With established experience in Montevideo, Terra Desarrollos is launching in Paraguay with a project that combines scale, contemporary design and a comprehensive value proposition geared towards both the end user and the investor. Ing. Santiago Benítez y Arq. Sebastián Benítez Bittar (Benítez Bittar), junto a Oscar Vidal, Daniel Mir y Gabriel Meilich (Terra Desarrollos), y Antonella Faranone (Hub Desarrollos). Terra Desarrollos presented its first project in Paraguay in Asunción: Aurora, a residential building located in the Recoleta neighborhood, marking the Uruguayan firm's entry into the local market. The developer arrives in the country after seven years of development in Montevideo, where it has three completed buildings, three under construction, and a seventh project in the launch phase. The company began the process of acquiring land, assembling the local team, and structuring the project approximately two years ago. During that time, it made progress in selecting architects, a construction company, and a sales team, with the goal of replicating in Asunción a work methodology it has already been developing in Uruguay. This methodology is based on large-scale residential projects, competitive pricing, and close monitoring throughout the sales, construction, and after-sales process. Aurora is being developed on a plot of land in Recoleta, an area chosen for its combination of proximity to the city's main attractions and a more tranquil residential environment. The neighborhood is close to the Mariscal Shopping Center, major avenues, and commercial and gastronomic hubs that have been growing in recent years, including La Cuadrita, which has established itself as one of the area's landmarks. The project seeks to integrate into this context through an open ground floor, with retail spaces and a green plaza created by ceding part of the land. This decision allows the building to function not only as a residential tower, but also as a space connected to the neighborhood's activity, complementing the commercial and gastronomic scene that characterizes the area. The tower will have 20 floors and is positioned as one of the tallest buildings in the Recoleta neighborhood. Its architectural design combines a contemporary facade with warmer materials, such as exposed brick on balconies, glazed surfaces, and a double-height ground floor. The design aims for a more balanced, modern, and timeless aesthetic. The units were designed with an emphasis on lighting, ventilation, and spacious interiors. All units feature natural ventilation and large, practically floor-to-ceiling windows. The interior color palette will utilize neutral tones, creating bright, functional spaces that are easily adaptable for both owner-occupancy and rental. Aurora will feature studios, one-bedroom apartments, and two-bedroom units. The studios will be approximately 40 m², a generous size for this type of property in the local market. The one-bedroom units will have different layouts, with total areas of approximately 38, 40, and 48 m², primarily aimed at investors seeking a more affordable price point and rental potential. The two-bedroom apartments will include larger layouts, some with spacious terraces, designed mainly for end users. One of the building's key features will be its amenities, spread across two levels. The first level will house a wellness area with abundant greenery, an organically shaped swimming pool, a solarium, a sauna, a relaxation area, and outdoor spaces. The pool was designed with a curved shape that contrasts with the tower's vertical lines and aims to become one of the project's defining elements. On the 20th floor, another level of amenities will be located, including a gym, coworking space, coffee point, and open views of Asunción and the Recoleta neighborhood. The building will also feature a barbecue area, an outdoor fire pit, a gourmet kitchen, and a grounding space designed for connecting with nature and relaxing. The gourmet kitchen was conceived as a more complete space than a traditional barbecue area, geared towards gatherings where gastronomy takes center stage. From a commercial standpoint, Aurora is in its launch phase with units starting at USD 59,000. The initial plan includes a 20% down payment and financing during construction in 28 installments. The project has already sold 15 units and construction is scheduled to begin on June 1, 2026, while the building is projected to be delivered in October 2028. In terms of development, Aurora brings together a team with experience at both the regional and local levels. The project is being driven by Terra Desarrollos, which operates in Uruguay under the Block Desarrollos brand. In seven years, the company has established a strong presence in Montevideo, with three completed buildings, including a recently finished 160-unit project, three under construction, and a seventh in the launch phase. The firm decided to expand beyond Uruguay based on a strategic analysis of the regional market, identifying Paraguay as having a dynamic economy and a young, growing population. The company plans to replicate in Paraguay the same development model it uses in Uruguay, aiming to launch new projects progressively, approximately one every nine months, while maintaining affordable prices and a proposition focused on generating profitability for investors. One of the cornerstones of its success is meeting delivery deadlines, ensuring quality construction, and providing close support throughout all stages of the project, from sales to after-sales service. The building will be constructed by Benítez Bittar Constructora, a Paraguayan company led by engineer Santiago Benítez Vieira, with over 30 years of experience in the development, planning, and execution of architectural and engineering projects. The firm has experience in projects of varying scales and types, including residential, corporate, industrial, and civil developments, and is positioned in the local market for its technical capabilities, operational structure, and experience in large-scale projects. The architectural design and technical development of the project were carried out by Hub Desarrollos, which oversaw the entire process from the initial site analysis to the final construction plans. This included developing the preliminary design, coordinating the bidding process with construction companies, and overseeing the construction process. Thus, the firm's involvement extends beyond the design phase to include the technical structuring and project monitoring throughout its execution. For Terra Desarrollos, Aurora represents the first step in a growth strategy in Paraguay. The company aims to maintain a work structure focused on a few projects at a time, with direct monitoring of each stage and a scale that allows for control over quality, construction details, and the client experience. With this proposal, Aurora adds a 20-story residential tower to Recoleta, with commercial premises, green spaces, compact and spacious units, and an offering of amenities geared towards daily life, work, well-being and real estate investment.

The eviction process establishes the legal framework for the restitution of real estate in cases of non-payment, expiration of contract or occupation without title, with defined deadlines and a specific procedure regulated by the Civil Procedure Code. Eviction proceedings are one of the most important legal mechanisms in the real estate market, especially in rental relationships, property occupation, and property management. In Paraguay, this procedure is regulated by the Code of Civil Procedure, in Title VII, "On Eviction," which establishes the legal process to be followed when a person is obligated to return a property or part of it. This legal mechanism is relevant for landlords, tenants, developers, property managers, and investors alike, as it allows for the legal resolution of situations where occupancy of a property no longer has sufficient contractual or legal backing. This can occur, for example, when a lease has expired, when there is non-payment of rent, when someone occupies the property without a valid title, or when there is an outstanding obligation to return the property. According to Article 621 of the Code of Civil Procedure, eviction proceedings are available against the lessee, subtenant, or any precarious occupant whose obligation to return the property is enforceable. In simpler terms, this means that the process can be initiated not only against the primary tenant but also against other individuals occupying the property who are obligated to vacate it. The procedure begins with the filing of a written complaint. Once the action is initiated, the court serves the defendant, who has six days to respond. This point is important because the Code itself establishes a warning: if the complaint is not answered within the deadline, the facts presented by the plaintiff may be deemed true, and the judge may issue a ruling without further proceedings. This doesn't mean that every eviction is automatic, but it does show that the process is designed to move relatively quickly when there is no formal objection. The response to the lawsuit is the moment when the defendant must present their defense, submit supporting documents, and offer any evidence they deem necessary. Another important aspect is the situation of subtenants or squatters. The law requires that both the plaintiff, when initiating the lawsuit, and the defendant, when responding, report whether there are other people occupying the property. If so, the judge must notify them by summons within three days so they can appear in court. This notification is crucial because it ensures the judgment also has effect on them. In practice, this provision prevents the eviction process from being limited solely to the main tenant when other people are present in the property. The eviction order can extend to subtenants and squatters, provided they have been duly notified in accordance with the legally established procedure. The trial process is designed as a concentrated procedure. When filing the claim, the plaintiff must include documentary evidence and offer all the evidence they wish to present. The defendant, in their response, must do the same. This means that the parties cannot reserve their arguments or evidence for later, but must present the main elements of their position from the outset. Once the defendant has filed an answer to the complaint, they have another six days to respond to the new facts alleged by the defendant, expand their evidence if necessary, and answer any objections raised. Objections are procedural defenses that the defendant may present, but the law stipulates that they must all be raised together when answering the complaint and will be resolved in the final judgment. If there are disputed facts, the judge opens the case to evidence for a maximum period of fifteen days. During this period, the admitted evidence is presented. The law does not allow for an extension, which reinforces the expedited nature of the procedure. Once the evidentiary period has expired and the evidence has been added to the case file, the judge must issue a ruling within ten days. The Code also establishes specific limitations to prevent the process from becoming unnecessarily long. Each party may present up to four witnesses. If expert testimony is required, the judge appoints a single court-appointed expert. Furthermore, the presentation of arguments is not permitted. This distinguishes eviction proceedings from other, broader legal processes, where the stages can be more extensive. In cases where the lawsuit is based on the non-payment of two or more monthly rent payments, or on the expiration of the term agreed upon in the contract, the admissible evidence is even more limited. In such cases, the law only allows a party's admission, a receipt for rent payments, or a document proving that the contractual term has not expired. The intention of the procedure is that, when the cause for eviction is clear and documented, the trial does not become an unnecessarily lengthy dispute. When dealing with rental agreements without a specified term, the Code refers to the terms established by substantive law. Once that term has expired, immediate eviction by force may be ordered. However, if there is an expired lease agreement, if the contract was terminated for non-payment, or if the occupant is a squatter obligated to return the property, the judge may order the eviction and, depending on the circumstances, grant a period not exceeding ten days. The eviction is the stage in which the judgment is physically executed and the property is vacated. It may be carried out with the assistance of law enforcement, as ordered by the court. However, the law also clarifies that the eviction does not prevent the defendant from pursuing other legal actions in a separate lawsuit if they believe they have rights to claim against the plaintiff. An important point is that an eviction proceeding does not establish ownership or title rights. Article 633 states that the outcome of this process cannot be used to challenge possessory or ownership rights that the parties may assert in another lawsuit. In other words, the eviction resolves the restitution of the property, but it does not necessarily settle other legal disputes that may exist between the parties. The final judgment is the only decision that can be appealed within the proceedings. The appeal is granted with suspensive effect, meaning that enforcement is suspended while the appellate court reviews the case. The court must issue its judgment within fifteen days. The eviction order must also be served personally or by summons to any subtenants and squatters identified during the proceedings. They have the same timeframe as the primary tenant to vacate the property. This ensures that all occupants are formally notified of the court's decision. The Code also provides protection against occupants who enter the property after the lawsuit has begun. Eviction can be enforced against any subsequent occupant if the plaintiff, when filing the lawsuit, requests that the property be registered as subject to litigation and that an inspection of the property be carried out, recording the occupants. These procedures must be completed within eight days of the filing of the lawsuit. The registration must be published for three days by edict in a newspaper of wide circulation. Another option is a future judgment. This allows an eviction lawsuit to be filed before the agreed-upon deadline for vacating the property. In that case, the judgment ordering the eviction is enforced once the deadline has passed. If the defendant accepts the lawsuit and complies with the agreed-upon terms, the plaintiff is responsible for court costs. Regarding the duration of the process, the timeframes can vary considerably. Although the Code establishes short deadlines for responding to the complaint, producing evidence, and issuing a judgment, the actual duration depends on the specifics of each case. When there is no opposition from the defendant, the trial can last approximately six months to a year. However, if there is opposition, procedural incidents, appeals, disputes regarding occupants, rights invoked by third parties, or more complex situations, the process can extend for a longer period. In particularly contentious cases, it can last several years and even significantly exceed the standard timeframes. Law No. 6979 introduced a significant amendment to Article 621 of the Code of Civil Procedure. Following this reform, eviction proceedings are not admissible when the lawsuit is filed against elderly ascendants or persons with disabilities, provided that the plaintiff or owner has a legal obligation to provide support and that the eviction could create a situation of vulnerability and serious abandonment. This situation can be proven at any stage of the proceedings through incidental motions. The processing of the incidental motion does not suspend the main trial, but it must be resolved in the final judgment, after receiving an opinion from the Public Defender's Office. With this amendment, the law incorporates an exception related to cases of special family or social vulnerability. In summary, eviction proceedings in Paraguay are a specific legal procedure for recovering a property when there is a legally enforceable obligation to return it. Its legal structure includes short timeframes, limited evidentiary rules, and mechanisms for including other occupants in the process. At the same time, it provides exceptions and safeguards for certain sensitive cases, especially when vulnerable elderly people or people with disabilities may be affected. For the real estate sector, understanding this procedure is crucial. Contractual clarity, proper documentation, occupant identification, and strict adherence to legal steps are key elements in preventing protracted conflicts and ensuring that property restitution can be processed within the framework established by law.

The country maintains one of the most sustained growth trajectories in Latin America, but the challenge lies in accelerating that process. In this context, the real estate sector emerges as one of the main channels for realizing that growth. Paraguay is experiencing a unique moment in its economic history. With cumulative growth exceeding 1,500% over the last six decades and one of the most dynamic growth rates in Latin America in recent years, the country is on an upward trajectory that, according to President Santiago Peña himself, has the potential to lead the region. However, the discussion is no longer solely about growth, but about the speed at which that growth translates into tangible development. That difference between growth and development is precisely where the real estate sector acquires a central role. From a macroeconomic perspective, the current scenario presents particularly favorable conditions. The Central Bank of Paraguay projects GDP growth of 4.2% for this year, accompanied by contained inflation of around 1.9% year-on-year and a declining monetary policy rate, currently at 5.5%. This set of variables creates an environment of greater predictability, reduced borrowing costs, and incentives for investment—factors that have historically been directly correlated with the expansion of the real estate market. But beyond macro indicators, what is relevant is how this growth translates into concrete dynamics within the sector. First, sustained economic growth, accompanied by the creation of formal employment—identified by the World Bank as the main driver of poverty reduction—has a direct impact on housing demand. As more people gain access to stable and better-paying incomes, the base of potential buyers and renters expands, especially in middle-income segments that have historically been underserved. This phenomenon not only drives the absorption of residential projects but also begins to refine demand, raising standards in terms of location, construction quality, and services. At the same time, the reduction in poverty, which fell from over 50% to around 16% in the last two decades, has a structural effect on the market. The escape of large segments of the population from vulnerable conditions not only increases consumption but also redefines housing aspirations, giving rise to new housing types, greater urban densification, and a progressive formalization of the market. In parallel, the growth of the agricultural sector, which has been revised upwards by the Central Bank of Paraguay (BCP), introduces another layer of significant impact. The dynamism of agriculture not only strengthens exports and foreign exchange earnings, but also generates capital surpluses that, in many cases, find a safe haven and diversification vehicle in real estate. This investment flow, traditional in Paraguay, has been one of the driving forces behind the expansion of residential developments, rental buildings, and mixed-use projects in major urban centers, excluding foreign investment. However, one of the most decisive elements in President Peña's analysis is Paraguay's status as the least urbanized country in Latin America. Far from being a weakness, this characteristic represents one of the greatest structural opportunities for the real estate sector. Low urban density and geographic dispersion mean that much of the country's future growth has not yet materialized in the form of cities. This opens up significant opportunities for the development of new urban centers, infrastructure expansion, the creation of new hubs, and the integration of services in areas that currently lack them. This translates into opportunities for residential development as well as for commercial, logistics, and industrial assets, and even for projects related to health and education. In turn, Paraguay's strategic location at the heart of a regional market of over 500 million people reinforces its attractiveness as an investment destination. This positioning, combined with competitive energy, macroeconomic stability, and an improved business climate, is beginning to solidify a narrative that transcends the local level and places the country on the radar of international capital. In real estate terms, this translates into a growing demand for investor-oriented products, ranging from rental units to large-scale institutional developments. However, the official diagnosis itself introduces a relevant warning: growth alone does not guarantee accelerated transformation. To shorten development timelines, moving from decades to shorter cycles, it will be necessary to more efficiently coordinate the public sector, the private sector, and the technology ecosystem. For the real estate market, this implies a change in scale and complexity. It is no longer simply a matter of responding to existing demand, but of anticipating and structuring the country's future growth. This includes everything from planning new urban districts to incorporating more integrated development models, where housing, work, services, and public space coexist more efficiently. In practice, this process is already beginning to be observed in different parts of the country. In Asunción, the Mariscal neighborhood has become a clear example of progressive collaboration between developers, commercial operators, and private stakeholders, creating a new urban center through the integration of uses and the improvement of the surrounding area. On a larger scale, initiatives such as the development of Distrito Norte or the collaboration of developers around the CIT zone reflect an emerging trend in which different actors in the sector are beginning to coordinate efforts to influence not only individual projects but also the urban planning of entire areas. This type of dynamic marks a turning point in the Paraguayan real estate market, where development ceases to be solely lot by lot or building by building, to be thought of in terms of urban ecosystems, with a more strategic, collaborative and long-term logic. This can be seen in Barrio Marical and on a larger scale in Distrito Norte or the Association of Developers in the CIT area, where developers and business owners from different areas join forces to improve urban planning. In short, Paraguay's current situation presents a unique opportunity. Economic growth, job creation, poverty reduction, and macroeconomic stability form a solid foundation. But it is on the ground, in how that growth materializes in cities, buildings, and infrastructure, that the true scope of development is defined.

The project incorporates larger-scale residences, experience-oriented amenities, and an operation that integrates services, design, and security within an already established complex in Asunción. Continuing the success of EMINENT Tower I and Tower II, EMINENT Tower III is now available, a new development on the residential boulevard of Avenida Santa Teresa, solidifying one of Asunción's most prestigious residential offerings. Located opposite the two existing towers, this third phase reinforces the area's status as one of the city's most sought-after locations, offering immediate access to major shopping centers, the city's most important corporate hub, high-end restaurants, and educational institutions. The location fosters a dynamic daily life based on proximity, with essential services, offices, and social spaces all within walking distance. Santa Teresa Boulevard is establishing itself as a high-end residential hub, where the integration of residential life, commercial activity, and services defines a complete urban environment, complemented by a range of amenities and services geared towards a more holistic lifestyle. Within this setting, the project proposes a continuation of a residential style defined by understated elegance, exclusivity, and a clear European inspiration, where design, proportions, and materials are integrated into a coherent whole. The residences are designed to offer unobstructed views of the city, complemented by high-end finishes and meticulous attention to detail—elements that define the character of the complex from its inception. The development of Tower III stems from the experience and performance of the first two towers, which achieved high sales and occupancy rates, a well-established community of residents, and a strong presence in the local market. Building on this success, the project follows the same approach along the boulevard, incorporating a third building that expands the scale of the complex and provides continuity to its design. The project's architecture directly reflects ABV's philosophy as a developer. The firm has established a style based on a minimalist aesthetic, characterized by few elements and clean lines, where formal simplicity is combined with contemporary technology. Tower III maintains this identity, with a 25-story building of slender volume that reinforces the presence of the complex and culminates in a rooftop design that enhances the views and the rooftop experience, consolidating a residential offering that prioritizes design, proportion, and spatial quality. With a design that prioritizes greater spaciousness compared to previous towers, the unit types range from two-bedroom apartments to large semi-detached flats, with floor areas ranging from 105 m² to 376 m². The main feature of this third tower is the incorporation of larger units and more comfortable spaces, maintaining the same level of finishes and quality, but with a superior scale in interior design. Regarding amenities, the project continues the approach developed in EMINENT I and II, focused on creating spaces for use and experience within the building. The tower includes a premium lobby, an infinity pool with panoramic views of the city skyline, a solarium, a fully equipped gym, locker rooms with sauna, a business center, a rooftop terrace with a bistro and grills, a wine cellar, a restaurant and bar with a sunset rooftop, complimentary parking, and laundry facilities. Each of these spaces is designed for everyday use as well as for social gatherings, creating a concept that seeks to integrate residential life with a hotel-like experience. The building also incorporates a service structure that reinforces this logic, including a 24-hour concierge, on-site catering, and a grand entrance for vehicles that allows passengers to disembark inside the building. The operation of these services is supported by a dedicated team, which is a central part of the overall design. In terms of security, EMINENT Tower III features a comprehensive system that includes 24-hour surveillance, vehicle access control, camera monitoring in common areas, amenity reservation management via mobile apps, and on-site staff. The building also incorporates systems that regulate access based on reservations and digital controls, creating a secure environment for residents and visitors. This same operational and security logic has already been implemented in EMINENT Tower I and Tower II, where the complex has been chosen as a residence by diplomatic representations, based on its security and quality standards, consolidating a resident profile that prioritizes these attributes. One of the key differentiators of the EMINENT complex lies in the quality of its materials and construction. The existing towers, nearly seven years old, maintain a condition that reflects the durability of the materials used. The project incorporates Italian marble, European furnishings, and high-end amenities in the common areas, reinforcing a coherent aesthetic and material style throughout the complex—a feature that translates into the preservation of the finishes and the stability of the asset's value over time. In this context, the integration of Armani Casa furniture in the common areas stands out, reflecting a relationship the developer has established in various projects. EMINENT thus positions itself as one of the first developments in Latin America to incorporate this type of furnishings into its amenities, solidifying a concept that combines design, materials, and ambiance under a unified vision. The experience within the building is complemented by the presence of a bistro and gastronomic services, which allow residents to consume within the complex itself or receive guests, incorporating an additional dimension to the daily use of the building. The units are currently being marketed from approximately USD 2,200 per m² with prices starting from USD 190,000, with an estimated delivery date of 2027. The development is being handled by ABV, an Argentine developer with over 36 years of experience, which has developed nearly 60 buildings and boasts more than 300,000 m² built and 600,000 m² planned in Argentina and other countries. It currently leads the high-end segment in its home market with projects such as Deco Polo Furnished by Armani Casa, two residential towers located facing the polo field and the river in Buenos Aires. The firm is also developing projects in Puerto Madero and in the Núñez innovation hub, also on the riverfront. ABV is fully involved in all stages of its developments, including design, development, marketing, construction, after-sales service, and follow-up, working with teams and tradespeople with whom it maintains long-term relationships, thus consolidating its own management model for project execution. Within this framework, EMINENT Torre III is incorporated as a new stage within a development already consolidated in the local market, expanding the scale of the complex on the Santa Teresa boulevard and maintaining a design and operation line that defines its place within the high-end segment in Asunción.

The new development of the Venire line is progressing in one of the most dynamic areas of Asunción with a proposal that combines contemporary design, commercial integration and solutions geared towards short-term rental management. Last Thursday, April 16th, the groundbreaking ceremony for Venire Villa Morra took place. This new building is part of the ongoing urban transformation of one of Asunción's most active and established neighborhoods. Located one block from Mariscal López Avenue, across from the Atrium and in close proximity to Shopping Mariscal on Guido Spano Street between Senador Huey Pierce Long and Dr. Francisco Morra, the project is situated within an area characterized by its high concentration of commercial, corporate, and gastronomic activity, reinforcing a development approach that prioritizes proximity, walkability, and integrated uses. Venire Villa Morra represents the continuation of a conceptual approach that the developer has been consolidating in the local market. It is the second building under the Venire brand, following a first development near Shopping del Sol, and responds to a clear strategy: to be located in dynamic urban centers where daily life can be managed on a pedestrian scale. More than a traditional residential building, the project proposes a way of living in the city, aimed at a demographic that prioritizes immediate access to services, reduced commute times, and a more integrated urban experience. In architectural terms, the building adopts an aesthetic defined by the combination of high-quality materials such as exposed brick, steel, and concrete, in a composition that evokes a contemporary reinterpretation of industrial design, with influences from the "New York Style." This formal identity is not merely an aesthetic choice, but rather seeks to forge a more direct relationship with the urban environment of Villa Morra, recreating to some extent the scale and materiality of the traditional neighborhood, but from a contemporary perspective. The building will have a total of 80 apartments distributed over eight levels, incorporating amenities such as a swimming pool, gym and enclosed barbecue area on the rooftop, while on the ground floor a key commercial component will be integrated into the proposal: a specialty coffee shop, conceived not only as a service for the residents, but also as a meeting place, work space and extension of the building itself towards the city. One of the project's most distinctive aspects is its focus on short-term rentals, incorporating technology that enables self-management of the units. Through digital systems, owners can remotely manage their apartments, enable access via smart locks, monitor income and expenses using facial recognition, and manage rental operations without physical presence. This technological layer introduces a traceability and control component that responds to a growing market demand, particularly among investors seeking to maximize the return on their assets in flexible rental schemes. The proposal is largely aimed at a young, active demographic, linked to one of Asunción's main urban axes, who value the opportunity to live close to their workplace, with immediate access to services, restaurants, and leisure spaces. This represents a shift in demand patterns, where time and mobility take center stage, and where location ceases to be merely an added value attribute, becoming an essential component of quality of life. The unit types include studios, one-bedroom, and two-bedroom apartments, ranging in size from approximately 43 m² to 80 m², with layouts that prioritize spaciousness, functionality, and comfort, in line with the product's positioning within the upper-middle segment. Currently, the studio apartments are completely sold out, reflecting the existing demand for this type of property in the area. In commercial terms, the project is progressing significantly, with approximately 65% of the units already sold at the start of construction, reinforcing the market's validity. Currently, the available units are one- and two-bedroom layouts, with prices starting at USD 94,000, and financing options that combine interest-free down payments during construction with bank financing upon delivery. Behind the project is Creo Inmuebles, a locally owned developer with ten years of experience, currently boasting over a dozen developments in various stages of completion and more than a thousand units across finished, under-construction, and planned projects. Their approach is based on a long-term vision, strong local roots, and a work policy focused on selecting top-tier suppliers and contractors, with an emphasis on after-sales service and the long-term sustainability of their developments. In line with this expansion, the firm is currently moving forward with new developments such as Ventura Ycuá Satí, Ventura Hassler, and Veralta Los Laureles , reinforcing its position within Asunción's main residential areas. Construction will be handled by Alcina Wood & Asociados, a firm with extensive experience in the local market, backed by decades of expertise in developing residential and corporate buildings, as well as projects of varying scales. The choice of a construction company with this profile aligns with the developer's strategy of prioritizing construction quality and durability as core elements of its value proposition. The design, by Pro Arquitectos, also incorporates a strong technical foundation through the use of BIM technology, which optimizes the coordination of specialties, improves construction efficiency, and ensures greater control over the final quality of the project. With over 18 years of experience and a team of approximately 20 architects, the firm has focused much of its expertise on the development of residential buildings, consolidating an approach that prioritizes both functionality and efficient execution. In parallel, the firm is already preparing the launch of a new project along the same lines, Venire 568, located a few blocks from Shopping Mariscal, which is currently in the pre-sale stage and will continue to deepen this urban development strategy oriented towards pedestrian life and flexible rental. With the start of construction on Venire Villa Morra, a new development is being added to one of the city's most dynamic areas, aligned with a growing demand focused on location, practicality, and flexibility of use. The project reflects a typology that is gaining ground in Asunción: compact buildings, well-located and with a clear purpose, appealing both to those seeking to live in the city and to those prioritizing rental income as their investment.

With 120,000 m², integration of uses and design by Gensler, the project transforms the traditional shopping center into the first large mixed-use urban complex in the Central Department, boosting the growth of the northern metropolitan axis. Last Thursday, April 16th, the official launch of Shopping Mariano's transformation into Mariano Centro Urbano took place, in an event that included the groundbreaking ceremony and the unveiling of its new brand identity. More than just a commercial expansion, the project marks the beginning of a new scale of urban development in Greater Asunción, aiming to redefine how commerce, services, housing, and public space are integrated in one of the fastest-growing areas of the metropolitan region. What began approximately 15 years ago as a shopping center built on land previously used for plantations and agricultural activity has now become the heart of a broader urban transformation. In retrospect, the decision to build a shopping mall in Mariano Roque Alonso, driven by the visionary Don Aldo Zuccolillo when few imagined the area's potential, marked a turning point for the city. Today, the surrounding growth has not only validated that initial investment but has also established the mall as one of the area's main landmarks. Tamara Mendelzon, Paul Robinson, Jorge Mendelzon (Director de Penta), Inés Giménez (Gerente de Mariano), Santiago Lantermino (Gerente General de Penta S.A.) y Pablo Mendelzon, durante el acto de la primera palada de Mariano. In this context, Mariano ceases to be merely a commercial destination and becomes an integrated urban center. The project not only expands its scale but also incorporates new uses: commerce, services, healthcare, and housing, aligned with the growing demand in the area, consolidating itself as a central hub of activity with a more constant and diversified flow throughout the day. The total intervention covers approximately 120,000 m², combining the modernization of existing areas with new construction that significantly expands the complex's capacity and scope. The current shopping center is fully occupied, with growing demand for additional spaces. This scenario not only reflects the project's established position but also validates the need for expansion. The expansion will allow the number of stores to increase from approximately 90 to nearly 200, representing not only growth in quantity but also a concrete opportunity to optimize the retail mix to meet evolving consumer demands, particularly in the areas of food, services, and experiences. The project's location is one of its key strategic assets. Situated on one of the most important access routes to Greater Asunción, in a corridor connecting the capital with the north of the country and with Argentina, Mariano is located in an area that has experienced sustained urban growth in recent years. Mariano Roque Alonso has ceased to be a peripheral area and has become a rapidly expanding zone, with residential development and commercial growth. In this scenario, the new Mariano acts as a catalyst for development. Its scale, its diversity of uses, and its ability to attract people position it as an anchor point capable of structuring the growth of the Northern District , generating a multiplier effect on the surrounding area. One of the most significant aspects of the project is its focus on the urban experience. Mariano incorporates an open design, where interior and exterior spaces are integrated through simple and clear pathways, with a strong presence of green areas and gathering spaces. The addition of an internal commercial avenue and open plazas not only expands the retail offering but also incorporates new urban spaces into the city. In its first phase, the project incorporates new components, with 10,000 m² of additional retail space and 10,000 m² dedicated to a large-scale medical center, which will integrate a clinic and consulting rooms. This healthcare component adds a new layer of functionality, aligned with a growing trend toward the concentration of services in integrated urban hubs. In addition, there are 12,500 m² comprising two residential towers, with a third tower planned for later phases. Integrating housing within the complex not only expands the overall offering but also creates a permanent community. This translates into higher usage, constant activity across different sectors, and a more stable demand base for commercial tenants, complementing the traditional flow of the retail component. This approach is supported by an infrastructure designed to accommodate this new scale, with approximately 1,500 parking spaces, optimized internal vehicular circulation, and the integration of vegetation as a central component of the project. In addition, there are spaces designated for events and activities, allowing for continuous programming and greater dynamism throughout the complex year-round. Construction is scheduled to begin in the last quarter of 2026, with completion estimated for mid-2029, including the modernization of existing areas. The design of the new Mariano is being handled by Gensler, the world's largest architecture and design firm, with a presence in over 100 countries and a proven track record in developing large-scale urban projects. The choice of a firm of this caliber reflects the scale and significance of the transformation. In this sense, Gensler's involvement brings not only design expertise but also experience in planning this type of development on a global scale. In short, Mariano is not just expanding a shopping mall. He's introducing a new logic of urban development in Greater Asunción, where the integration of uses, community building, and quality of experience become the central pillars. This project, due to its scale, location, and design, is establishing itself as the main urban hub of the northern metropolitan area and a turning point in the evolution of the local real estate market.

The new residential building is part of the mixed-use complex that expands Shopping Mariscal and reinforces the consolidation of a new urban center in the Mariscal neighborhood. Francisco Jorge, CEO de Altius Group Paraguay y Josef Preschel, Director y Fundador de Peninsula In a context where Asunción's real estate market continues to move towards greater integration of uses, density, and urban quality, the launch of More Mariscal 3 marks a new stage in the evolution of Central Mariscal, one of the city's most significant mixed-use developments. Driven by Altius Group Paraguay, the project was officially presented yesterday, consolidating a strategy that combines housing, commercial activity, offices, and urban life in a single environment. The presentation event took place at the More Mariscal stand, located on the ground floor of Block B of Shopping Mariscal, and brought together strategic partners, industry leaders and special guests in an event that not only formalizes the launch of the third tower, but also reflects the level of progress and consolidation achieved by the complex. Central Mariscal originated in 2021 with the acquisition of land for a comprehensive project in one of the city's most dynamic areas. In its first phase, the development includes an office tower, a food court, and two residential towers: More Mariscal 1 and More Mariscal 2, comprising approximately 230 apartments. The office tower and the food court were acquired by the Penta Group as part of the expansion of Shopping Mariscal, reinforcing the complex's central urban character. The complex comprises three residential towers under the More brand, an office tower, and a food court featuring renowned brands such as Café de Acá, Kessel, and Mozzafiato, among others. This configuration not only expands the real estate offerings but also helps to consolidate a new urban center in the city, bringing together different functions in one location. The project's progress has been steady and largely simultaneous. The delivery of the corporate tower and the food court is scheduled for this year. Meanwhile, the More Mariscal 1 tower has already begun its handover process, and tower 2 is projected for October. In commercial terms, performance has been significant: sales for both residential towers have reached approximately 90%, reflecting strong market demand. It is within this context that More Mariscal 3 was added, as a direct response to demand and the need to continue expanding the offerings within the complex. The possibility of acquiring an adjacent plot of land allowed Altius to extend the original project and add a third tower which, while functioning as a new phase, was conceived from its design as an integral part of the whole. More Mariscal 3 adds approximately 90 new residential units, featuring layouts that return to the most popular product in the first towers: studios, and one- and two-bedroom apartments. Sizes start at 28.75 m² for studios, reach 57.05 m² for one-bedroom units, and 64.45 m² for two-bedroom units. Prices start at USD 65,500, with parking spaces available from USD 19,000. The product's focus reflects a clear understanding of the market. The studio apartments, designed with a compact and efficient layout, are positioned as units particularly well-suited for short-term rentals, including platforms like Airbnb, thus expanding the buyer base to include investors seeking returns and liquidity. From an urban planning perspective, the project is situated in one of Asunción's most established and vibrant neighborhoods. The Mariscal district, within Recoleta, is characterized by a rare feature in the city: a truly pedestrian-friendly scale, supported by continuous sidewalks, a high density of commercial establishments, and an organic mix of residential, office, and service spaces. Streets like Hassler, which provides direct access to More Mariscal 3, function as active corridors, while avenues like Mariscal López are home to high-end corporate developments, including newly planned towers that continue to enhance the area's profile. This urban condition is no small attribute. In a market where many areas still face limitations related to infrastructure, drainage, or lack of pedestrian access, the Mariscal neighborhood manages to consolidate a more complete urban experience, where proximity and mixed uses reduce dependence on cars and foster a more active city dynamic. The project's design, by the BMA studio, reinforces this logic of integration, but also introduces an internal operating criterion that seeks to balance residential life with the complex's commercial activity. Each tower has independent access from different streets: Estigarribia, De Gaulle, and Hassler, which preserves residents' privacy while maintaining a direct connection with the gastronomic, commercial, and corporate environment that defines Central Mariscal. The development is being driven by Altius Group Paraguay, a firm that is part of one of Uruguay's most prominent development groups, with a presence in Paraguay, Panama, and Mexico. Its regional track record and financial backing have been key factors in consolidating its position in the local market, where it is currently developing projects such as More Plaza, Nostrum Trinidad, Los Pingos, and Central Mariscal, in addition to having completed More del Sol. The project's financing is structured around a mixed model, involving investor capital, bank financing, and contributions from buyers. In this context, Península plays a central role as the group's investment arm, with over 20 years of experience managing real estate funds and participating in projects that, combined, exceed USD 9 billion regionally. The relationship between Península and Altius is based on a complementary approach to capital and development, enabling the execution of projects in diverse markets with a local focus. Central Mariscal Construction of More Mariscal 3 is scheduled to begin in October 2026, with an estimated completion time of approximately two years. In the meantime, the project maintains an active showroom at the intersection of Hassler and De Gaulle, where interested parties can learn more about the project and visit model units in Tower 1. As the first phases are completed and the commercial and gastronomic components are activated, Central Mariscal is beginning to materialize as a comprehensive urban project. In this context, More Mariscal 3 not only expands the scale of the development but also reinforces a growth strategy that responds both to market demand and a broader vision for the city's evolution. With this launch, Altius not only continues to expand its presence in the residential segment, but also consolidates one of the most structured proposals in terms of mixed use in Asunción, positioning Central Mariscal as a benchmark in the recent urban transformation and in the way real estate developments are conceived in the country.

The initiative enables direct access to permanent residency through investment, in a context of growing international demand for settlement in Paraguay. In a context of growing international interest in Paraguay as an investment and settlement destination, the National Government officially presented the Paraguay Investor Pass, a new instrument that introduces a structural change in the migration scheme by allowing direct access to permanent residence through investment, eliminating the need to go through a temporary residence beforehand. The announcement was made during an official mission to São Paulo, Brazil, led by the Minister of Industry and Commerce, Marco Riquelme, along with the National Director of Migration, Jorge Kronawetter. The new scheme establishes different investment thresholds to access this benefit. In the real estate sector, a minimum investment of USD 200,000 will be required, aligning it with other options such as participation in the stock market. The tourism sector, on the other hand, has a lower threshold, with investments starting at USD 150,000, broadening the range of possibilities for different types of investors. Beyond the amounts involved, the significance of the Paraguay Investor Pass lies in its underlying logic: directly linking immigration status with investments that have a real economic impact. This approach seeks not only to facilitate the arrival of foreign capital, but also to direct it toward strategic sectors for the country's development, among which the real estate market plays a leading role. The Ministry of Industry and Commerce presents this tool as a response to a specific market demand. In recent years, numerous foreign investors have expressed interest in establishing themselves in Paraguay before undertaking their projects, facing immigration processes that were not necessarily aligned with this dynamic. This new mechanism enables a more direct path, where the decision to invest and the possibility of obtaining residency are integrated into a single process. In operational terms, the program also introduces improvements to the investor experience. The process will be largely digital, reducing administrative hurdles and limiting the need for physical presence in the country to specific instances, such as issuing an identity card. This is complemented by an institutional support system, channeled through SUACE and the National Directorate of Migration, with the aim of centralizing and simplifying procedures through a single point of contact. Another key element is the tax component. The program includes a reduction in the dividend tax rate for residents, from 15% to 8%, which provides an additional incentive to structure investments from Paraguay, especially in sectors where profitability is directly linked to capital flows. The launch of the Paraguay Investor Pass coincides with a significant increase in residency applications. According to official data, Paraguay went from registering approximately 28,000 applications in 2024 to more than 47,000 in 2025, with projections indicating it will reach 80,000 in the short term. In this sense, the role of the investor certificate, issued by the Ministry of Industry and Commerce (MIC), takes on a new dimension. The instrument expands its categories to include not only traditional productive investment, but also sectors such as tourism, the stock market, and real estate, consolidating a more diversified approach aligned with current investment trends. In a broader sense, the Paraguay Investor Pass is part of a national strategy aimed at strengthening its competitiveness as an investment destination. Through streamlined processes, tax incentives, and improved institutional coordination, the government seeks not only to attract capital but also to integrate more actively into global investment and mobility flows. In this context, the initiative not only introduces a new migration mechanism, but also establishes a public policy tool aimed at channeling investments towards strategic sectors, supporting the growth of international demand for settlement in Paraguay and consolidating an economic integration agenda focused on productive development.

Although the concept is gaining relevance globally, its adoption in Paraguay remains limited, with a restricted supply and a market in the process of validation. In recent years, the concept of flexible offices has gained prominence globally as a direct response to the transformation of work dynamics. However, its adoption in the Paraguayan market has not followed the same pace or logic, resulting in a much more limited, fragmented, and, in some cases, unstable scenario. Unlike in more developed markets, where flexible workspaces are a well-established category within corporate real estate, their presence in Paraguay remains limited. Currently, the supply is restricted to a small number of operators, both international and local, and is still insufficient to speak of a true consolidation of the model. The concept, broadly speaking, refers to workspaces that allow companies to lease offices under more dynamic arrangements: shorter terms, adaptable layouts, and integrated services. This includes everything from traditional coworking spaces to private offices operated under flexible contracts, or even entire floors managed as a service. However, beyond its theoretical definition, the key to the model lies in its operational logic: transforming the office into a service, not a rigid asset. In Paraguay, this logic is still being validated. While some spaces have opened in recent years using this format, there have also been closures of local operators, highlighting the difficulties of sustaining the model in a market with unique characteristics. A key element in this analysis is their limited presence within the financial and corporate sectors. While flexible market opportunities exist, they have generally failed to establish a foothold in these areas, which currently account for a significant portion of the strongest demand. This disconnect between product and location reduces their ability to attract larger-scale corporate users and ultimately limits their market positioning. One of the main challenges lies in the structure of demand. Unlike other markets where there is a critical mass of startups, technology companies, or international corporations that prioritize flexibility over stability, in Paraguay, much of the corporate demand continues to operate under traditional models. Companies tend to value longer contracts, direct control over their spaces, and predictable costs, which reduces the need, or at least the urgency, to adopt more flexible formats. Added to this is an economic issue. The Flexible Office Space model requires intensive operation: high design standards, constant maintenance, included services, active user management, and sustained occupancy to be profitable. In smaller markets, where turnover is limited and demand is not always consistent, maintaining this structure can be complex. Furthermore, product positioning has not always been clear. In some cases, flexible workspaces have remained in a middle ground: too expensive for users seeking only a basic solution, but without offering a sufficiently differentiated proposition to attract larger corporate segments. However, despite these limitations, the model should not be dismissed. Its presence, although still in its early stages, introduces a relevant variable into the office market: flexibility as an attribute. In a context where Asunción's corporate sector continues to evolve, with new developments and increased competition among buildings, the ability to offer more adaptable layouts could become an increasingly valued differentiator. Within this scenario, the model finds a particularly interesting potential niche in the small and medium-sized enterprise (SME) segment. For many SMEs, the possibility of accessing well-equipped, well-located spaces without large initial investments can represent an efficient solution, especially during growth or transition phases. In fact, some recent projects have begun to incorporate flexible-use spaces within traditional buildings, not necessarily as the main product, but as a complement. This hybrid integration could represent a more viable path to adoption in the short term, allowing for testing demand without relying exclusively on the model. In this sense, the future of Flexible Office Space in Paraguay likely lies not in a direct replication of international formats, but rather in a gradual adaptation to local conditions. More than an immediate disruption, it is a process of adjustment, where the concept will find its place based on the evolution of the corporate market. For now, rather than an established trend, Flexible Office Space in Paraguay should be understood as a developing format with potential, but also with clear challenges. Its evolution will depend not only on the supply, but also on a gradual shift in how companies conceive of the workspace within their operational structures.

In a context of accelerated urban transformation, luxury residences face growing demand and an increasingly limited supply in the most consolidated areas of the city. Elegante residencia en Barrio Herrera The luxury residential market in Asunción is experiencing a period of high activity, marked by a particular combination of factors: sustained demand, driven by both local buyers and foreign investors, and a limited supply, especially with regard to new, modern properties that are well-positioned in terms of product. The high-end housing segment is consolidating itself as one of the most sensitive to the urban, regulatory and social transformations that the city is undergoing, generating a scenario that, while presenting clear opportunities, also poses structural challenges for both buyers and developers and advisors. In this context, Fátima Cubas, a Top Producer for five consecutive years since 2020 at Paraguay Sotheby's International Realty, provides a direct perspective on the segment based on her experience brokering high-value assets. With transactions exceeding USD 36.8 million in residential sales in Asunción by 2025, her track record allows us to understand both the depth of the market and the dynamics it is currently experiencing. One of the most relevant elements of the current moment is the growing importance of international buyers. Asunción is gradually positioning itself as a destination for high-net-worth individuals who value both the country's tax advantages and its relative quality of life. These buyers, in many cases, are not only looking for an investment, but also a primary or semi-permanent residence for their families. In this sense, factors such as proximity to schools, security, connectivity to the business district, and the quality of the urban environment become crucial. Residencia Contemporánea en el Barrio Mburucuyá Areas like Santísima Trinidad, Mburucuyá, and sectors near the corporate hub continue to concentrate a large part of this demand, mainly due to their combination of accessibility, services, and established residential communities. At the same time, local buyers continue to be a significant factor, especially established business owners or families looking to upgrade their housing within the city. Despite strong demand, the market faces a clear supply constraint. The most sought-after residences—new homes with contemporary design, good construction quality, and spacious lots—are scarce. Currently, the most dynamic price range for these types of properties is approximately between USD 500,000 and USD 800,000, provided they are situated on plots larger than 540 or 600 square meters. This last point is key: lot size remains a central attribute in the Paraguayan buyer's perception of value, who continues to prioritize outdoor space, gardens, and swimming pools. In contrast, much of the existing supply consists of remodeled homes or homes built on smaller plots, where the ratio of built area to open space is not always optimal. This creates a gap between what the market seeks and what is actually available. From a design perspective, the idea of a balanced relationship between construction and land is consolidated, where the built area does not exceed approximately 60% of the total lot. This logic reflects a still-prevalent cultural preference: the appreciation of open space as an extension of the home. Incomparable residencia en el Condominio la Trinidad I One of the factors currently impacting the luxury housing market most significantly is the sustained growth of high-rise buildings in traditionally residential areas. The lack of strict regulations addressing issues such as privacy between properties has led to situations where high-rise developments are built alongside single-family homes, directly affecting their value. The possibility of having buildings of more than six or eight stories with direct views into courtyards and private areas introduces a significant loss of privacy, which translates into an immediate adjustment in the valuation of neighboring properties. In many cases, a house impacted by this type of development comes to be considered primarily as "land value," geared towards future real estate projects, rather than as a finished residential property. This phenomenon introduces an element of uncertainty into the market, making it difficult to even recommend "safe" areas in terms of preserving residential character. Historically established neighborhoods, such as Santo Domingo and Manorá, have begun to experience these kinds of transformations, demonstrating an increasingly flexible and less predictable urban dynamic. Given this scenario, the choice of location is becoming increasingly dependent on the buyer's lifestyle. While those who need daily proximity to work and schools continue to prioritize Asunción, other profiles, especially those with greater work flexibility or in later stages of life, are beginning to consider alternatives in peripheral areas. Elegante residencia en Barrio Herrera Municipalities like Mariano Roque Alonso, Luque, or even developing areas like Nueva Asunción and Ciudad del Este offer the possibility of accessing larger plots of land at significantly lower prices. However, the lack of established infrastructure and, above all, traffic problems on the access roads to the capital, remain a significant barrier for those who must meet demanding daily routines. In this context, a hybrid model is emerging strongly: the combination of an apartment in Asunción for daily life and a second residence in more natural or gated environments, such as San Bernardino or developments like AquaVillage or AquaBrava. This approach reflects a search for balance between urban efficiency and quality of life, incorporating leisure as a structural part of the lifestyle. Regarding product characteristics, there is a clear convergence towards certain attributes considered essential in the luxury segment. The most sought-after homes typically feature four en-suite bedrooms, spacious social areas, integrated spaces for entertaining guests, high ceilings (preferably over 2.80 meters), a climate-controlled barbecue area with a grill and outdoor pool, and high-quality finishes. Security is also positioned as a key factor, especially for foreign buyers, who prioritize controlled and predictable environments. In parallel, there is a growing market acceptance of purchasing completed or resale homes, in contrast to the traditional self-build model. However, the scarcity of well-finished and properly valued properties remains a significant limitation. Incomparable residencia en el Condominio la Trinidad I Liquidity in this segment is highly variable and directly linked to the alignment between owner expectations and market realities. A well-located and accurately valued property can sell in a matter of days, while those priced above market value can remain unsold for years. This mismatch is particularly common in the high-end segment, where owners often incorporate appreciation expectations that are not always reflected in actual demand. In this sense, the market acts as an adjustment mechanism, determining the true transaction price. The correct structuring of the offer, including price, presentation, commercial strategy and customer service, then becomes crucial for the speed of absorption. The shortage of new, well-designed homes is partly due to the fact that owners of quality properties tend not to sell, or do so at prices higher than the market is willing to accept. This creates a bottleneck in supply, forcing buyers to consider alternatives. Two main strategies stand out: acquiring properties with renovation potential, provided the structure and location justify it, or purchasing land for custom development. However, extensive renovations can be complex and costly, especially when the original layout of the house is not functional. Incomparable residencia en el Condominio la Trinidad I In many cases, demolition and construction from scratch ends up being a more efficient option in terms of both cost and final result. Looking ahead, the luxury residence market in Asunción will maintain its relevance, driven by a structural demand that combines aspiration, the need for quality of life, and investment opportunities. However, its evolution will be conditioned by key variables: the ability to generate new supply in line with current expectations, the need for more consistent urban planning, and the adaptation of market players to an increasingly informed and demanding buyer. In this scenario, luxury housing ceases to be merely a real estate product and becomes a synthesis of multiple dimensions: location, design, privacy, environment and, increasingly, predictability in a transforming urban environment.

The price doesn't disappear: it transforms into performance, occupancy, and value over time. In the real estate business, a lower price is rarely an advantage. In most cases, it's a red flag. Not because the market penalizes low prices per se, but because the cost of producing a property adheres to a relatively rigid structure, where essential components—materials, systems, labor, design, and operation—have minimum thresholds below which quality begins to decline. When a project consistently falls below these thresholds, the difference doesn't disappear. It doesn't exist as real savings. It's shifted. It's shifted to the durability of materials, the efficiency of systems, the environmental quality of spaces, and ultimately, the long-term economic performance of the asset. The initial price, in that sense, isn't the problem; it's the visible symptom of a series of invisible decisions. In the residential sector, this logic is straightforward. An apartment that consistently sells below market value isn't simply more affordable; it's a product where something has been cut back. It could be the thickness of the walls, the quality of the windows and doors, the thermal insulation, the efficiency of the utilities, or the design of the common areas. Each of these reductions has a cumulative effect. In a hypothetical scenario, two similar units with the same location and size might have price differences of 15% or 20%. The cheaper unit sells faster initially. However, after two or three years, the effects begin to appear: higher maintenance costs, reduced comfort, and visible deterioration in common areas. In the resale market, that unit no longer competes against its original price, but against better-designed properties. The initial discount ceases to be an advantage and becomes a limitation. In the rental segment, the dynamics are even more explicit. An asset's income depends not only on its cost but also on its sustained potential. An asset with lower structural quality enters the market with only one competitive tool: price. This translates to lower rates, greater vulnerability to competition, and, in many cases, longer vacancy periods. Imagine two rental units in the same area; the difference isn't necessarily in the location, but in the user experience. One maintains stable occupancy levels, lower turnover, and predictable operating costs. The other needs to constantly adjust its price to remain competitive, faces frequent tenant changes, and accumulates corrective costs. The return, in real terms, is compressed. In the corporate sector, the structure is even more stringent because the product is not just space, but functionality. An office building doesn't compete solely on location or price per square meter, but on its ability to operate efficiently. Climate control systems, air quality, lighting, technological infrastructure, and floor plan flexibility are not differentiating attributes: they are minimum requirements. When these elements are reduced to cut costs, the asset loses operational capacity. A building that fails to maintain stable thermal conditions, has high energy consumption, or cannot be adapted to different usage configurations ceases to be competitive, regardless of its price. At this point, the market is non-negotiable. A recurring scenario is that of buildings entering the market with attractive rental prices, but failing to maintain stable occupancy levels. Companies prioritize operational predictability over initial savings. The result is an asset that is constantly undercutting prices, with higher turnover and less stable income. This pattern reflects a structural logic of the real estate business: value cannot be compressed indefinitely without affecting the product. Unlike other sectors, where efficiency can allow for real cost reductions, in real estate a large part of the cost is linked to physical and technical elements that cannot be simplified without consequences. Therefore, the lowest price in a market rarely represents an isolated opportunity. In most cases, it's the manifestation of an imbalance between cost and value—an imbalance that isn't corrected at the time of purchase, but rather over time. In the long run, the market consistently corrects this imbalance. It does so through occupancy, the income the asset is able to generate, and its ability to maintain value relative to alternatives. Assets that start from a weaker base tend to require discounts, reinvestments, or both to remain relevant. The difference between cost and value is not conceptual. It is cumulative, operational, and, above all, unavoidable.

The development, driven by CRESIA, introduces a format of high-rise residences with low density, large areas and a focus on privacy, in one of the most consolidated areas of Ciudad del Este. In a context where the Ciudad del Este real estate market is beginning to show clearer signs of segmentation and sophistication, the launch of Magnolia marks the addition of a new residential option geared toward the premium segment. The project was officially presented at an event that included a groundbreaking ceremony, launching a development that seeks to position itself through a combination of low density, spaciousness, and high-quality construction. Located on Los Naranjos Street, between Yrupé and Palo Santo, in Area 1, Boquerón neighborhood, Magnolia is situated in one of the city's most established and highly valued urban environments. This location, characterized by its residential nature, proximity to Lake of the Republic, and access to educational, commercial, and service infrastructure, has become a key development hub for higher-end products in the local market. The project introduces a high-rise residential concept distinguished by its scale. With only 10 units distributed across five levels, Magnolia adopts a low-density approach, unusual in the vertical development format, prioritizing privacy and the quality of space over maximizing saleable volume. This design decision reflects a growing trend in certain segments of the Paraguayan market, where differentiation is no longer based solely on location or amenities, but rather on the overall living experience. Each unit has been designed as a spacious residence, with areas exceeding 240 square meters and three-bedroom layouts. The interior design combines spaciousness, functionality, and high-end finishes, with a configuration that seamlessly integrates the social spaces with the outdoors. In this sense, the balcony terraces play a central role in the design, not only as an extension of the social area but also as an element that articulates the visual connection with the natural surroundings of Area 1. One of the most significant aspects of the project is the incorporation of retractable glass enclosures on these terraces, allowing for climate control and year-round use, transforming them into an additional living space within the home. This type of solution, still relatively uncommon in the local market, reflects an evolution in the way residential spaces are conceived, where flexibility and the comprehensive use of every square meter are taking on a more prominent role. Functionally, the kitchen is designed as an integrated space, with a central island and direct access to the social area. This type of layout responds to a growing demand for more open and adaptable spaces, in line with changing housing usage habits. As for the common areas, the top floor of the building features a range of amenities focused on well-being and community life. These include a rooftop terrace with a swimming pool, a gym, a solarium, an air-conditioned event room, and a children's play area, all designed to take advantage of the open views of the surrounding area. From a positioning standpoint, Magnolia is situated within the premium segment of Ciudad del Este, with an entry price starting at USD 346,300. This price point reflects both the scale of the units and the quality of the offering, and aligns with a broader trend of diversification in the local market, where products targeting more specific demand profiles are beginning to consolidate, including high-net-worth end users and investors seeking more differentiated assets. The project has an estimated construction time of 28 months. The development is being driven by CRESIA, which has been consolidating its presence in the Paraguayan real estate market through projects that combine design, construction quality, and a long-term vision. With Magnolia, the developer reaches its fourth project in Ciudad del Este, reinforcing its commitment to one of the country's most economically dynamic cities, largely driven by its status as a commercial hub and its connection to the border region. In this context, the groundbreaking ceremony for the project not only marks the beginning of its physical development but also reflects a stage in which the local market is beginning to incorporate new typologies and standards, progressively raising the level of offerings and expanding the range of options available to buyers and investors. Magnolia fits within this trend, proposing a format that combines scale, meticulous design, and a clear intention to differentiate itself within the high-end residential segment of Ciudad del Este.