Costa Rica Real Estate Rebounds

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    By TCRN Staff

    The real estate firm NAI released a mid-year report on Costa Rica real estate markets for housing, office space, retail space and land have all shown improvement in the first half of 2010.

    The Costa Rican real estate market is rebounding after the 2009 recession.

    Large and midsize projects are beginning to show signs of life, and credit is being freed up on new development project. Banks are reopening credit lines.

    Another indicator is the industrial market which is also in a strong recovery. Occupancy rates in warehouses, free-trade zones office space and retail property are all higher.

    Incomplete development prices in certain areas of Costa Rica still remain too high for national and international buyers/investors.

    There are other markers that are fueling the return of Costa Rican real estate markets.

    Southern Costa Rica is a nature lover and adventurer paradise, which, until recently, was difficult to access. With a new highway completed, and plans for an international airport, the improved accessibility presents good opportunities for real estate investment.

    This year, the Costanera (coastal) Highway officially opened…more than 30 years after the project was first proposed. Costa Rica’s Central pacific and Southern Zone is now accessible. Drive time from San Jose on a comfortable highway is down to 1 hour to Jaco.

    2010 is expected to finish strong, and continued growth is expected through 2011 as credit lines open further and buyer confidence returns.

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