You might suspect with the economic situation that the U.S. is experiencing recently, Costa Rica’s land would be negatively affected. According to some well-respected real estate agents, this might not be true. During the last five years or so, the real estate market in Costa Rica has been booming. Most of this is due in part to North Americans showing up with bundles of cash, ready to purchase anything on the real estate market from lots to condos or even beach properties.
Just recently, things seemed to have changed; due in part to decreasing stock markets and elevated interest rates from lending banks. The Costa Rican real estate condition, one might think, could be going in a different direction. This is not true, say some very skilled real estate agents. One negative factor of the big real estate “boom” was the fact that many green agents were selling high priced properties, now things are starting to level off. What will happen with an costly property is, it will sit on the market for a long period of time, the seller will have to reduce the price, and then it will finally sell when the property owner becomes more realistic.
Another concern, potential land buyers, are faced with is the increasing cost of construction materials. The prices for raw materials are definitely on the rise, but this is true in all countries not just in Costa Rica. Even with these growing costs, Costa Rica continues to have a very cheap price-per-square foot to build and is a big draw for baby boomers and other people looking for a good place to retire. Countless experts claim that the Costa Rican real estate market will start to head in an upward direction eventually, when the price of construction materials lessens or stops rising. Potential real estate buyers, property owners, and real estate agents shouldn’t lose sleep. Things have just made a 360 degree turn and are back the way they used to be, before the big real estate “boom”.
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