Costa Rica housing starts fall 15 percent
January 19th, 2016 (ICR News) Costa Rica’s Central Bank reports that housing starts fell 15 percent in the last quarter of 2015 compared to the same period a year earlier, led by a decline in housing targeting the middle-class.
For its part, the non-residential sector rose by 18 percent during the same period.
Meanwhile, social housing projects – those subsidized or paid for by the government to provide housing to the poor – saw a record increase during the same period.
Experts suggest that high interest rates – even during a time of negative inflation –along with stagnant personal incomes and an over-saturated market of existing homes are responsible for the decline.