As a result of the crisis, the unemployment rate of commercial premises in Costa Rica rose from 8.81% to 9.86%, and the average price per square meter fell by 3%.
It is estimated that 20% of the stores located in the country's malls will not be able to open after the most critical phases of the covid-19 outbreak are overcome, according to Colliers' figures.
In Costa Rica, the investment fund management company Multifondos has announced the acquisition of the corporate center El Cafetal, located in Belén, Heredia.
Elfinancierocr.com reports that "...Multifondos, a subsidiary of the financial group Mercado de Valores, said the amount represents the largest purchase made by a real estate fund in the country and it has been estimated that this will result in the real estate fund industry being valued at $2 billion."
Stable returns is the main characteristic of real estate funds which in Costa Rica have shown annualized growth of 26% in their net assets.
An article in Nacion.com reports that "...Real estate funds spent $284.2 million on the acquisition of 32 buildings between April2016 and March 2017. As of March, net assets managed by the seven investment fund management companies (SAFI) amounted to¢754,255 million, after a year-on-year increase of 26%, according to the Superintendency of Securities (Sugeval)."
A real estate investment fund owned by Banco de Costa Rica has bought 60% of the facilities of Global Business Park in Heredia.
Elfinancierocr.com reports that "The acquisition will add 21 new tenants to the Fund, including domestic and foreign companies primarily within the medical industry. It will also increase by 50% the assets managed by the real estate investment trust."