Between 1990 and 2017, the constructed area of residential complexes in the condominium and apartment format in the Grand Metropolitan Area of Costa Rica grew from 5% to 25% of total space.
The most recent report from the State details that 80% of condominiums are in 24 districts, most of which are in the Western and Northern areas of the Grand Metropolitan Area (GAM).
The proportion of this type of housing out of the total square meters authorized for construction in the country went from 19% in 2010 to 23% in 2013.
A total of 1.6 million square meters have been occupied by condominiums in the last two years, 85% more than in the previous biennium. A fifth of these housing projects are concentrated in the central 'canton' (district) of Heredia, followed by four cantons in San Jose: Santa Ana (18%), Goicoechea (14%), Central (9%) and Escazú (9%) .
During the first half of 2013 there were 3.5 million square meters registered, 12% less than that the amount reported in the same period in 2012.
From a press release by the Association of Engineers and Architects (Colegio Federado de Ingenieros y Arquitectos or CFIA):
During the first six months of 2013, the CFIA registered about 3.5 million square meters, a figure that is 12% lower than that reported in the same period last year.
Despite the increased availability of office space, 14 new office centers are projected to be added to the 15 currently under construction.
Data from Colliers International shows that in Costa Rica, the availability of spaces has doubled from 7% in 2011 to 13% last year. Meanwhile the Association of Engineers and Architects in Costa Rica, reported an increase of 33% on the amount of square meters dedicated to new offices last year.
In the past two years, land prices in the radius around the canton of Alajuela have multiplied by six.
Within the GAM (Gran Area Metropolitana), since 2010 Alajuela has been top area in terms of square meters processed, say statistics from the Association of Engineers and Architects (CFIA). That would explain the very interesting property prices in this canton.
The Costa Rican construction industry faces a shortage of skilled manpower. The shortage, which is particularly acute on the coasts, is being blamed for overruns on contracts.
The boom in the provinces of Guanacaste and Puntarenas took local labor markets by surprise.
Companies in many cases have been forced to take on workers without the requisite skills, leading to fears that quality might be compromised.
The number of building permits issued in the first quarter in Costa Rica was 11 percent up on the same period of last year, as a construction boom gains strength.
The tendency in Costa Rica is in stark contrast with the doubts being expressed over the future of the US economy, and construction industry executives say no end is in sight to growth in the sector.