Costa Rica Construction Boom Not So Booming

Prices of vacation homes being sold to foreigners on the Pacific Coast of Costa Rica have fallen by 40 percent.

Thursday, August 28, 2008

This is according to the online classifieds website encuentra24.com, which displays over 10,000 real estate listings posted by owners and real estate companies.

With the decrease in prices all along the Pacific Coast, residence homes that were once being sold for $640,000 are now going for $400,000. The decrease seems to stem directly from the hardening of home loan requirements in the United States due to the mortgage crisis as well as economically crippling inflation around the world. These factors, combined with the decrease in the construction of new residences, seem to be the cause of the demise of the Costa Rica real estate boom and consecutive years of growth along the ever so popular Pacific Coast.

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