SAN JOSE, COSTA RICA – October 19th, 2012 – Misinformation and miscalculations in real estate appraisals in Costa Rica has driven the Chamber of Costa Rican Official Real Estate Agents (CCCBR) to create the first Property Price Index (PPI) in the country.
Though it is still in the data collection phase, the Chamber has promised a first draft for the province of San Jose for the first trimester of next year.
The PPI will show property data such as the registry, tax, municipal, and mortgage loan prices, as well as the true market value.
According to Aleyda Bonilla, president of the CCCBR, the PPI will encourage those who are selling real estate to register the true price of their properties in order to receive fair offers from potential buyers.
Moreover, the Index will provide information in regards to the size of the local real estate market and will allow buyers, banks, municipalities, the National Registry and the Ministry of Hacienda (Treasury department) to have a base for calculating prices by geographic zone and type of land.
The CCCBR says it is working on the regulation, control and education of real estate agents in Costa Rica.