Costa Rica Real Estate – In 2014 analysts and experts predicted that the Costa Rican real estate market in 2015 will thrive, and it seems to be proving true. As early as the first quarter of 2015, there is already a strong interest in the mortgage market and new construction.
The positive real estate market trend stemmed from the new wave of baby boomers from the United States and Canada who are looking at Costa Rica as their retirement destination. This, accompanied by the revival of global economy, increase in number of sales, decrease in interest rates and the growth of demand for Costa Rican property have all led to the stability of the real estate market of this Latin American country.
At the recently held ExpoConstruccion in late February, there were about 180 new constructions projects that were showcased with costs ranging from $40,000 up to $1 million. Last year, more than $60 million were borrowed in Costa Rica for new construction purchases which punctuated an eight per cent year over year appreciation.
The part of Costa Rica that is experiencing and benefiting most with the real estate boom are the vertical real estate in the Greater San Jose Metropolitan (GAM) and other gated communities that offer security to home owners and their families. Gated neighborhoods are becoming more and more popular to foreigners and locals alike as everyone seemed to be more willing to live in communal communities and neighborhoods. Companies who had the foresight to seize the opportunity and build shopping for leisure properties led the market in sales for 2014 and will continue doing so for years to come.
Need for condominium towers that offer both luxury and security are currently on the rise and will continue to do so until 2016. Hotspots include Santa Ana, Alajuela, Ciudad Colon and La Guacima. Also take note that lots will continue to stay hot since inventories are good and prices are really low which lures both local and foreign buyers.
Another noteworthy part of Costa Rica which has caught the attention of many investors is the Dominical area. It is a charming beach town located on the Southern Pacific Coast that offers breathtaking views, world-class waves, numerous adventure activities, fine establishments and other natural attractions like Volcanoes, waterfalls, rivers and so much more. Its popularity is becoming more and more prominent that even Kevin Brass of The New York Times commented, “For years, property industry observers predicted that Dominical would be the next boomtown in Costa Rica, after the coastal highway was paved four years ago. Home prices in Dominical soared from 2003 to 2007 in anticipation of the road’s completion and as the building of an international airport nearby was discussed.” He went on saying, “But the market stalled in 2008, in the wake of the economic turmoil in the United States. The majority of international buyers in Dominical are Americans, who mostly disappeared after the crisis.”
According to reliable sources, because of the healthy and still growing real estate market in the region, more investors are drawn in to build a base in Costa Rica. 35 new foreign companies will set up their businesses in Costa Rica in the upcoming months. Moreover, about 35 high-end coffee shops, 12 convenience stores, 17 fast-food restaurant chains, 4 supermarkets, 19 modish boutiques, 2 vehicle agencies, six big appliances stores, 7 posh hotels and more.
On the other hand, a slight glimpse in the US real estate situation would reveal that the pace of new home sales has increased by 0.2 per cent and the expected rate is to be around 471,000 units. Also the index of impending sales of existing homes is about 8.4 per cent more this year compared to that of last year.
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