2015 sees development boom in Costa Rica
4th February 2015
As the Costa Rica real estate and investment markets prepare for the next big boom, 2015 may represent the last chance for investment opportunities in the South American country.
This according to Palms International Costa Rica, a specialised real estate company in Latin and Central America, which has predicted a second real estate and development boom starting in 2015.
Prime development is taking place across the coastal region. Developments include the building of a new Chinese economic zone, near the recently expanded port of Caldera on Costa Rica’s Central Coast, the newly proposed international airport near Orotina, and a USD 450 million World Bank loan to improve infrastructure around the country.
“After being one of the hottest real estate markets on the planet in the mid-2000’s and with the subsequent collapse of real estate values throughout the U.S., Latin America and the Caribbean, Costa Rica now has a wealth of incredible real estate values,” says Amanda Jennings of Palms International Costa Rica.
“We are now seeing an increase in real estate investment and major hospitality groups from the U.S., Latin America and China are researching and purchasing development land in record numbers. The substantially lower land prices that we currently see won’t be around long. Prices will soon begin to move back towards pre-recession levels over the next 12-24 months as supply tightens,” adds Jennings.
In addition to the consistently improving infrastructure and an ever-growing tourism industry, Costa Rica also offers no limitations on capital funds transfers.