San Jose, Costa Rica – This to CRT shows that the real estate market right now is still in a recessionary period as there are many more people trying to sell and get out of CR than those looking to buy. People are still over pricing their real estate thinking that the Costa Rica allure makes the market value.
However, more and more people are moving to Panama and Nicaragua to escape the new rules and regulations being implemented by a government that is not paying any attention to the fact that 95% of the GNP comes from travel and tourism and that expats living in Costa Rica provide much needed support to the economy.
An estimated 5,000 homes, with prices starting at $ 64,000 and went to prices over $ 800,000, are available in the Expocasa, which began yesterday and ends Sunday at the Pedregal Events Center in Belen in Heredia. The 5,000 housing units were represented by 76 real estate companies that were present in the activity, 26 more than at the fair that was held earlier in January. They are looking for anyway to sell in this market.
It also increased the participation of firms related to the decoration and finishes: from 65 to over 100 detailed Yorleny Mora, manager of Nation Group Events, organizer of Expocasa.
Among these housing projects is San Jose Oasis, a residential complex of seven towers of eight floors located in San Sebastian, in South San Jose.
Marino Calderon, representative of the firm RJPico-developer of the project, explained that this complex offers apartments from $ 99,500 up to $ 106,500.
Another project is located near the University of Costa Rica, Montes de Oca. This is Via Della Universita, two five-level building with 37 lofts and 14 penthouses, and whose prices start at $ 112,000, said his agent, Jose Castro.
In District Four Escazú is developed by the company GTU. This residential complex, office and trade, has apartments available with prices starting from the $ 758,000, said Adriana Delgado, Marketing Manager of the company.
This Expocasa and Decoration are also has present 12 financial institutions, three more than last fair.
The institutions say bet on favorable credit terms for new credit, whether it’s dollars or colones.
Even have special plans for those who applied for a mortgage loan in the last fair, but want to refinance their debt, as in the case of banks in San Jose and Scotiabank, reported their spokesmen.
Did they not learn anything from the housing crisis in the USA which was caused by this over lending to unqualified applicants?