In the Greater Metropolitan Area 46% of the inventory of industrial real estate developments, such as warehouses and industrial buildings, are located in Heredia and Alajuela.
From a statement by Newmark Grubb Central America:
The provinces of Alajuela and Heredia, with 24% and 22% of the total inventory of industrial real estate developments in the Greater Metropolitan Area respectively, maintain the lead as suitable for complexes such as warehouses, mini-warehouses, industrial buildings and logistic works.
The segments of industrial warehouses, and office warehouses, where those that provided the most dynamism in the industrial real estate market in the Greater Metropolitan Area of Costa Rica at the end of the second quarter.
From the quarterly report by Colliers Costa Rica entitled "Industrial and Logistics Property Market":
The value of property in areas such as Amador, Balboa, Clayton and Albrook, has registered increases of up to 300% in the last ten years.
The proximity to the city, the vegetation surrounding the area and the security offered are some of the factors which have increased the value of these areas. For example, in Clayton, an apartment now worth about $160,000, cost about $35,000 ten years ago.
A proposal has been made to change the tax exemption bracket from over $30,000 to $120,000 and for the rate for amounts above that figure to be set at 0.25%.
Although the process of cadastral appreciation in the capital city was suspended in November 2013, the private sector claims that the rule remains in effect and proposes amending it in order to minimize the impact of appraisals in the payment of property tax.
The increase in residential real estate projects around the center of Panama City has doubled land prices in some areas in the space of five years.
The real estate boom experienced in Panama City can now be seen in the prices of residential projects in areas previously considered as "suburbs" where residential real estate developments are priced at over $80,000.
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.
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.
Costa Rica lacks housing for the middle-income sector.
Funding is not to blame. After passing the most severe part of the financial crisis, banks are now offering home loans at favorable conditions and accessible to incomes of all spectrums. The problem is that there is insufficient supply in the housing sector in the ranges of $70 thousand to $80 thousand.
The five-story building, with a construction area of 4,127 square meters, is valued at $ 1.07 million.
There is up to 80% financing available for the purchase.
Eight months ago, when it was offered for the first time, the sale price was $ 2.17 million, "the new price ... responds to conditions of the property, which needs repair, as stated in the advertisement," Nacion.com reported.
Latinamerica Title Co. is an agent of Chicago Title. Our company offers customers the most comprehensive and accurate title and escrow related services in the region, enhancing real estate transactions with a group of services that minimize the risk of investing in a foreign country.
Operates in Costa Rica and Panama
Phone: (506) 2256 9697 - (507) 830 5500
Reveal Real Estate is dedicated to improving the transparency of the international real estate market in Central America by putting data in the hands of consumers.
Operates in Costa Rica, Nicaragua and Panama
Phone: (302) 353 4505