Costa Rica’s Real Estate Development Climate

  • by crv.staff
  • 02.02.09
  • 2:49 PM UTC
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In my last post I talked about Costa Rica’s real estate development climate along its southern Pacific coast. (It’s as warm as the weather. ) Here are some additional shovel-ready projects that are in the works.

Currently, in the Central and South Pacific regions of Costa Rica, private development has funded three marinas and a dozen major coastal developments worth nearly $2 Billion. Marina Pez Vela in Quepos will open 100 slips next year, the Golfito 217 slip Marina is almost finished with their Environmental permitting process, and the ultimate Carara bay Marina & Resort in Punta Leon has broken ground on the country’s most ambitious marina development ever. Furthermore, the Green Coast Pacific development in Dominical is underway with several of their 12 developments already completed totaling $650 million in Dominical.

Tourism has become Costa Rica’s leading industry. The government has encouraged environmentally responsible development. The country is ranked #1 in the world for eco-tourism. Significant development began in the north Pacific region, when the government began operation of the international airport in Liberia in 1995. Prior to the global real estate downturn, property values in the north jumped in some locales by 2000% in the last 10 years (3000% near the new airport) as vacationers and vacation home buyers had easy access to air transportation.

With a new golf course, many restaurants, retail and rooftops coming out of the ground, the southern pacific zone in Costa Rica very well may be the cure to any unhealthy real estate portfolio.

Bret G. Dudl

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4 Responses to “Costa Rica’s Real Estate Development Climate”

  1. [...] See the original post: Costa Rica's Real Estate Development Climate | costaricaviews.com [...]

  2. Bret,
    How is the worldwide economic slowdown affecting the Costa Rica real estate market on the Pacific coast? Is there a lot more inventory?

  3. Vote -1 Vote +1Bret G. Dudl
    says:

    Brian,
    While real estate is slowing in general, we’ve found Southern Costa Rica isn’t feeling the downturn nearly as much as the rest of Costa Rica. The Southern region didn’t see the runaway appreciation like the north, thus there isn’t much of a ‘bubble’ to burst in that region. As such, we think that Costa Rica’s real estate inventory is demonstrating resiliency compared to the Northern areas and the US market.

    Bret

  4. Vote -1 Vote +1Bret G. Dudl
    says:

    That is the multi-million dollar question! “What is the major difference between the North and the South.” There are many differences from rainfall, flora, rivers, color of beaches and so forth. But for real estate purposes, it comes down to one thing; Access. Said another way, an international airport and highway infrastructure system.

    If you look at what happened to development, and subsequently real estate prices in the north after the Liberia international airport became operational about 10 years ago, the surrounding real estate grew in value approximately 3,000%!!!

    Very succinctly, you can say that the south is about 10 years behind the north. With the Costa Rican Government spending $200 million on the highway infrastructure in the region, and $1 billion on the airport in Sierpe, on the Osa Peninsula, it’s not hard to imagine that property values are poised for a serious boom.

    Bret Dudl

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