Real Estate Growth Outlook
Although the current economic crisis has affected the Costa Rican real estate market temporarily, experts predict that it will turn around sooner than expected. Prices have not yet fallen to record lows like in the United States, due mainly because of a lack of affordable financing. Lots of foreigners in particular did not finance and now do not experience such downward pressures like in the USA were homeowners are bothered by high real estate taxes and insurances.
Residents who have retired in Costa Rica, buying and developing properties for their use and enjoyment. Most of these retirees come from a higher socio-economic bracket and therefore are mostly very sophisticated, generating a new segment in the real estate market. The number of future retirees continues to grow because of the positive climatic, social and economic conditions Costa Rica has, and therefore this segment will continue to be a major contributor to real estate investment.
Real estate foreign investment will only continue to escalate as better conditions are given to investors and retirees, as the sector growth increases and novel prime locations arise, and as the demand for tourism related developments continues to grow.
What lies ahead for Costa Rica is based on a variety of positive factors driving the market, including: its strategic location in the center of the Americas, its educated and highly productive workforce, a continuing political, social and economic stability, preferential access to strategic markets, its international standard business infrastructure and high quality of life. There is no doubt that Costa Rica's economic future seems to be quite promising.