Identifying the best areas to invest in, knowing what type of property is in demand in each area, whether you are looking for more rentals or sales, homes or offices, or in which segments of the population there is more demand for each type of property, is part of what can now be analyzed using modern Big Data techniques.
The real estate market is not alien to the new reality focused on analyzing large volumes of information and making business decisions based on data.
Projections are that this year about 149 thousand square meters of commercial spaces will be built in different parts of the country, mainly west of the Greater Metropolitan Area.
Some of the upcoming projects include: City Mall in Alajuela, City Place in Santa Ana, e Center in Heredia, and Bamboo Eco Urbano in San Jose, among others. Specialists say that the commercial success of these complexes is largely determined by location, business strategy and brand recognition among consumers.
A company from Honduras is developing a mall measuring 200 thousand square meters in the city of Alajuela.
Next month the Lady Lee Corporation will begin construction of City Mall in Alajuela, measuring 200 thousand square meters, and having 300 commercial premises and parking for 2,700 vehicles.
Enrique Rodriguez, head of Public Relations and Communication of the new complex, told Crhoy.com that "the earthwork has already been done and now, in March, we will begin building the huge structure, a project which is being managed by the Honduran company Postensa".
Shopping centers and hotels in the city and on the coast are part of the new projects planned for this year and 2015.
Four commercial and mixed-use projects are predicted to boost the sector in 2015. These are City Mall, City Place in Santa Ana, Ocean Mall in Puntarenas and Jacó Beach Walk in in Jaco beach. City Mall and City Place are currently under construction and are projected to start operations in the middle of this year.
There is Increased investment in medium-sized commercial developments in the vicinity of residential areas.
Changes in people's habits, looking to cut commuting time from their place of work to their homes is influencing the investment decisions made by real estate developers who are focusing on building medium sized malls (between 1,000 and 5,000 m), located in the vicinity of residential areas and at high traffic points.
There are plans to build a mini-city on the beach in Puntarenas, two mega projects and 6 other smaller works that represent $211 million in investments.
The three largest projects will be developed by local companies in the province of Puntarenas, in the Central and Garabito cantons. "These, together with six other smaller private works, represent investments of over $211 million and the use of more than 164 hectares of land in the next 15 years," noted an article in Elfinancierocr.com.
Rent an office in a standard office building costs around $17.38 per square foot, whereas in a mixed-use development the price rises to $23.
This was revealed by a study by the real estate company Colliers International, who also explained that "when it comes to mixed use commercial premises, the average price recorded by the company reaches up to $28, whereas in other commercial centers the figure drops to $18.17 ", reported Elfinancierocr.com.
All in one place. In the west of the capital of Costa Rica "mini-cities" are being built which meet the needs of this new lifestyle trend.
In the west of San José, four real estate projects are attempting to impose a new lifestyle. The first is "Avenida Escazú, whose initial phase was started in 2009 (medical towers, cinema, hotel, parking and residences) and which then added more cinemas, restaurants and shops," noted an article in Elfinancierocr.com.
The $90 million invested in property in 2012 represented an increase of 86% compared with purchases made during 2011.
According to the Superintendency of Securities (Sugeval), until the last half of May this year, real estate portfolios had under their administration $871 million in net assets (including properties and some securities), 7% more than in the same period in 2012.
With an investment of $30 million the Croc Casino Resort will be built in Jacó, which will have 17 floors, and is forecast to open in December 2014.
The complex will have 152 rooms and 44 luxury condominium residences as well as a beachfront pool, restaurants, a nightclub, a spa, the "Croc Habitat" retail shops and facilities for meetings and conventions.
The high prices of properties being recorded in parts of the country are scaring away foreign investment and limiting the recovery of those most affected by the 2008 crisis.
The question posed by foreign investors to Realtors: "'Why invest in Costa Rica when the price of the property is the same or higher as in New York but with less quality services?", is proof that the real estate bubble remains as active as before the crisis of 2008.
The east of the capital of Costa Rica has become an important pillar for real estate development, and will receive $40 million in investment for a Class A office center
From the press release:
San Jose, Costa Rica, July 21, 2011 - 4D Real Estate Development has announced the start of works at TERRA Corporate Campus, a Class A office center located in one of the sectors of the city with the fastest growing economic dynamism.
The property crisis in Guanacaste, Costa Rica’s main tourist center, reads like two sides of the same coin.
Three years after the U.S. financial crisis resulted in collapse of real estate prices in Guanacaste, the calm after the storm seems not to have reached all areas of the province alike.
The northern region of Costa Rica, historically a magnet for tourists and investors, has been divided into two different areas.