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INSIDECOSTARICA.COM
| COSTA RICA
NEWS |
Wednesday
15 June 2011 |
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Costa
Rica's
Real
Estate
Market
Slowly
Recovering
Costa
Rica
was
one
of
the
countries
whose
real
estate
market
plunged
when
the
recession
hit.
But
now
Costa
Rica’s
housing
market
is
reviving,
though
it
is
nowhere
near
what
it
was
during
the
2006
to
2007
boom.
“There
has
been
a
timid
awakening
in
selling
homes
and
condos
on
Pacific
beaches,
while
the
GAM
[greater
San
José
metropolitan
area]
residential
sector
has
been
growing
at a
steady
pace,
with
an
excellent
range
of
properties,”
according
to
Aleyda
Bonilla,
president
of
the
Costa
Rican
Chamber
of
Real
Estate
Brokers.
Adds
Playa
Hermosa
First
Realty’s
Les
Nunez:
“Middle-
and
lower-priced
homes…
are
really
starting
to
move
now,
as
opposed
to
the
top
end.
So,
anything
between
us$300,000
and
under,
you’re
getting
good
inquires
and
even
purchases
now.”
Real
estate
transactions
in
Costa
Rica
are
typically
quoted
in
US
dollars.
The
Costa
Rican
colon
decreased
in
value
during
2010,
from
us$1
=
557
colones
to
us$1
=
493
colones,
so
real
estate
has
become
cheaper
from
the
Costa
Rican
point
of
view.
San
Jose,
parts
of
Central
Valley
,
the
Central
Pacific
region
and
Guanacaste
are
picking
up.
Atenas
in
western
Central
Valley
is
becoming
popular.
“Gringo-style”
homes
are
selling
in
Atenas,
especially
modestly
priced
ones
which
do
not
exceed
us$200,000.
The
improvement
in
housing
demand
has
boosted
construction
and
the
mortgage
market.
Private
construction
rose
0.7%
y-o-y
to
February
2011
–
the
first
private
construction
index
rise
in
25
months.
Housing
loan
volumes
also
increased
6.38%
y-o-y
to
February
2011.
Costa
Rica
has
some
of
the
best
housing
stock
in
Latin
America.
Less
than
10%
is
considered
to
be
in
bad
condition.
74%
the
total
housing
stock
is
owner-occupied,
and
17%
is
rented.
Positive
outlook
for
Guanacaste
For
years
Guanacaste
was
a
wild
woolly
territory,
hard
to
get
to,
the
domain
of
backpackers
and
surfers
who
appreciated
its
climate
and
stunning
beaches.
Then
Guanacaste
took
off.
The
real
estate
boom
in
Guanacaste
began
after
the
opening
of
the
Daniel
Oduber
international
airport
(in
Liberia)
in
2002
and
the
opening
of
the
Four
Seasons
resort,
part
of
the
2,300-acre
(9.3
sq.
km.)
us$400
million
Península
Papagayo,
indisputably
the
most
luxurious
development
on
the
coast.
The
resort
was
tagged
by
Travel
&
Leisure
as
among
the
500
Best
Hotels,
the
top
resort
in
Latin
America.
Beachfront
and
ocean
view
condominiums
in
Four
Seasons
resort
are
priced
from
us$1.4
million
to
us$2.5
million.
Houses
sell
from
us$3
million
to
us$7.5
million.
Another
catalyst
was
the
start
of
direct
flights
into
Liberia
from
the
United
States
and
Europe..
Some
of
the
most
luxurious
and
high-priced
properties
are
available
here,
though
there
is a
wide
range
of
condominiums
in
Guanacaste
on a
price
range
from
us$100,000
to
us$750,000,
depending
on
location.
Aside
from
the
Four
Seasons
resort,
there
are
three
more
hotels,
including
a
Barcelo
hotel.
More
than
1,000
luxury
homes
are
expected
to
rise
in
Peninsula
Papagayo.
A
private
18-hole
Jack
Nicklaus
designed
golf
course
is
also
scheduled
to
open
in
2014,
one
of
the
three
golf
course
attractions
planned
in
Peninsula
Papagayo
along
with
the
currently
existing
18-hole
Arnold
Palmer
signature
golf
course.
Also
under
development
is
the
us$15
million
La
Marina
Papagayo.
La
Marina
Papagayo’s
Phase
I
was
opened
on
January
13,
2009,
and
includes
180
boat
slips
accommodating
private
boats
ranging
from
sport
fishing
boats
to
mega
yachts.
The
marina
is
expected
to
have
370
slips
upon
its
completion.
Tamarindo,
the
biggest
coastal
town
in
Guanacaste,
is a
hit
among
tourists,
especially
surfers.
It
has
the
most
developed
tourist
infrastructure
in
Guanacaste.
Due
to
its
popularity,
Tamarindo
property
prices
have
risen,
and
average
homes
and
condominiums
sell
at
prices
ranging
from
us$200,000
to
us$700,000
Located
at
the
southern
part
of
Tamarindo
is
the
Hacienda
Pinilla,
where
hundreds
of
condominiums
and
villas
are
being
built
around
4,500
acres
of
nature
preserve
by
the
Atlanta-based
owner,
Hoover
Gordon
Pattillo,
who
bought
the
land
as a
family
vacation
homestead
30
years
ago.
Over
two
weeks
in
2008,
Hacienda
Pinilla
sold
43
Spanish
colonial
condominiums
for
us$580,000
and
up –
without
any
advertising.
Nowadays,
ocean
view
condominiums
sell
in
Hacienda
Pinilla
at
around
us$725,000
to
us$1.1
million,
and
houses
range
from
us$840,000
to
us$2
million.
The
us$35
million
expansion
of
the
Daniel
Oduber
Quiros
airport
is
expected
to
finish
later
this
year,
allowing
it
to
accommodate
around
1,500
passengers,
reaffirming
Guanacaste
as
Costa
Rica’s
second
most
important
airport.
The
area’s
promoters
have
taken
to
calling
it
the
new
Gold
Coast.
Guanacaste
is
low
in
humidity
and
has
just
two
seasons-
the
Green
Season,
May
to
November
when
there
are
morning
or
afternoon
showers
that
clear
to
provide
spectacular
sunsets,
and
the
High
Season,
with
beautiful
sunny
days
from
November
to
May. |
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