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The Technology, Tourism and Investment Commission has issued a favorable opinion on the Special Provisions for the Promotion and Granting of Tax Incentives for the Promotion of the Development of High-Rise Real Estate Projects. According to Luis Rodríguez, Director of the Consejo de Alcaldes y Oficina de Planificación del Área Metropolitana de San Salvador (COAMSS OPAMSS), this regulation seeks to boost the real estate sector and attract foreign investment.
The bet seeks to develop a skyscraper park in strategic areas of the country. In this regard, Rodriguez explained that land is the essential raw material for project developers. “To take advantage of it, both in area and geolocation, a planning scheme on current and future assets is needed”, he said. The regulations promise efficiency in the use of space and energy, less environmental impact, reduced traffic and improved access to services.
In addition, this initiative is presented as a key tool to boost foreign direct investment and the national economy. The regulation also seeks to promote public investment in infrastructure, increase tourism, facilitate trade and develop a technological hub in the region.
In 2023, the construction sector grew 17.9%, according to the Banco Central de Reserva (BCR). The country is at an ideal time to attract investments of this nature. COAMSS OPAMSS projections indicate that growth in this area will be dynamic and positive in the next 10 years.
COAMSS OPAMSS Director stressed that these investments are aligned with sustainable development and urban modernization. “There are a number of benefit factors about this regulation, including space and energy efficiency, lower environmental impact, traffic reduction and improved access to services”, he said.
This ruling represents a significant step towards the modernization and economic growth of El Salvador, positioning the city as an attractive destination for investment and technological development.
