Real Estate Industry Comes Down from the Clouds

Reductions of up to 40% on prices reflect the bubble that was created in Costa Rican real estate sector.

Tuesday, June 14, 2011

The economic crisis that struck the U.S. and Costa Rica also had a great impact on the Costa Rican real estate industry, where demand has fallen to levels never seen before.

However, the crisis is not solely to blame for the current situation being experienced by the industry, which began two years ago. In some cases, bubbles in prices were created, affecting the placement of property and the industry in general, but mainly in coastal areas.

The president of the Chamber of Real Estate in Costa Rica, Aleyda Bonilla said in an interview with elfinancierocr.com that "we must make the customer understand what the actual market price is, in order to avoid creating a bubble again. We have to explain what the actual percentage of equity is in a specific area, the realities have to be explained. "



More on this topic

Property Valuation: Rising Interest in Central America

June 2020

In February, March and April 2020, interest in property valuation and inspection services fell in all the region's real estate markets, but from May onwards there was a considerable upturn in Internet interactions associated with the subject.

A system developed by CentralAmericaData that monitors changes in consumer interests and preferences in Central American countries in real time makes it possible to project short- and long-term demand trends for the various products, sectors and markets operating in the region.

Guatemala: $125 million for Real Estate Project

November 2013

The AVIA real estate project to be built in the Zona Viva will have three towers, parking for 2,500 vehicles, and a convention center.

Elperiodico.com.gt reports: "The mixed-use project includes an investment of $125 million and is being driven by Grupo Cofiño Stahl and FS Richard, who after a contest to choose the design submitted by the firm Permuller & Cohen began the construction phase in the area measuring ​16,400 square yards. "

Increased Foreign Investment in Real Estate

July 2013

During the first three months of 2013 the real estate market in Costa Rica received $377 million from the sale of properties and construction projects of foreign capital.

This amount represents 90% of the total resources directed towards this sector during 2012. In that period the country had revenues of $866 million in foreign direct investment, an increase of 41% compared to the same period last year.

Real Estate Hints to Revival in Costa Rica

December 2009

Demand for Real Estate, frozen by the economic crisis, is starting to rise due to lower prices.

In the first 10 months of 2009, Costa Rica's real estate market was severely hit by the economic crisis and investor fear due to the burst of the U.S. real estate bubble.

However, as the year comes to an end, there are recovery signs in the market, driven mostly by a sharp reduction in property prices.

 close (x)

Receive more news about Real Estate

Suscribe FOR FREE to CentralAmericaDATA EXPRESS.
The most important news of Central America, every day.

Type in your e-mail address:

* Al suscribirse, estará aceptando los terminos y condiciones


Camara Costarricense de Corredores de Bienes Raices

Organization that operates in Costa Rica.
Phone: (506) 22830191 - (506) 22832891

Company Profile

Stock Indexes

(Apr 6)
Dow Jones
-5.60%
S&P 500
-5.10%
Nasdaq
-5.64%

Commodities

(Nov 25)
Brent Crude Oil
48.160
Coffee "C"
116.65
Gold
1,803
Silver
23.220