New Rules for Real Estate

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.

Thursday, November 22, 2018

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.

You may be interested in "$1.500 million investment in residential projects"

Regarding the issue of premiums, Xinia Arguedas, marketing coordinator for the Housing Promotion Foundation, explained to Nacion.com that "... there would be an obligation not to use premiums as working capital, which would be a problem for companies. What should be done is to increase control over the management of these resources from the point of view of consumer protection, but not to remove their use as working capital."

On the other hand, the Costa Rican Chamber of Construction (CCC) explained that "... no text on the subject has been written by the current administration. We are waiting for the document to be able to contribute our criteria in this process."

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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.

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