Costa Rica Real Estate – Technically the United States economy has been out of recession since 2009 but it is only now that people are starting to feel it. Millions of people who have given up hope tried once more to look for jobs and successfully found it. Because of the continuing recovery of the United States economy, Americans are now bolder to travel abroad and some are even dipping their hands in the real estate market.
America’s strengthening economy is having a positive effect on select housing markets in Costa Rica as it has become the lucky recipient of American dollars that other Latin American countries are vying for. Why wouldn’t it be? It is obvious that investors will choose Costa Rica since it is a country of diverse natural resources with great investment opportunities that will surely provide a juicy ROI and is known worldwide as a destination for investment, retirement and vacation.
In 2013 Guanacaste province has seen the most real estate development in the country. However, come 2014 and 2015 analysts and real estate specialists are seeing an increase in amount of construction activity in the province of Puntarenas which encompasses the Central and Southern Pacific Coasts. Puntarenas province is more developed compared to other coastal areas in Costa Rica and boasts of terrific restaurants, famous surfing beaches, reasonably priced hotels and a wide selection of real estate properties that are more often than not less expensive than comparable properties in the north.
Data on construction projects for the year 2013 showed that 453 construction projects were completed in the province of Guanacaste while only 394 were delivered in the province of Puntarenas. On the other hand 2014 showed a different case; completed construction projects in Guanacaste declined to 390 while the delivered projects in Puntarenas rose to 424.
It is imperative for everyone involved in the real estate market to know that the currently trending real estate sales is on housing markets along the coast especially vacation homes in between Guanacaste and Dominical. It should also be understood that although the strengthening real estate market cannot be considered a boom, it is still showing a moderate upward trend making real estate brokers feel positive about the prevailing state of affairs.
We should also take note that real estate buyers are now more picky and wiser when buying homes. An agent from a RE/MAX franchise in Jaco stated that buyers nowadays are more careful and critical in their choice of vacation homes in Costa Rica. Currently, real estate properties that are in demand start with small condos priced at $70,000 all the way to luxurious and flamboyant estates sold for more than a million dollars.
According to a representative from a Coldwell Banker franchise based in Guanacaste Playas del Coco is a good place to invest in right now because of the increase in commercial development in the area, although condo units are a little more expensive in this area with price starting at $200,000. On the other hand, a representative from Coldwell Banker that is based in Dominical commented that there is a renewed interest in the housing market in the region and that upscale expats are purchasing villas and homes worth a million dollars.
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