In Costa Rica the real estate market has started to respond to the demand for lower middle class homes which typically have minimal sizes and are in buildings or condominiums.
Apartments measuring from 40 square meters for single people or small families at prices starting from $65 thousand have started to make up a large part of the real estate supply in the country, where until now there has been a predominance of real estate developments which are larger area and cost more, aimed at the middle class and upper class middle segment.
The boom in vertical housing continues in the capital of Costa Rica, where the trend of living near to the down town area is a response to the serious problems of road traffic.
Condominios 6-30, Torres del Lago, Torres Paseo Colón, Vistas de Nunciatura and Condominios Nara are some of the residential-commercial projects currently on offer in the city of San Jose.
Eleven new vertical projects will see the light over the next two years in the Greater Metropolitan Area.
Aimed at the middle and upper classes, most developments are to the west of San Jose.
Among the projects, one that has already been started is Paseo Colón Torres, in which $28.6 million has been invested and will be finished next year.
El Financiero reported statements by Rosendo Pujol, director of the Research Program on Sustainable Urban Development at the University of Costa Rica (PRODUS in Spanish), concerning the reasons for this boom, which he said were "... insecurity, growing congestion on roads and significant increases in the income of a minority. "
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