Real Estate Construction in Costa Rica Grows Despite Pandemic Crisis

    Investors develop projects with high pre-placement percentages

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    Despite the economic crisis caused by the Pandemic, the construction sector is still active, especially class A has the largest inventory. According to experts, in order for developers to start with the construction of these projects today, it is necessary to have a high pre-placement percentage.

    During the fourth quarter of 2020, many new projects entered the market, picking up the vacancy rate above 10%, expected for a healthy market. The country has the highest vacancy rate in the last five years, due to the economic uncertainty generated by the Pandemic, which is why office owners and / or administrators have the challenge to attract customers with infrastructure improvements, higher quality amenities and more competitive prices in the market.

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    Diversification of Amenities

    As part of the trends that continue during this period is the diversification in the amenities offered by constructors to their potential occupants, mainly focused on the well-being and health of the buyers.

    In turn, the rental price decreased slightly and the maintenance fee continued to increase. A phenomenon observed in the multiple improvements of buildings to comply with the new sanitary regulations in the country.

    Caution among developers

    The Tico Market Outlook also shows a caution among developers when launching class A + projects, which comply with characteristics that make them very exclusive with high capital gains, so that the entry of new inventory the market is very small. By 2021 at least 60000m2 of construction would enter the market, which would impact even more the availability rate of the current market.

    Daniel Yepez/ TCRN Columnist/SP

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