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.
