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We’ve seen a 40% decrease in real estate prices in the US in recent years and a corresponding drop in the European market. As far as I can tell, these price drops and the economic turmoil around them don’t seem to have affected Real Estate prices in Costa Rica. Am I correct and why is that?
The Central Valley market (surrounding San José) and the coastal markets are two very different markets attracting very different buyers…
The Central Valley market has been buoyed by a SIGNIFICANT number of multinational companies (from the U.S. and other countries) establishing their offshore operations here… Prices here have NOT come down at all…
For example, [url=http://www.nacion.com/2012-05-11/Economia/empresa–ibm–contratara-a-1-000-profesionales-en-el-pais-.aspx]IBM announced late last week[/url] they would be hiring another 1,000 people …
The Pacific and Caribbean coastal real estate markets have indeed seen some significant price drops because it is more of a vacation & retirement market and due to the financial ‘crisis’, demand has plummeted.
Having said that, I would suggest that the worst is definitely over and real estate inquiries and closings since December 2011 have increased dramatically…
Scott Oliver is the author of: 1. How To Buy Costa Rica Real Estate Without Losing Your
Camisa, 2. Costa Rica Real Estate Scams & How To Avoid Them, 3. Costa Rica’s Guide
To Making Money Offshore in Bull & Bear Markets and 4. ¿Cómo Comprar Bienes Raices
en Costa Rica, Sin Perder Su Camisa?In the Lake Arenal area prices have dropped as well, mostly on property owned by foreigners. Ticos are pretty firm on their high prices due to high cost of living. They prefer to use the land for their crops instead of giving it away.
Many potential buyers are expecting prices to be like 15 years ago, well this is a dream. Right now a good deal would be lake view property in the 1+ acre range for under $ 10 per meter.
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