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The investment cadastre of the tourist and real estate sector of the second housing for tourism purposes, until June 2018 – which includes projects in progress and for the first time. study for a value equal to or greater than $ 3 million – reaches 1,462.8 million nationwide. The result represents a decrease of 22.1% per year and a decrease of 9.9% compared to December 2009.
The report, prepared by the Directorate of Studies of the National Chamber of Commerce, Services and Tourism (CNC), thus marking the lowest amount spent since the beginning of this measure, which explains a downward trend in sector investments from June 2013 to date.
New Projects
During the second half of 2017 They accounted for new projects amounting to US $ 236.3 million, or 14.5% of the total. The figure surpbades by 69% investment in new projects registered up to June 2017, which reached a value of 139.6 million US dollars.
For its part, during the first half of this year, investment in new projects decelerates with an amount of US $ 168 million, accounting for 11.5% of the total amount recorded. The figure is 28.9% lower than the new projects recorded in December 2017, but 20.3% higher than in June of last year. Of the total amount recorded in the new projects, 100% were in the study phase at the end of the first half of this year.
Of the total investment in new projects accounted for in the first half of 2018 – all in the study phase – 71% correspond to full projects of hotels and casinos; 30% for secondary residential real estate investments for tourism purposes and 11% for hotels.
In the process of being implemented and under review
Total investments recorded up to June 2018 (US $ 1,462.8 million) including new projects and from previous measures that have not yet been completed or withdrawn.
The proportion invested in projects under construction or in execution increased in the second half of 2017, reaching 82.9% of total investment recorded, for Then falling in the first half of this year. Thus, of the total recorded in June 2018, 69.5% is being implemented, representing US $ 1,017.3 million. Meanwhile, another 30.5%, which reaches 445.5 million US dollars, are under study.
Sector Composition
The hospitality industry leads investment with 54% of the total recorded up to June 2018, followed by the real estate group of 39; Home for tourism purposes with 32% of total registered projects and then complete hotels and casinos with 12%. The rest corresponds to other tourist projects (2%).
Hotel investment reached US $ 794.5 million, down 20.2% from the June 2017 cadastre and 16.0% lower than in December of the same year.
Real estate second home for tourism reached an investment of US $ 470 million in June this year, down 41.9% from June 2017 and down 21.7% compared to December
The investment of full projects of hotels and casinos reached 176.3 million US dollars, an increase of 213% compared to December 2017. The other tourism projects ( among those which included event centers, parks, food centers, among others) accounted for investments of US $ 22 million, registering a zero variation last year.
Regional Composition
The real estate tourist investment continues to be concentrated in the regions of Valparaíso and Metropo litana, which as of June 2018 participate with 36% and 32% of the total invested respectively. It is also worth noting the multi-regional projects, which represent more than one region, accounting for 19% of the total.
The metropolitan area, with an investment of 537 million US dollars, registered a decrease of 19% compared to the previous semester. a decrease of 20% compared to June 2017, a decrease which is mainly due to the release of projects – most of them at the study – which never materialized, plus a weaker entry of new initiatives in the capital.
The Valparaíso region represented an investment of US $ 467.5 million, down 1.9% from the December 2017 cadastre and 24.2% below the June 2017 level. decline is mainly due to the inauguration of one of the major existing projects over the past year, added to the decline of another that never materialized. This situation is aggravated by the almost zero entry of new initiatives in the region.
Investment in the Coquimbo region reached 30 million US dollars in June 2018, marking the largest decline in the regions, with a drop of 85% until June 2017. Given Inauguration of projects and low entry of new initiatives
Multiregional projects, representing US $ 287 million, increased by 92.6% compared to June 2017, doubling investment compared at December of last year.
Prospects
"The entry of new projects is still low and, although the amounts of new projects recorded during the last semesters have accelerated, the last period is a setback and the new initiatives are well below the average recorded between 2011 and 2013, while the new projects amounted to about 300 million US dollars, "explains Bernardita Silva, head of CNC studies.
Co There is also a slow realization various initiatives. "The sharp increase in the proportion of investment in the study phase is due to the exit of the cadastre projects between January and June 2018, mostly inaugurated, but also to projects. where investment has been abandoned. In addition, projects that remain on the study for more than a year and have not materialized yet, as well as the entry of new projects in the first half of this year, which are for the most part at the study stage, "adds Silva. The executive said the cadastral results show that the sector has not been able to recover the investment levels achieved in 2013, highlighting a deceleration since then so far. "The investment in the country has managed to grow over the last two quarters, but mainly through investment in machinery and equipment, while that focused on construction and other work has seen a slower recovery, which is reflected cadastre, where the impetus for new real estate projects in the tourism sector still can not take off, "he argued.
Investment in hotels / casinos remains relatively dynamic. Although investments have fallen, expectations remain positive, says Silva, partly because of the rise in business tourism. "This is reflected in a larger influx of new hotel projects and calls for tenders.However, most hotel initiatives are under study.Investment in real estate projects for tourist-oriented second homes is one that has shown the largest declines, given the openness of many of them and the almost zero entry of new projects of this type. "
capital, land is increasingly scarce and expensive, which has affected the entry of new initiatives:" This also happens in some cities in regions where investment in public works is necessary to support increased tourism growth.
There is consensus that the economic scenario looks better for 2018, with a rebound in investment. But the low level of achievement of projects in the tourism sector reveals that even many investment initiatives are waiting for this best scenario to materialize to start its execution, while others are stuck in the middle of the day. licensing. For this reason, it is essential to consolidate trust and unlock projects, accompanied by a strong public investment in the pursuit of tourism development of the country.
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