1,000 square meters of amenities and an elevated plaza of the same size, which functions as a truly suspended public space. The complex also has more than 360 parking spaces, ensuring comfort and accessibility in an environment where mobility and connectivity were essential design criteria. The commitment to a more open and participatory urban model is reflected in the way the building integrates with its surroundings. Unlike the traditional logic of gated complexes, GoTower opens up to the city and pedestrians, creating transitional areas between public and corporate spaces. This urban gesture responds to a conviction: the value of a building increases when it contributes to the fabric of the city. Thus, the plaza, entrances, and green areas become natural extensions of the sidewalk, promoting a more friendly relationship between the architecture and its context. The building's architecture is distinguished by its formal clarity. GoTower could have been designed as a conventional prism, but the architects opted to subtract strategic volumes from the complex to break the linearity and generate planes of light and shadow that give the façade dynamism. The result is an elegant and timeless volume, with changing reflections that vary throughout the day depending on the sun's orientation. The envelope is composed of a high-tech glass system that filters solar radiation, improves thermal efficiency, and reduces energy consumption. The simplicity of the architectural gesture reinforces a recurring idea in the architects' work: achieving impact through the essential. Inside, the building displays a language of sobriety and detail. The finishes were executed with millimetric precision, ensuring the blending of materials and the visual continuity between spaces. The materials are mostly locally sourced, but were crafted with superior workmanship, elevating their perception. Some pieces, however, were specially selected on the exterior: the lighting fixtures in the main hall come from a design studio in Barcelona, while certain cladding was imported from Italy. The integration of these elements gives the building an international character without disrupting the overall coherence of the complex. From its highest levels, the building offers panoramic views of Asunción and the Paraguay River. The presence of water and greenery frames the urban landscape and reinforces the idea of balance between nature and the city. Overall, GoTower embodies a contemporary way of understanding work: efficient, sustainable, and in harmony with its surroundings. The concept of sustainability runs throughout the project. GoTower is LEED certified, guaranteeing high standards of energy efficiency and environmental management. The building incorporates rainwater harvesting systems, power consumption control, intelligent ventilation, and carbon dioxide monitoring, ensuring indoor air quality superior to that of the surrounding environment. Even in adverse conditions, such as the seasonal fires affecting the capital, the filtration systems maintain clean air inside the offices. These technical decisions reflect a comprehensive understanding of comfort, encompassing both physical well-being and environmental sustainability. In terms of safety, the tower was developed under NFPA regulations, which establish the most demanding standards for fire prevention and evacuation. The building features a double pressurized staircase, automatic sensors and sprinklers on all floors, and a comprehensive management system that allows for maximum emergency response efficiency. This level of regulatory compliance is one of the reasons why several multinational companies have chosen GoTower as their headquarters, recognizing the value of working in an environment designed for safety and operational stability. The building was developed by Escala Desarrollos, in partnership with Ecoimpa, part of the Wasmosy Group, and Casal Arquitectos, a firm with over 25 years of experience and presence in Asunción and Montevideo. Construction was led by Gómez Abente, a renowned Paraguayan firm. The project also represents Escala Desarrollos' first corporate venture, having led landmark residential projects such as Sky Tower and Feel Asunción, both recognized for their construction quality and high standards of comfort. GoTower introduces a new office logic to Paraguay: a building where well-being, productivity, and sustainability come together in a single space. With rents around USD 20 per square meter and units available for both sale and lease, the project offers a secure investment opportunity in a segment that is beginning to consolidate. The total investment amounts to USD 33 million, and initial demand confirms the attractiveness of the product: several offices were already reserved before the opening, driven by the strategic location and the reputation of its developers. The tower is part of a broader vision. The business group that owns the land, together with its partners, seeks to consolidate a new urban hub in the coastal area, where large tracts of land remain available for future development. In the coming years, the area could become a new corporate and residential corridor, connected to the Costanera and with direct access to the downtown area and the airport. GoTower thus serves as an anchor building for a broader urban transformation, one that combines quality architecture with territorial planning and projection. More than a building, it represents the beginning of a new era for Asunción, where corporate architecture ceases to be a closed space and becomes a place of life, encounter, and projection.

The project, with a target capital of USD 105 million, creates the largest real estate fund in the country's history and will mark a turning point in the urban and financial development of Asunción. Representantes de Codas Vuyk, CRESIA, CADIEM y Gómez Platero durante la presentación oficial del Fondo de Inversión Inmobiliaria Link Center The Paraguayan real estate market is experiencing an unprecedented period of maturity. The convergence of long-standing developers, fund managers with institutional backing, and a growing appetite for local investment has allowed for the consolidation of new financial structures that until a few years ago seemed reserved for the region's main centers. In this context, CADIEM and CRESIA, part of the Codas Vuyk group, announce the launch of Paraguay's largest real estate investment fund for the development of Link Center, a mixed-use complex that will combine world-class corporate offices, a shopping mall, and a residential and hotel tower on one of the most emblematic sites in the Aviadores area of Chaco. With a target capital value of $105 million and over 100,000 square meters of construction, the project marks a turning point for both the capital market and the local real estate market, setting a new standard for investment, management, and urban design in the capital. The Link Center Real Estate Investment Fund, managed by CADIEM Fund Manager, officially becomes the largest financial vehicle in the country's history. Its structure is designed to attract strategic and sophisticated profiles seeking to participate in large-scale development in a regulated, diversified, and transparent manner. With a projected internal rate of return of 13% per year in dollars, a horizon of between eight and fifteen years, and partial capital contributions until the third year, the fund offers unprecedented advantages for local investors, including semi-annual returns starting in the fifth year, exemption from the Dividend and Income Tax (IDU), and liquidity through the secondary market of the Stock Exchange. Unlike traditional pre-sale schemes, this fund does not market individual units: investors participate through equity shares and benefit from the rents and capital gains generated by the entire complex, which will be conceived as a comprehensive rental asset. This model thus allows for unified management of the building, ensuring operational consistency, professional administration, and sustained appreciation over time. Located on Aviadores del Chaco Avenue, in the historic "Quinta Dumot," the project is being built on one of the last large-scale lots available in the corporate heart of Asunción. Its location, between the World Trade Center, the Dazzler Hotel, and across from the Shopping del Sol, positions it within the most consolidated business cluster in the country. In this context, Link Center completes the urban landscape of the area with a mixed-use proposal that combines functionality, sustainability, and contemporary design. The complex will include a 38,000-square-meter corporate tower spread over 32 floors, each measuring between 300 and 1,500 square meters, under international sustainability standards with LEED GOLD certification, positioning itself as the most modern and efficient office building in Paraguay. This will be complemented by a residential tower with a hybrid format between housing and aparthotel, as well as a three-level shopping mall with 8,000 square meters of retail space, designed to invigorate urban life and complement the services of the immediate surroundings. From an urban perspective, the project represents a strategic piece within the Aviadores axis, an area that has consolidated itself over the last decade as the corporate epicenter of Asunción. Located in a corridor lined with office buildings, hotels, and shopping centers, Link Center seeks to integrate and enhance this dynamic with a long-term vision, articulating work, residential, and recreational spaces in a single environment. Its development will provide architectural and functional continuity to the existing complex, generating a new centrality that reinforces the idea of a compact and walkable city. The nearly 10,000-square-meter site is developed longitudinally, facing the avenue and exiting onto side streets, taking full advantage of its connectivity and the natural slope of the land to incorporate underground parking that maintains a clear urban landscape. The architectural design, by the internationally renowned studio Gómez Platero, interprets Asunción's contemporary identity through a composition that balances transparency, scale, and the intelligent use of light. The office tower, conceived as the central feature of the complex, rises with a glass envelope that avoids west orientation through sloping facades, reducing sun exposure and optimizing energy efficiency. Its flexible floor plans, with a height of four meters from floor to floor and three meters of clearance, allow for multiple configurations according to the needs of each tenant, with a central core that houses elevators and technical services. On the upper levels, the design incorporates terraces and a panoramic skybar with privileged views of the city. In contrast, the residential tower adopts a lower scale and blends harmoniously into the surrounding neighborhood, with one- and two-bedroom units, first-class amenities, and a warm architectural language that combines concrete, wood, and vegetation. The semi-covered, pedestrian-only shopping mall serves as a meeting point and transition between the complex's three programs. It combines noble materials such as Corten steel, wood, and large glass surfaces, integrated with carefully designed landscaping to encourage lingering and social interaction. The fund has been approved by the Superintendency of Securities and implements external auditing and professional management protocols, ensuring transparency and security for investors. According to CADIEM, the initiative reflects the current surge in confidence and sophistication in the Paraguayan stock market. Elías Gelay, president of CADIEM Casa de Bolsa, emphasizes that the sustained growth of the capital market has allowed instruments such as investment funds to establish themselves as effective vehicles for channeling capital toward projects with a high impact on the real economy, expanding the participation of institutional and individual investors in the country's development. The fund manager, with more than two decades of experience, 15,000 active investors, and $780 million in assets under management, thus consolidates a new milestone within its line of specialized funds. In terms of projections, Link Center already has more than 50% of its committed capital—approximately $75 million in equity—coming entirely from local capital. This is unprecedented in the Paraguayan market and reflects a profound cultural shift: the growing interest of domestic investors in participating in large-scale real estate projects through regulated financial instruments. With the fund structure already approved and listed on the Stock Exchange, construction is expected to begin next April, with an estimated construction period of five years and a useful life of nearly a decade. The strategy contemplates developing, operating, and leasing the asset, with the possibility of selling it en bloc or partially once its profitability has stabilized, thus generating returns from both rental income and equity appreciation. The development is led by CRESIA, a Codas Vuyk firm created in partnership with Pridelta Capital, which totals over 350,000 square meters of development in Asunción, Encarnación, and Ciudad del Este, and a legacy of over 45 years of construction experience. From the Gómez Platero architectural studio, with over twenty years of international experience and an interdisciplinary team of over two hundred professionals, the project is conceived as a new urban landmark for Paraguay. "We were inspired by the identity of Asunción and international best practices to design a project that harmonizes with its surroundings and reflects the evolution of the city," said Santiago Pérez, the studio's New Business Manager, who highlighted Link Center's commitment to establishing itself as an architectural icon that combines innovation, efficiency, and a sense of place. For CRESIA and CADIEM, the project's true value transcends the material. "We saw an opportunity to create an ecosystem that redefines the way we work, live, and connect in Asunción," said Gonzalo Codas, commercial director of Codas Vuyk and co-founder of CRESIA, explaining the vision behind the development. Santiago Gómez Carrillo, director of the developer, emphasized that Asunción's real estate market, although dynamic in its residential offering, still lacked mixed-use projects that organically integrate corporate, residential, and commercial spaces. "Link Center was born precisely from that vision: to build an ecosystem that combines, in a single location, what already exists in the region's major capitals. We seek to raise the city's standards and consolidate Asunción as a modern and competitive corporate and urban hub in South America," he stated. This philosophy, combined with institutional support and the most advanced financial structure in the country, makes Link Center a key element in understanding the future of Paraguayan real estate development.

The groundbreaking of the Arena Tower consolidates the continuity of Marena, a large-scale development that redefines residential living in Luque with a masterplan of eight towers around a crystalline lagoon. Last Thursday, September 18th, the groundbreaking took place for the Arena Tower, the second building in the Marena masterplan, a real estate development that promises to redefine residential living in the city of Luque. Located on 12 de Junio Street in the Police District, the project is positioned as one of the most ambitious in the country, not only for its size but also for its integration of nature, innovation, and first-class services. Marena's master plan includes the construction of eight residential towers, all arranged around an impressive crystalline lagoon with a beach and palm trees, designed using Crystal Lagoons® technology. The first tower, called Brisa, began construction a year ago and is scheduled for delivery by mid-2026, along with the completion of the lagoon. The Arena Tower, which will have a two-year construction period and is expected to be delivered in 2027, consolidates the continuity of a project that seeks to deliver one tower per year until the complex is completed. On a 32,000 m² fenced lot, Marena is allocating more than 15,000 m² to the central lagoon and beach area, more than 8,000 m² to indoor and outdoor amenities and sports areas, and approximately 600 m² to the commercial area. These are unprecedented dimensions for a residential development within an urban area, making it a true milestone for the Paraguayan real estate market. One of the main features is the crystalline lagoon, equipped with innovative Crystal Lagoons® technology, which allows guests to enjoy turquoise waters and white sand year-round in an urban setting with easy access. This technology is characterized by its environmental efficiency: it requires low energy and chemical consumption, and uses significantly less water than traditional pools, reinforcing the project's commitment to sustainability. Marena was designed with a concept of safe and comfortable living. Vehicular and pedestrian access will be controlled 24/7 within a closed perimeter. In addition, underground parking frees the surface area from vehicle traffic, promoting pedestrian safety and ensuring an ideal environment for families. The complex offers a wide range of amenities designed for all resident profiles: from a gym overlooking the lagoon and a full spa area with a sauna and massage rooms, to an aerobics path, soccer, paddle tennis, and beach volleyball courts. For the little ones, there's a Kids Club with indoor and outdoor spaces, while teenagers will have access to a Youth Lounge equipped with video games, ping-pong, and foosball. The culinary offering also takes center stage, with a Clubhouse featuring a restaurant overlooking the lagoon and a beach bar that will allow you to recreate the feeling of vacation without leaving home. Added to this are the meeting spaces, such as the Clubhouse's Multipurpose Room (SUM) and the private lounges with grills on the top floor of each building, designed for intimate events with panoramic views. In line with new work trends, Marena will include a coworking space in the Clubhouse, specially designed for professionals looking to work close to home in a comfortable environment. The basements will also feature professional laundries for efficient and convenient laundry services. The internal commercial area will allow residents to access a supermarket, pharmacy, or cafeteria without leaving the complex, although with separate and controlled access to preserve the safety of those living within the development. The Marena towers maintain a similar architectural layout, favoring spacious balconies, terraces, and apartment types ranging from studios to one-, two-, and three-bedroom apartments. The main difference between Brisa and Arena lies in the delivery and financing terms. While Brisa will be delivered in July 2026, Arena will be delivered in July 2027, offering longer payment terms and more affordable installments, making it an attractive alternative for investors looking to spread their financial commitments over time. Currently, the Brisa Tower has already registered 90% sales, while the Arena reached 40% in its first weeks on the market, reflecting the strong market reception over the past two years. Furthermore, the Faro Tower is already in the sales phase, with a disruptive financing plan: just a 5% down payment and interest-free installments until 2033. This is a unique scheme in the country, specifically designed for young investors or buyers looking for a long-term home without breaking the bank. Prices at Marena start at USD 80,000, including a covered parking space, which is one of the last opportunities to access pre-sale prices before the lagoon is opened and the project further consolidates its appreciation. With owners who purchase units as an investment in mind, Marena will develop Marena Rentals, a comprehensive rental management service for both traditional and short-term rentals. This platform will offer furnishing, setup, cleaning, billing, and expense management, with the support of the condominium's management. This way, investors will be able to fully delegate the management of their apartments, benefiting from economies of scale in negotiations with cleaning and maintenance providers. This is a key differential in a market where many buyers seek passive investments, without being involved in the day-to-day management of their properties. Marena will be managed by EYDI SA, a firm with extensive experience and great recognition in the local market. Present in Paraguay since 2012, EYDI SA has completed numerous residential and corporate projects in the cities of Asunción, Altos, Pedro Juan Caballero, and Hernandarias. The firm's track record as a Real Estate Developer and Manager has earned it the Top Construction Brands award in 2020, 2021, 2022, 2023, 2024, and again in 2025. EYDI SA also has extensive experience in the construction and management of residential units with Crystal Lagoons® technology, supported by a team based in the corporate hub of Asunción, just three kilometers from Marena. Castex is a renowned Argentine company with over fifty years of experience, having participated in more than one hundred successful real estate projects as a marketer and advisor in Argentina, Paraguay, and Uruguay. Thirteen of these projects feature lagoons using Crystal Lagoons® technology. Its level of professionalism has been recognized for eight consecutive years, from 2016 to 2023, with the prestigious Argentine Real Estate Report award in the Gated Neighborhood and Country Brokers category. The architectural design is by the prestigious Argentine studio Bodas Miani Anger, with significant experience in residential neighborhoods with crystal-clear lagoons in Latin America and the United States. Construction is being carried out by CCI Proyecta y Construye, one of the Paraguayan companies with the longest track record in large-scale projects in Asunción. The start of construction on the Arena Tower not only marks a step forward in Marena's masterplan schedule, but also represents the opportunity to access one of the last pre-sales at introductory prices. With the lagoon nearing its inauguration and a sustained sales pace, the project is consolidating its position as one of the most sought-after residential developments in the country. Marena isn't just a complex of buildings: it's a new way of understanding urban life, where nature, leisure, work, and safety coexist in one place, transforming the experience of living in Luque.

The development combines the expertise of Holding Mediofin and DE Constructora in a 14-story building, scheduled for delivery in August 2027, located steps from Asunción's corporate hub. David Elias, Director de DE Constructora y Franco Winekker, Director del Holding Mediofin On Thursday, September 18th, at 10:30 a.m., the groundbreaking took place for Marina 11, a residential building that promises to make a mark on Asunción's real estate market. With 11 floors of apartments, two levels of parking, and a rooftop designed for socializing and well-being, the project is presented as a proposal aimed at a young, professional, and investment audience seeking to combine functionality with comfort and the experience of living fully. The essence of Marina 11 is inspired by the idea of a free, youthful, and adventurous soul, conceived for those who value both permanent and temporary residence with equal enjoyment and joy. This vision is reflected in every detail of the project, from the layout of the spaces to the selection of its amenities, which have been designed to respond to current market needs. The project's origins reflect a strategic alliance between two well-established companies. On the one hand, Holding Mediofin, owned by the Winekker family, with a track record in developments such as the Áncora Building; on the other, DE Constructora SA, which brings over a decade of experience in the sector, more than 250,000 m2 constructed, more than 40 buildings delivered, and six under construction. The synergy between the two companies was instrumental in shaping a product that combines business strength, real estate development know-how, and a shared vision of quality. The choice of site—a 1,100 m² lot with a 38-meter frontage—allowed for the conception of a building with imposing lines, a design that emphasizes verticality and is embodied in elegant details. The blue-hued facades that point to the sky seek to convey freedom and freshness, without losing the sophistication that characterizes the project. This architectural aspect is complemented by a rational distribution of square footage, maximizing the saleable surface area and taking care of each non-living space to add value to the residential experience. Marina 11 is located steps from the corporate hub and surrounded by urban icons such as Paseo La Galería, Shopping del Sol, and the World Trade Center, with easy access to green areas such as Ñu Guasu Park and Guazú Park, and just 15 minutes from the international airport. The location reinforces the concept of practicality and connectivity, key to a resident profile that combines work, study, leisure, and social life in a single routine. In terms of its housing offering, the building will feature eleven types, including one-, two-, and three-bedroom apartments with floor areas ranging from 29.5 mª to 125 mª. Some units include balconies, a barbecue grill, and a laundry room, and all will be equipped with a kitchen, air conditioning, and bedroom closets. This variety seeks to meet the preferences of different buyer and user profiles, from young professionals to small families, as well as investors seeking compact, high-turnover units. One of the project's most notable aspects is its amenities, conceived as a differentiating value compared to other offerings on the market. The rooftop will feature a heated barbecue area with 360° panoramic views, designed for social gatherings and celebrations. A pool with a sundeck, ideal for relaxation, a laundry area for residents' convenience, and a fully equipped gymnasium will also be added, responding to the growing demand for wellness spaces in the buildings themselves. At the entrance level, the main lobby will feature a concierge and a meeting room area, providing a functional element to residents' daily lives. The financing scheme is another cornerstone of Marina 11. Units are being sold with a starting price of USD 1,330 per square meter, a competitive price considering the location and the building's attributes. Financing includes a minimum down payment of 25%, with a payment schedule during construction—expected to last 20 months—and the possibility of accessing customized plans of up to 5 years with an 8% interest rate in US dollars. Final delivery is scheduled for August 2027, giving buyers ample financial planning time. The backing of Holding Mediofin, through Rodolfo and Franco Winekker, and the proven experience of DE Constructora SA in developing high-quality buildings, ensure that Marina 11 is positioned as one of the most attractive investment and housing options in Asunción. The combination of location, construction quality, architectural design, competitive financing options, and prices comparable to those found in the outskirts of the city create an offering that seeks to respond to current market demands and anticipate the trends of an increasingly demanding public. With Marina 11, Asunción adds a new example of the urban transformation that characterizes its present, where the construction of modern and well-connected residences becomes an essential part of the evolution of the Paraguayan capital's real estate fabric.

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.