The economic crisis that struck the U.S. and Costa Rica also had a great impact on the Costa Rican real estate industry, where demand has fallen to levels never seen before.
However, the crisis is not solely to blame for the current situation being experienced by the industry, which began two years ago. In some cases, bubbles in prices were created, affecting the placement of property and the industry in general, but mainly in coastal areas.
The president of the Chamber of Real Estate in Costa Rica, Aleyda Bonilla said in an interview with elfinancierocr.com that "we must make the customer understand what the actual market price is, in order to avoid creating a bubble again. We have to explain what the actual percentage of equity is in a specific area, the realities have to be explained. "
Source: elfinancierocr.com
More on this topic
December 2009
Demand for Real Estate, frozen by the economic crisis, is starting to rise due to lower prices.
In the first 10 months of 2009, Costa Rica's real estate market was severely hit by the economic crisis and investor fear due to the burst of the U.S. real estate bubble.
However, as the year comes to an end, there are recovery signs in the market, driven mostly by a sharp reduction in property prices.
April 2012
The Panamanian group of companies, Convivienda projects sales in 2012 amounting to $665 million with the delivery of 7,429 homes.
The director of the national council of housing developers, explained that the with the Preferred Interest Act raising the ceiling on the value of homes which can benefit to $120,000 will help...
June 2010
The market expects land prices to increase in those areas where the first line of the metro system will transit in 2014.
Realtors consider that it is too soon to predict how much prices will increase in areas nearing the $1.5 billion project. According to Fernando Arango Morrice, president of A.I.R. Appraisals, “we must wait until the metro and its stations are operating to asses any changes in the price of land”.
March 2012
The 200 hectare residential complex on the Pacific coast, which is valued at about $30 million, includes three mountain top houses each with several bedrooms.
Actor and director Mel Gibson has put on sale his extensive mountain resort in Playa Barrigona, in northern Costa Rica near the border with Nicaragua, province of Nicoya.
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