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

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

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

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

Yesterday, the groundbreaking took place for First Morra, an innovative real estate project located in the heart of Villa Morra, one of the most sought-after neighborhoods in the capital. With 88% of the building already sold, this project promises to be a benchmark in the area thanks to its avant-garde design and strategic location. The development consists of 302 apartments distributed in two towers, with 13 levels and up to 12 apartments per floor. It offers a wide range of units, including two-bedroom apartments of 55m² from USD 99,048, 60.3m² from USD 110,455 and 72.3m² from USD 123,867. It also has studio apartments with patios from 40.8m² and a starting price of USD 72,857. In addition, the building will have 120 parking spaces and 46 storage rooms, distributed on two levels. On the ground floor there will be a commercial sector and an elevated private plaza of 800 square meters, providing an exclusive and safe space for residents and visitors. Located on Dr. Morra, between Guido Spano and Olegario Victor Andrade, in the Villa Morra neighborhood, the project is in one of the most privileged areas of Asunción. Villa Morra is characterized by its dynamism, security and proximity to multiple centers of interest, such as universities, restaurants, corporate offices and shopping centers. An innovative aspect of the project is the semi-pedestrian area approved by the municipality, which will transform the urban environment. The road will be raised to the level of the sidewalk and the sidewalks will be widened, allowing more space for pedestrians without interrupting vehicular traffic. This initiative follows a global trend that prioritizes cities designed for people and not just for cars, generating a positive effect in the area. First Morra brings together all the amenities that modern tenants are looking for, guaranteeing quality of life and excellent profitability for investors. Its amenities include two lobbies per tower, barbecue area, coworking, lounge, private meeting room, gym, swimming pool, terrace spaces, rooftop restaurant, children's play area and several commercial premises on the ground floor. The strategic location of this real estate development makes it an excellent option for those looking for an investment with a high return on rent and capital gains. Villa Morra is one of the areas with the highest demand for rentals in Asunción, thanks to its concentration of multinational companies, banks and international organizations. This ensures high profitability for those who invest in properties in this area. First Morra has been conceived as a building in the pipeline, with flexible financing and affordable installments, allowing investors to generate passive income through rent. The developer emphasizes the importance of investing in projects designed from the outset to offer high returns, facilitating the construction of a solid and sustainable heritage. The project has two types of payment plans. The first consists of an initial payment of 30%, 60% in installments during the construction and the remaining 10% in the possession phase. There is also the possibility of paying it in continuous and equal installments throughout the construction, thus facilitating the investment and adapting to the needs of the buyer. The cost of the expenses is planned at USD 1.15 per square meter, a competitive figure considering that the average in buildings of similar category is around USD 1.40 per square meter. The project is scheduled to be completed in March 2028. The project is being carried out by Benítez Bittar Constructora, a company with 34 years of experience in the real estate market. With 526,070 square meters planned in 10 cities and 30 satisfied clients, Benítez Bittar has established itself as a benchmark in the sector. Its commitment to quality, attention to detail and innovation ensures that First Morra will be a milestone in the residential offering of Asunción. With a strategic location in the heart of Villa Morra, an avant-garde design and a wide range of top-level amenities, First Morra is consolidated as an exceptional option for both those seeking a home with quality of life and for investors seeking a high-profit opportunity in Asunción. For more information, you can contact +595 992 823700 .

This morning, the inauguration ceremony of the innovative Livit Santa Teresa real estate project took place, located on Cnel. Cabrera between Santa Teresa and Doutor Guillermo Enciso Velloso, in the traditional neighborhood of Ycua Sati. Designed for investment or residence, this development will offer 66 units in a privileged location, close to the corporate hub and important shopping centers. With 15% of the units sold, construction is estimated to last 30 months, with delivery scheduled for the end of 2027. Livit Santa Teresa seeks to integrate harmoniously into a historic neighborhood without losing the essence of Paraguayan architecture. It is a project that balances investment with environmental preservation, allowing buyers to obtain a good return without compromising the architectural identity of the area. The building will be constructed of brick and will be of moderate height, respecting the concept of community and coexistence characteristic of Paraguay. It will have comfortable spaces for its residents, with a structure that adapts to the country's culture of life. Livit Santa Teresa will offer options for both investors and those looking to settle in the area. Units will include one-, two- and three-bedroom apartments, with areas ranging from 34.82 square meters to 117.67 square meters. Prices start at $69,500 for one-bedroom units without a garage, with an additional $18,000 for a garage. The most exclusive units, located on the upper floors and measuring up to 120 square meters, cost up to $ 188,400 . The price range makes it an attractive option compared to other projects in the area. The project will feature a wide range of amenities designed for the enjoyment and comfort of residents, including a fully equipped gym, swimming pool with solarium, barbecue area, living room with rooftop terrace, laundry and controlled access for greater security. To ensure the safety of buyers and the stability of the project, Livit Santa Teresa will operate under a trust fund managed by Investor Fiduciaria, with the support of Banco Itaú. This mechanism allows to protect clients’ funds and ensures compliance with financial regulations in Paraguay, providing greater confidence to local and international investors. The Livit Santa Teresa project offers payment plans with semi-annual or annual installments, with a 20% down payment for a $2,500 down payment and 80% in up to 30 installments during the construction phase, tailored to the development stage. This approach ensures flexibility and peace of mind for both investors and those looking to plan their future home. In addition, flexible and affordable financing options are offered, backed by an agreement with Banco Itaú. An initial payment of 20% of the sales price is required, while the remaining 80% is financed when the project reaches 90% progress, ensuring immediate delivery upon completion of construction. This scheme includes preferential rates and convenient payment terms, giving buyers the opportunity to structure their payments according to their needs. The development and construction will be carried out by Axion Arquitectura + Ingeniería, a company with a distinguished track record in the Paraguayan real estate sector. The company, led by Adolfo Bieber and Susy Ritter, has extensive experience in the construction of homes, buildings and commercial projects. Livit Santa Teresa is a project by Grupo Leven, formed by Chilean, Uruguayan and Paraguayan investors with extensive experience in real estate projects. With over 30 years in the sector, the group has developed over 300 buildings in Chile and is currently executing five projects in that country. The group intends to continue with new developments in Paraguay, with Livit Pinedo as its next project. For more information about Livit Santa Teresa and to learn more about the investment and financing options available, interested parties can contact Leven Group at +595 972 555505. With this innovative development, Livit Santa Teresa promises to be one of the most attractive options in the real estate market in Asunción, combining location, architecture and financial security in a single project.

As Asunción and the country's economy continue to grow, the demand for corporate space has intensified, reflecting sustained economic dynamism and growing interest from national and international investors. In this context, the Central Bank of Paraguay reported an accumulated growth of the Gross Domestic Product (GDP) of 4.3% in 2024, consolidating the stability of the economic sector. During the period 2003-2023, the Paraguayan economy experienced an average growth of 3.6% per year, outperforming many economies in the region and positioning the country as an attractive destination for investment and business development. This progress allowed Paraguay to achieve the investment grade granted by Moody's in July 2024, strengthening its credibility in international markets. In parallel, the corporate office market in Asunción has shown accelerated growth. By mid-2024, it reached 257,000 m², ranking among the smallest in the region, but with a notable pace of expansion and modernization according to JLL's Latin American Office Market Report. This panorama highlights the potential for growth and consolidation of the corporate real estate sector in the city, driven by the growing demand from companies looking for strategic locations and modern infrastructure. Originally, most of the city's businesses were located in "El Centro" (The Center) of Asunción. The population was concentrated mainly in the center and in surrounding neighborhoods such as Las Mercedes, Barrio Obrero, Ciudad Nueva, and Sajonia. The first large buildings began to be built in 1960, after President Stroessner imposed a higher tax on older houses in the area. From then on, downtown Asunción grew in height until the 1980s, driven by the boom of the Itaipú hydroelectric plant. At the same time, areas previously dominated by large country houses began to be urbanized, such as Los Laureles, Villa Morra, Santísima Trinidad, Las Lomas, and Ycua Satí. The economic crises of 1995 and 2002 impacted the population and corporate activity in downtown Asunción. Companies opted to rent large houses, which were cheaper than offices in corporate buildings. The center began to experience traffic problems, rent increases, and increased insecurity. During the first decade of the 2000s, corporate offices predominated in low-rise buildings and houses adapted to the new urbanized areas of Asunción. In 2010, the company GA&W and the developer Capitalis began the construction of medium-sized corporate buildings on Avenida Aviadores del Chaco, promoting the area as "The New Corporate Axis of Asunción." It was not until 2011, with the announcement of the World Trade Center Asunción, followed by Paseo La Galería in 2013, that the area was consolidated as the main corporate district. Projects such as Sky Park, Park Plaza, Torres AYMAC I, II and III, The Top, Torre Aviadores and Trading Park were later added. Today, this axis houses thousands of companies and offices. Many of the firms that previously operated from homes or downtown Asunción migrated to this area, improving connectivity between collaborators and suppliers, encouraging collaboration and networking. Although growth in square meters has slowed, projects such as Matter and Link Aviadores still bring innovative proposals to the area. In addition, Shopping del Sol, the main shopping, dining and entertainment centre in the area, continues to evolve to adapt to the market. However, new areas of the city are emerging as corporate hubs. Although they have not yet displaced the Corporate Axis, they have attracted the attention of developers and investors. Recoleta/Mariscal neighborhood One of the neighborhoods with the greatest growth in residential and corporate square meters in recent years is the Recoleta neighborhood, also known as the Villa Morra neighborhood. Its corporate development was slower than that of the Corporate Axis, with the first corporate building, Citi Center, inaugurated in 2001. It was not until 2009 when BBVA (now the headquarters of Banco GNB) built the second building in the area, followed in 2012 by Mariscal Center and in 2013 by the Banco Continental building. In 2016, the Mariscal Shopping Center expanded its infrastructure with the addition of Banco Atlas' Atlas Center, its first corporate tower, and in 2017 the Torre de las Américas was inaugurated, strengthening the area's position as a growing business hub. More Mariscal 2022 marked a turning point in the transformation of Recoleta with the launch of Central Mariscal, currently under construction, and the creation of the Mariscal Neighborhood Association. To enhance the area's attractions, a group of businesspeople created the 'Barrio Mariscal', an initiative that has generated a significant impact on the community. For more than two years of joint work, the Mariscal Neighborhood Association has implemented multiple urban improvements to make the area a more accessible and attractive space. These actions include the removal of railings, the modernization of public spaces, the optimization of road signs, as well as the cleaning and continuous maintenance of sidewalks. In addition, interventions have been carried out in the gardens on the public streets and the painting of sidewalk curbs to strengthen the identity and aesthetics of the neighborhood. Thanks to these efforts, Recoleta has established itself as a modern and functional neighborhood, with a dynamic and attractive environment for both residents and businesses. Within this framework of growth, Central Mariscal is emerging as a key project for the consolidation of the district, promoting urban and corporate development in the area. Developed by Altius Group Paraguay, it will include an office building, two MORE residential towers, a gastronomic and commercial promenade, and parking lots, further strengthening the corporate and residential infrastructure of the area. Penta SA, a key investor in the area, has acquired a 14-story office tower, the gastronomic promenade, and 260 parking spaces. Other projects include New World Tower, the future headquarters of AGB, and Asunción Trading Center, with more than 6,000 m2 of offices. Sudameris Bank is also planning a very important corporate building on the corner where Tigo used to operate. With these developments, the Recoleta neighborhood will consolidate itself as a financial and corporate district, increasingly approaching the number of square meters that exist in the Avidores del Chaco Corporate Axis. Perseverance District Distrito Perseverancia, the largest mixed-use complex in the country, will have 10 buildings in the corporate part of the project, including spaces dedicated to offices, hospitality, health, education and services. This development is designed to become a catalytic space, integrating different areas to promote productivity and business well-being. The first tower under construction, La Torre Marfil, will mark the beginning of Distrito Perseverancia's corporate campus. With a design focused on maximizing the corporate experience, improving workplace well-being and stimulating creativity, this building will be a key point within the project. IWG, the world leader in flexible workspaces, will be part of Torre Marfil with its Spaces brand, offering fully equipped offices and coworking areas in Torre Marfil. These spaces are designed to attract start-ups and professionals looking for dynamic and modern work environments. With the arrival of IWG, many smaller companies will find Distrito Perseverancia an ideal environment, as these spaces offer flexible contracts and efficient solutions for growing companies. Torre Marfil en Distrito Perseverancia An example that illustrates the benefits of mixed-use developments is the relocation of Boston Consulting Group (BCG) offices to Hudson Yards in New York. The relocation allowed BCG to increase its collaboration space by 176% and reduce costs per employee by 55%, thanks to more efficient use of space and a modern design. In addition, choosing Hudson Yards allowed them to take advantage of the development’s amenities, such as shopping centers, restaurants, and subway access, becoming an extension of their corporate culture. This case demonstrates that a well-planned mixed-use development, such as Perseverance District, not only improves the employee experience, but also optimizes costs and fosters a more connected and efficient business ecosystem. The Delta El Delta is strategically located between the Remanso Bridge and the Héroes del Chaco Bridge, south of the Transchaco Route. This modern development includes a completed residential neighborhood, two under construction, two finished building complexes and two corporate offices: Alkan and Navis. In addition, it has a shopping center under development and a golf course, consolidating itself as a comprehensive project with multiple services. While El Delta is primarily known for its residential neighborhoods, it is evolving into a growing corporate hub. Its Business Center, located on the banks of the Paraguay River, houses the Alkan, Navis and the future Navis II buildings, offering a strategic environment for national and international companies. In 2021, the zone became the first Free Trade Zone for Services in the country, attracting companies with significant economic benefits thanks to Decree 5965/21. This legal framework allows the developer to attract high value-added service companies, replicating successful models from Costa Rica and Uruguay. Key sectors include biotechnology research, software development, architectural design, technical and financial consulting, along with other activities regulated by current legislation. With a focus on innovation and business growth, El Delta seeks to establish itself as a key hub for corporate and commercial development in the region. As the corporate real estate sector continues to evolve, Paraguay is positioning itself as an increasingly attractive destination for international investment, especially for companies from Bolivia and Argentina looking to expand in a stable and favorable environment. However, the key to the future of the corporate market in Asunción lies not only in the expansion of square meters, but in the ability to offer specialized spaces adapted to the needs of each industry. Global trends indicate that personalization and flexibility of workspaces will be decisive. Hybrid office models, premium coworking and mixed-use developments are marking the future of the sector. In this context, investors and developers have the opportunity to differentiate themselves and innovate, attracting companies looking for strategic, modern and efficient environments. With this development, Asunción will not only consolidate its growth as a business hub in Paraguay, but will also strengthen its position in the region, competing with more developed markets and attracting new investment opportunities. If you’re interested in learning more about the corporate office market in Asunción, seeking the ideal location for your business, or exploring investment opportunities, feel free to contact us at +595 992 823700 or at info@altusterras.com .

The Office of the First Lady (OPD) hosted the first session of the General Coordination of the Asunción – 500 Years Commission, an inter-institutional initiative that seeks to transform the capital in view of its 500th anniversary in 2037. The meeting, headed by the First Lady, Leticia Ocampos, brought together national and municipal authorities to present progress and key projects aimed at the revitalization of the historic center and the improvement of urban infrastructure. Among the participants were Minister Claudia Centurión of the MOPC, Minister Angie Duarte of the General Secretariat of Tourism, Minister Adriana Ortiz of the Ministry of Culture, the president of ANDE, engineer Félix Sosa, the Coordinator of the OPD, Alicia Pomata, the mayor of Asunción, Oscar Rodríguez, and the Vice Minister of Security of the Ministry of the Interior, Oscar Pereira. The Minister of Public Works and Communications (MOPC), Claudia Centurión, presented the progress of the Urban Resilience program, developed with the support of the World Bank. One of the most relevant projects is the burying of high voltage lines, with an investment of USD 8 million, which will allow the elimination of overhead cables on the Costanera of Asunción. This work will improve the aesthetics of the place, reduce security risks and guarantee a modern and efficient infrastructure. Another of the main axes is the revitalization of the Caballero Park, whose first phase will begin in September 2025 and will include an intervention in 13 hectares with an investment of USD 6 million. The restoration of trails, the reforestation of green areas, the construction of recreational areas, the installation of urban furniture and the rehabilitation of historical structures will be carried out. In addition, the restoration of the Historic Centre will be promoted, starting with the renovation of Plaza Uruguaya, Plaza Mayor and Calle Paraguayo Independiente, in collaboration with the National Secretariat of Culture (SNC) and the Municipality of Asunción. The works will include the restoration of monuments, the installation of new lighting, the renovation of pavement and the expansion of pedestrian spaces. Later, Palma Street and the Cuatro Plazas area will be worked on with work to improve street furniture, the conservation of heritage buildings and the creation of new cultural spaces. The comprehensive restoration of the squares in front of the Cathedral of Asunción will also be carried out, with the aim of revaluing the city's historical monuments, renovating the gardens and improving access for visitors. For its part, the National Electricity Administration (ANDE) presented the progress of the "Centro Brilla" plan, which aims to bury cables in coordination with the Municipality of Asunción. The Municipality will also carry out the renovation and unification of sidewalks in the areas affected. Modern and resistant materials will be used that allow easy maintenance and greater durability. The National Secretariat of Culture will supervise the archaeological work in these areas, given their historical importance. The Vice Minister of Internal Security, Oscar Pereira, addressed the strategies for inter-institutional coordination to address social problems that impact the security of the historic center. A joint working group was established to guarantee a comprehensive and effective approach in the management of these issues. The mayor of Asunción, Oscar Rodríguez, presented the pedestrianization project for Chile Street and the intervention in the Four Plazas of the Panteón de los Héroes. The project will include vehicle closures at certain times, the renewal of paving, the widening of sidewalks, the installation of rest areas and the improvement of public lighting. These works, which will be carried out in two phases starting this year, seek to improve pedestrian mobility and the enjoyment of public space in the city. During the session, it was agreed to draw up a single calendar that includes all the interventions scheduled in the historic center, in order to optimize the execution of the projects, avoid overlaps and guarantee an orderly and efficient transformation of the city. The director of the Executive Directorate of the Historic Center of Asunción, Omar Cubas, highlighted that the meeting was aligned with the coordination established by decree under the initiative "Asunción, Mother of Cities - 500 years." This inter-institutional effort allows the Municipality of Asunción to work together with public and private entities to develop key projects in the Historic Center. Cubas emphasized that these initiatives are linked to "Centro Brilla", promoted by the OPD, with the aim of revitalizing the ground zero of the city, where the National Pantheon of Heroes is located. The session concluded with a commitment from all participating institutions to continue with the implementation of the projects, ensuring sustainability and a positive impact on the city in view of its 500th anniversary.

GEXA CONSTRUCTORA officially began construction of Prime Campus Suites last Monday, February 24, marking a milestone in the concept of student housing in Asunción. The groundbreaking ceremony took place on the property located on Trébol esquina Inga, Loma Pyta, where this innovative real estate development designed specifically for university students will be built. The Prime Campus Suites project represents a housing model that prioritizes comfort, security and functionality for young people in academic training. With a total of 96 housing units, each space has been designed and equipped according to the daily needs of the student, offering added value in terms of comfort. Among its exclusive amenities are study areas equipped per floor, laundry rooms, swimming pool and recreational areas, promoting interaction and community life characteristic of a university campus. Located just four minutes from the Universidad María Auxiliadora (UMAX), an institution that has MERCOSUR accreditation for its Medicine degree, Prime Campus Suites responds to the growing demand for accommodation in the area. UMAX, with 16 years of experience, has consolidated Mariano Roque Alonso as an attractive university hub for national and international students, mostly Brazilian. The presence of this university has generated a sustained increase in the demand for student residences, a need that this new housing complex seeks to address. Prime Campus Suites offers studio apartments with premium finishes from USD 39,900, combining quality and accessibility. In addition, its strategic location facilitates access to the main university centers, while the professional management of the building guarantees high-level security and maintenance. The complex will have 25 parking spaces for cars and 18 for bicycles, offering two types of units of 29.00 m2 and 32.30 m2. During the opening ceremony, Mr. Santiago Talavera, Director of GEXA CONSTRUCTORA, said that "this project represents our vision of creating spaces that are not only highly profitable, but that also satisfy the housing needs of students and, in turn, enrich their university experience." The viability and success of the project are already reflected in the commercialization of 65% of the units before the start of work, whose construction is expected to last approximately 24 months. A key partner in this project is Eu Indico MED, an entity that promotes the medical degree, which has played a fundamental role in attracting Brazilian students to Paraguay. Since its beginning of operations, this institution has registered a 33% increase in the number of new students recruited for the first semester of each year and 18% for the second semester. According to its projections, by 2025 a 37% growth is expected in the number of new students enrolled, which reaffirms the importance of projects such as Prime Campus Suites in the country's educational infrastructure. GEXA CONSTRUCTORA, a company with eight years of experience in the Paraguayan market, has established itself in the construction sector with a focus on local human and professional capital. With more than 22,765 square meters built and a portfolio of more than 10 projects delivered and six in progress, the company has demonstrated its commitment to innovation and excellence in each development. Among its most notable projects are the BMW Owners Club, the ASAN Logistics Center, Flats del Sol, Flats Las Mercedes, Mirador del Chaco, the SEAMPA Recycling Plant, the expansion of Megacadena Comunicaciones and the COMEPAR food factory, consolidating its presence as a benchmark in the country's real estate sector. For more information, you can contact GEXA at +595 992 285008 or send an email to comercial@gexa.com.py .

At an event held at the Hoyo 19 Hall of Club Centenario, with the presence of national and municipal authorities, this initiative was officially presented with the goal of consolidating the growth of Mariano Roque Alonso, Limpio, and Luque as a hub for economic and residential development. The northern area of the Central Department has experienced sustained growth in recent years, driven by its proximity to Asunción, its connectivity with strategic routes, and a series of national and foreign investments that have fostered the construction of housing, shopping centers, recreational spaces, and educational institutions. This growth has created a strong demand for planning and structuring, which is why real estate developers and other key stakeholders have decided to join forces to coordinate efforts and optimize the evolution of this territory through the Distrito Norte Association. Francisco Jorge, General Manager of Altius Group Paraguay; Ernesto Figueredo, President of Raíces Real Estate; and Eduardo Livieres Guggiari, President of Club Centenario, during the official presentation of the Distrito Norte Association. The association, initially driven by Raíces Real Estate, Altius Group Paraguay, Altamira Group, Ganadera Vista Alegre, Colegio Maple Bear, Izara, and Ofisa, was created in response to the need for a coordinated team to address the challenges posed by the region’s growth. The vision of Distrito Norte is not solely focused on the construction of new real estate developments but aims to ensure that growth occurs in a planned, efficient manner with a positive impact on the community and the region’s ecosystem. With the participation of key real estate sector players, the association represents a joint effort to coordinate strategies that will drive the development of the northern area of the Central Department with a long-term perspective. The central objective of this initiative is to create a collaborative space between the private sector, government, and civil society to work on urban planning and the necessary infrastructure to support this growth in an orderly manner. The shared vision is to consolidate an environment where family well-being, economic development, and sustainability go hand in hand. Within this context, projections include the construction of 5,000 residential units, 30,000 square meters of commercial areas, and 75,000 square meters dedicated to education, with an estimated investment of $1.5 billionin the coming years. This development is expected to generate more than 5,000 direct jobs and approximately 13,000 indirect jobs, strengthening both the local and regional economy. Through this structured growth model, the goal is to transform the northern area of the Central Department into a benchmark for well-planned urbanization, balancing housing, commerce, services, and green spaces. Distrito Norte is not a closed or exclusively private-sector organization. From its inception, it has been designed as an inclusive association open to new members, including real estate developers, property owner associations, clubs, and other entities interested in contributing to structured and sustainable urban growth. This openness is crucial for ensuring comprehensive planning that does not rely solely on isolated private initiatives. Lack of planning and coordination has been a challenge in many fast-growing areas of Paraguay, leading to issues such as road infrastructure problems, lack of access to basic services, and urban disorder. Through this initiative, the goal is to prevent history from repeating itself in Mariano Roque Alonso, Limpio, and Luque, by aligning the interests of different stakeholders to guarantee a functional, efficient, and sustainable development in the long term. One of the primary concerns for developers and urban planners is public infrastructure, particularly in terms of roads, transportation, and access to basic services. Currently, the region faces limitations in road networks, potable water supply, and wastewater treatment, which could slow growth and impact the quality of life of future residents. To address these challenges, the association has initiated a dialogue with the government and municipalities to prioritize investments in key infrastructure. Important progress has already been made, such as the duplication of Route 025 Silvio Pettirossi and Route Tapetuya, projects driven by private developers who donated technical studies to the government to accelerate their execution. This public-private collaboration model is one of the fundamental pillars of Distrito Norte, where infrastructure planning and execution are not solely dependent on state initiatives but also benefit from private-sector support and contributions, making projects happen faster and more efficiently. Regarding mobility, another challenge for the region is the need for an efficient public transportation system that allows residents to commute without relying exclusively on private cars. Experiences from other cities in the regionhave demonstrated that well-planned transportation systems can reduce traffic congestion and make cities more accessible. In this regard, the association is exploring alternatives to improve connectivity within the area and with Asunción. One potential solution is implementing transportation models similar to those successfully used in Pilar, Argentina, where a combination of public and private investment transformed a weekend home area into a vibrant urban hub featuring universities, shopping centers, and office spaces. Real estate appreciation is another direct effect of the orderly growth in the region. In recent years, land prices in Luque, Limpio, and Mariano Roque Alonso have risen significantly due to increased demand for housing and commercial spaces. This trend signals strong and sustained investor interest in the region but also underscores the need to ensure sustainable development. The vision of the Distrito Norte Association is not to limit real estate growthbut to integrate diverse housing types and service options, making quality living conditions accessible to more people. Establishing the area as a development hub requires parallel investments in education, healthcare, and recreational spaces. Planning must take into account the proximity of residential areas to essential services to prevent residents from having to travel long distances for education, healthcare, or employment. In this regard, the presence of schools, universities, and healthcare centers within Distrito Norte’s area of influence is critical to ensuring that urban growth translates into a fully functional and self-sufficient community. From an environmental perspective, development in the area must be accompanied by measures to preserve natural resources and enhance environmental quality. One priority issue is the restoration of the Ytay Stream, a project that would benefit both real estate developments and the broader community. Water contamination is a recurring problem in uncontrolled urban expansion areas, and Distrito Norte seeks to prevent this from happening by implementing an environmental management plan that includes proper wastewater treatment and green space conservation. Sustainability is a core element in the association’s planning, ensuring that growth does not compromise environmental quality or long-term livability. Distrito Norte is, in essence, a commitment to intelligent planning and collaboration between the private and public sectors. The demand for housing, services, and job opportunities in the northern area of the Central Department is already a reality, and the key is to manage this growth in a structured way to avoid the issues that have hindered development in other cities. This association was created with the mission of coordinating efforts and ensuring that investments in the area result in tangible improvements in infrastructure, mobility, environment, and quality of life. The vision is clear: to build a modern, efficient, and sustainable urban model where the community can grow with a balance between economic development and social well-being.

In the picturesque city of San Bernardino, a new real estate development is emerging that redefines the concept of home. Barrio Pindó, a jewel of 9.5 hectares of lush green areas, is presented as the perfect space where natural harmony becomes the protagonist of unforgettable moments. This development not only offers comfort and warmth, but also represents a true home for everyone, everyone. The name "Pindo" goes beyond words; embraces the deep symbology of the "Pindo" palm tree, a species native to the region. This choice connects the development with the community, transmitting a serene and tropical atmosphere. The narrative of trust between host and guests is manifested with the implicit invitation: "Come here, under the Pindó." Barrio Pindó offers a perfect fusion between natural settings, comfort and security for your family. Security is a top priority, with 24/7 surveillance at the main entrance to the gated community, ensuring constant tranquility at all times. The access porch, guarded by specialized personnel, reflects the guarantee of tranquility and privacy that the neighborhood offers. Barrio Pindó has been designed to satisfy the tastes and needs of each member of the family. The little ones can explore the joy in the parks specially designed for them, while the versatility of the multi-use court provides sports and recreational options for everyone. For those looking to stay active, the fully equipped gym is the answer, while unforgettable family moments can take place in the barbecue area with barbecue. The air-conditioned function room offers a welcoming space to celebrate special occasions, and the pool provides a refreshing oasis where you can enjoy moments in the sun with friends and family. In Barrio Pindó, the amenities are designed to embrace the diversity of tastes, thus creating an environment where each resident can find their perfect corner of happiness and recreation. With 91 lots available, Barrio Pindó offers land from 700m2 with affordable installments from 330 USD and own financing of up to 60 months. This development is presented as the best option in Sanber in terms of price, quality and payment methods. Barrio Pindó is developed by AV Desarrollo Inmobiliaria, known for planning developments in strategic locations with high potential. The company has stood out with previous projects such as MIO HOME , MIO YCUA SATI , Altos de Concordia and Edificio Margarita For further information and inquiries, the development is marketed by KW Las Lomas. You can contact them at the following link . Barrio Pindó is more than a real estate development; It is the materialization of a harmonious and natural lifestyle that awaits those who wish to build their homes in a serene and welcoming environment.

The real estate market in Paraguay is experiencing significant expansion, establishing itself as one of the key sectors driving the country’s economic development. According to a recent report by Statista, the total value of the real estate market is expected to reach $194.42 billion in 2025, representing an increase of $6.39 billion compared to 2024. This growth is primarily driven by the dynamism of the residential market, although the commercial sector is also showing solid performance. Residential Sector: The Growth Engine The residential segment overwhelmingly dominates Paraguay's real estate market, with a projected value of $155.8 billion in 2025, an increase of $5.8 billion from the previous year. This growth reflects sustained demand for housing, both for purchase and rental, driven by factors such as increasing urbanization and the need for affordable housing solutions. In terms of transactions, a significant rise in the number of residential properties sold is expected, reaching 12,170 transactions in 2025 , compared to 11,090 recorded in 2024 . Additionally, the average transaction value is set to rise to $97,870 , marking an increase of $2,390 from the previous year. This increase not only reflects rising property values but also a shift in consumer preferences toward higher-quality housing. Growth in Residential Rentals The rental market is also performing well. Total rental income is projected to reach $4.69 billion in 2025, surpassing the $4.42 billion recorded in 2024 . This growth is spread across both house and apartment rentals, with significant participation in both segments. The number of rented houses will reach 381,500 properties , generating $3.91 billion in income, while apartments will account for 151,600 leased units , generating $780 million . Additionally, the average rental income per house will increase to $10,240 per property , while apartment rentals will rise to $5,170 , reflecting an increase of $450 and $230 , respectively. Changes in Homeownership The Paraguayan market is experiencing a gradual shift in ownership and rental dynamics. By 2025, it is projected that 36.8% of households will be rented , marking a steady 0.1% annual increase since 2021 . Meanwhile, the percentage of owned homes will slightly decline to 63.2% , following the same annual trend. This shift toward rentals reflects not only changing consumer preferences but also the impact of urbanization and the younger generation’s desire for flexibility. Urban areas, in particular, have seen a notable increase in rental demand, driven by migration from rural areas in search of better economic opportunities. The Commercial Market: A Complementary Pillar While the residential sector leads the market, the commercial real estate segment also plays a crucial role. By 2025, the commercial real estate market is expected to be valued at $38.62 billion , with an increase of $590 million compared to 2024. This growth is linked to rising investments in infrastructure, office spaces, and commercial establishments, particularly in the country’s main cities. Long-Term Projections and Investment Opportunities Looking ahead, Paraguay’s real estate market is projected to grow at a compound annual growth rate (CAGR) of 3.15% from 2024 to 2029 , reaching an estimated value of $219.7 billion by 2029. Within this outlook, the apartment rental segment stands out for its dynamism, with a CAGR of 5.34% during the same period, bringing the market volume to $960 million . This sustained growth is driven by multiple factors, including the country’s political stability, a favorable economic environment, and a growing young population. Additionally, the increasing popularity of real estate investment trusts (REITs) is attracting both local and international investors. Key Factors in Market Development The development of Paraguay’s real estate market can be attributed to a combination of macroeconomic factors and consumer trends: Consumer Preferences : There is a growing demand for affordable housing, particularly among urban middle-class households. This has led to an increase in residential property transactions, especially in metropolitan areas. Urbanization : Migration to cities like Asunción has generated higher demand for housing in urban areas. Foreign Investments : Paraguay offers an attractive environment for international investors due to its economic and political stability. Economic Growth : Rising disposable income and low interest rates have facilitated access to housing financing. Paraguay’s real estate market is in a phase of sustained expansion, with robust growth in both residential and commercial segments. This dynamism not only benefits investors but also meets the housing needs of a growing and urbanizing population. With promising prospects for the coming years, Paraguay’s real estate sector is positioned as a fundamental pillar of the country's economic development. Source: Statista.