real estate

New incentives in state of limbo

The fiscal incentives offered to promote real estate development in the historic neighborhood of the Casco Antiguo expired in August of 2007, much to the disappointment of the Asociación de Corredores de Bienes Raíces (Acobir).

Elda Sansón, an advisor to Acobir, explained that existing restrictions on the height and design of buildings in the neighborhood make it difficult to launch new projects without incentives. A new proposal circulating among various government institutions, such as the Ministro de Economía y Finanzas and the Ministro de Vivienda, seeks "to renew the incentives so that projects in this important part of the city keep moving forward," said Ariel Espino, director of the Oficina del Casco Antiguo. There are currently 20 projects underway in the neighborhood.

The Casco Viejo was founded in 1673 and declared a World Heritage Site by the United Nations Educational, Scientific, and Cultural Organization (UNESCO) in 1998.