The real estate business has fallen by 90% since last year, according to representatives of Century 21 real estate.
An article by Reuters reporter John McPhaul described the situation of the construction industry in Tamarindo on the Pacific coast of Costa Rica and reported that most projects are at a standstill.
Among the reasons given is credit restriction, a product of the global crisis and the decline in tourism which, according to figures from the Chamber of Costa Rican Hotels, has dropped one third in the first two months of 2009, compared to the same period in 2008.
Tamarindo wants to eliminate from the minds of tourists, investors and locals its image of being a disorderly district. To make up for its past errors it's putting in place a plan to develop its infrastructure over the next 15 years.
Area businessmen, hotel owners, the Guanacasteca Tourism Chamber, and the company Consultores Urbanos are working out a diagnostic plan for the local infrastructure.