Costa Rica Real Estate News – What’s your guess at what a house in Costa Rica sells for? I bet you’ll be surprised to hear that a housing market study showed that 65% of the homes and apartments for sale in the Greater Metropolitan Area cost over $120,000.
This study researched 226 projects of houses, lots and apartments throughout the GMA including San Jose, Cartago, Heredia and Alajuela. There were a total of 5,414 homes and 3,938 apartments involved in the study.
There is, at this time, more supply than demand for homes at these prices. That’s because to afford that, a family would have to make $3,000 a month, which is very hard to come by in Costa Rica.
Many couples who earn $1,600 per month cannot find a home they can afford. The main issue is the down payment. How can anyone save $10,000 or more on a salary of about $800 per person?
This is why there are so many living in poor, overcrowded areas and why there are many expensive homes on the market for a long time.
