Poor Prognosis for "Second Homes"

In Costa Rica, this niche market was hit hardest by the U.S. housing crisis.

Friday, September 30, 2011

According to the Costa Rican Chamber of Construction the outlook is not encouraging and they do no foresee recovery in the short term.

Jose Alfredo Sanchez, vice president of the group, said "In Costa Rica, there has been a dramatic effect on the coast, where (project development) has not recovered in the short term because this would require strong economic growth in the U.S., which is not happening. "

In contrast the perspectives for housing in the Central Valley look favorable, according to Ricardo Castro, president of the CCC.

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More on this topic

How to Reactivate Residential Construction?

October 2019

Offering more amenities in residential complexes and maintaining the discounts offered in housing fairs for longer are some of the strategies applied by real estate developers in Costa Rica to increase sales of new homes.

According to the most recent figures from the National Institute of Statistics and Censuses (INEC), between the first half of 2018 and the same period in 2019 the number of houses built in Costa Rica fell by 11% from 10,753 to 9,620.

New Rules for Real Estate

November 2018

Building on own land and keeping premiums in a trust are part of the new requirements to be met by companies that market houses and apartments in Costa Rica.

According to representatives of the Ministry of Economy, Industry and Commerce, the new rules that would soon enter into force and seek to regulate term sales in the real estate sector are currently in the consultation process with interested parties.

"Leasing" Scheme Proposed in Costa Rica

May 2013

A project by the Chamber of Construction proposes the creation of a residential lease that would allow home purchases without payment of a deposit.

"Currently the project is in the hands of the Ministry of Housing so that they can review and assess it and it is also being studied by a committee in the Chamber of Construction which includes the financial sector," noted an article in Elfinancierocr.com.

House Sales for $665 million in 2012

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...

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