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Growth of Investment in Real Estate
The future of Real Estate in Costa Rica after the economic crisis; a summary of how the market is again growing in various sectors and areas of the country.
After receiving the impact left by the financial crisis, almost 4 years after Costa Rica is beginning to recover showing signs of improvement with the activation of new construction and major new projects to start soon.
The largest movement is primarily giving the Greater Metropolitan Area (GAM), where you can find variety of new vertical and horizontal condominiums and residential projects in areas such as Santa Ana, Escazú, San José downtown apartment towers mainly Curridabat, Tres Ríos, Cartago, Heredia, Alajuela, and some others in coastal areas like Jaco, Quepos and Liberia.
In addition to new residential projects commercial projects, office buildings, convention centers, restaurants and entertainment among others join. In Curridabat for example Momentum is finalizing the shopping center in front of Walmart, which has a variety of shopping options. Near this also builds a Oficentro rental in La Union Three Rivers.
In Moravia the new Lincoln Square shopping center, in which an investment of $ 54 million is estimated to be built. Same treatment is given in Escazu where you plan to build the new Avenida Escazu apartment tower near the mall of the same name. The same is true in areas such as La Sabana Metropolitan Tower projects and with projects such as Santa Ana Santa Ana Portal.
In another area where he is also giving enough movement in terms of real estate development is the western sector of the province of Heredia in Heredia road connecting the Juan Santamaria International Airport in Alajuela.
It is estimated that over the next two years, at least 11 new apartment towers, which offer greater security to customers to be guarded 24 hours a day for private security officers are constructed. The target market of these projects are middle and upper class, mostly professional couples or adults pensioners and the great national majority.
Meanwhile coastal walk at a slower pace than in the GAM, while tourism has increased compared to last year, the development of areas like Guanacaste and Jaco is not the same for several years. Foreign investment is increasing and some investors are already planning new projects to be developed in these coastal areas.
In Guanacaste and Puntarenas speaking mainly of 3 large Megaprojects: Dreams Tides Resort & Spa, Hotel Paradisus Papagayo Bay and Pure.
Dreams Tides Resort & Spa is an ambitious project located in La Cruz Guanacaste, is being developed by a combination of domestic and foreign investors. The project consists of a 5-star hotel with 400 rooms, conference room, spa, 6 different restaurants, playgrounds, swimming pools, etc. It is located on a property of 1500 hectares and talk of an investment close to $ 125 million.
In Papagayo Guanacaste is estimated that by mid-2013 opens the new 5 star hotel Paradisus Papagayo Bay. This project is being developed by a Spanish hotel chain and tells of a hotel of 381 rooms, 5 restaurants, 5 bars, spa, etc. on a property of about 21 hectares and with an approximate investment of $ 170 million.
The Hotel Pure was located in the area of Sardinal of Puntarenas, first hotel chain in Central America, it will be a 5-star hotel in an area of about 145 hectares which will feature a clubhouse, several restaurants and bars, golf course , swimming pools, etc. There are also plans to combine this resort hotel condominiums and villas.
All these projects both GAM and in coastal areas filled with optimism to all air related to both tourism and the construction industry and real estate. With the arrival of more tourists and taking into account the domestic market with more viable options for the Ticos, Costa Rica is getting a raise, maybe you do not reach the same height that existed in 2006-2007 but growth is watching and it seems that the worst of the crisis is ending.
The Effect of the Economic Crisis in Costa Rica
This is a short summary of how the crisis happened in Costa Rica, which were the actions taken by the government and private entities and what would be the future of real estate in Costa Rica and the importance of taking measures to enhance growth and development in the sector real estate in Costa Rica.
After the great real estate "boom" that existed until the years 2007-2008, with large and ambitious housing, hotels and mega-developments both in the capital and in coastal areas, projects the whole world was "surprised" by a new crisis world, who came to put our feet on the earth millions of people and bring us back to a real very different from what we were experiencing at that time life.
Since mid-2008 the crisis was a reality in the United States, which did not escape us here in Costa Rica. One of the sectors most affected was the construction so that these housing and hotel projects, much of foreign capital, orphaned and abandoned, especially in coastal areas and major projects, examples of this are the areas of Jaco and Guanacaste, where many foreign investors had to suspend their activities and projects literally were "stranded".
The speed with which they identified projects completely fell years ago, and only a few isolated projects continued its course but at a slower pace. This recession affected many others and scared, many domestic and foreign banks closed their doors to new loans and froze existing ones.
In 2009 the picture was not very different, massive layoffs and lack of options made construction business a reason that few wanted to risk taking. The over-supply of offices, shops and other building infrastructure coupled with downsizing was one of the major consequences of the crisis.
Today, in mid-2011, the picture is a little more encouraging. It shows more movement, some projects and areas advancing, others less so, but the feeling is that the market moves slowly, but it moves, giving a glimmer of hope for those who lost their jobs or had already invested some capital in the country. Reactivation an air breathing, with very different rules, new guidelines set by municipalities more attached to control urban planning or regulatory plan, as banks tightened their requirements and projects based primarily on middle-class or first home.
In Guanacaste, specifically, the market is not fully recovered. According to the Costa Rican Chamber of Construction, Guanacaste is the province that showed greater decrease, the process just a third of the square footage processed in 2007 and the large number of projects built second home. Now the market is primarily focused on local customers by offering discounts in some cases up to 40%.
The important thing is that the market is reactivated, slowly, but now taking into account more variables and the lesson learned from all that has happened. The greater metropolitan area has been the busiest in terms of buildings is concerned, living examples are the large new commercial projects are underway in East San Jose, Escazu and Tres Rios specifically and western Heredia.
Recommendations for Purchasing Your New Home
This is a short summary of how the crisis happened in Costa Rica, which were the actions taken by the government and private entitdades and what would be the future of real estate in Costa Rica and the importance of taking measures to enhance growth and development in the sector Racies goods of Costa Rica.
After the great real estate "boom" that existed until the years 2007-2008, with large and ambitious housing, hotels and mega-developments both in the capital and in coastal areas, projects the whole world was "surprised" by a new crisis world, who came to put our feet on the earth millions of people and bring us back to a real very different from what we were experiencing at that time life.
Since mid-2008 the crisis was a reality in the United States, which did not escape us here in Costa Rica. One of the sectors most affected was the construction so that these housing and hotel projects, much of foreign capital, orphaned and abandoned, especially in coastal areas and major projects, examples of this are the areas of Jaco and Guanacaste, where many foreign investors had to suspend their activities and projects literally were "stranded".
The speed with which they identified projects completely fell years ago, and only a few isolated projects continued its course but at a slower pace. This recession affected many others and scared, many domestic and foreign banks closed their doors to new loans and froze existing ones.
In 2009 the picture was not very different, massive layoffs and lack of options made construction business a reason that few wanted to risk taking. The over-supply of offices, shops and other building infrastructure coupled with downsizing was one of the major consequences of the crisis.
Today, in mid-2011, the picture is a little more encouraging. It shows more movement, some projects and areas advancing, others less so, but the feeling is that the market moves slowly, but it moves, giving a glimmer of hope for those who lost their jobs or had already invested some capital in the country. Reactivation an air breathing, with very different rules, new guidelines set by municipalities more attached to control urban planning or regulatory plan, as banks tightened their requirements and projects based primarily on middle-class or first home.
In Guanacaste, specifically, the market is not fully recovered. According to the Costa Rican Chamber of Construction, Guanacaste is the province that showed greater decrease, the process just a third of the square footage processed in 2007 and the large number of projects built second home. Now the market is primarily focused on local customers by offering discounts in some cases up to 40%.
The important thing is that the market is reactivated, slowly, but now taking into account more variables and the lesson learned from all that has happened. The greater metropolitan area has been the busiest in terms of buildings is concerned, living examples are the large new commercial projects are underway in East San Jose, Escazu and Tres Rios specifically and western Heredia.
Credits and Financing for Development and Housing in Costa Rica
Financing Options in Costa Rica for the Real Estate sector of Public and Private Banks in Costa Rica.
In 2011 the vast majority of banks in Costa Rica national and private, have opened their doors to customers requiring credit with different options as appropriate. Loans to first home construction, purchase or renovation are the main target of the banks, about 90% of the financial sector to finance the construction is placed in the housing sector, an item that has not stopped growing. With that banks seek to encourage primarily middle-class Costa Ricans to purchase your new home and give off the 2007 crisis.
Governed by a stricter policy on requirements to comply with the 8204 law mandated by the General Superintendence of Financial Entities (SUGEF), "Law on narcotic drugs, psychotropic substances, unauthorized drugs, money laundering and related activities" . All banks are required to verify that their customers show that your income is from legal sources.
Complied with this requirement and demonstrating ability to pay and / or mortgage, customers are the most important to opt for a loan and fulfill their dreams of having a new house, apartment or building lot requirements.
Requirements Practically all banks are the same or very similar, then a summary of the most important steps is presented to apply for credit in Costa Rica:
Request a credit study SUGEF in your chosen bank.
Define the amount to apply taking into account the income earned by the applicant or applicants.
Check your salary or whether to give a property as collateral, to cover the amount requested.
Present the list of requirements that the bank may request.
Qualify and approve studies credit the bank you apply, the bank would send a certified expert to value the property. According to the amount calculated by the expert he would be approving about 80%.
An external bank would notary to formalize legal credit.
The disbursement will be made according to the type and end-financing.
With this outlook improvement over previous years Costa Ricans have better conditions and the possibility of investing in your own home. Also you can take advantage of additional offers such as those offered in construction and Expo-Expo-house, where different banks is present with better conditions and lower interest rates, more extensive credit terms and do not charge fees for formalization, among other .
Here are some banks that offer good and mutual credit options:
National Bank of Costa Rica:
http://www.bncr.fi.cr/BN/info.asp?c=bcahip
Banco de Costa Rica: http://www.bancobcr.com/personas/Creditos/
People's Bank: Scotiabank https://www.popularenlinea.fi.cr/Bpop/Menu/Personas/Creditos/Credito_Vivienda_Total.htm: http: BAC San Jose //www.scotiabankcr.com/bpersonal_prestamos_hipotecas.shtml: http: www // .bac.net / bacsanjose / esp / bank / people / percrehipotecarioChat.html
Bank LAFISE: https://www.lafise.fi.cr/programahipotecario.aspx
Mutual Alajuela: http://www.mutualalajuela.fi.cr/servicios/credito/credito-to-housing
MUCAP: http://www.mucap.fi.cr/credito_vivienda/
Banco Credito Agricola de Cartago
Banking Promerica
Bank Improsa
HSBC
CitiBank
Cathay Bank
INVU.