Investing in Costa Rica Real Estate Never Looked More Attractive

Since 31st December 2007 the following financial markets have declined significantly:

US (NASD Comp) is down by -44.7%

US (DJIA) -43%
Japan (Nikkei 225) -41.3%
China (SSEA) -55.1%
Hong Kong (Hang Seng) -52.9%
Canada (S&P TSX) -53%
Australia (All Ord.) -61%
Britain (FTSE 100) -55.8%
Euro area (FTSE 100) -59.5%
Euro area (DJ STOXX 50) -58.7%
France (CAC 40) -56.1%
Germany (DAX) -55.3%
Greece (Athex comp) -73.7%
Italy (S&P/MIB) -63.1%
Netherlands (AEX) -60.4%
Norway (OSEAX) -64%
Denmark (OMXCB) -55.2%
Sweden (Aff.Gen) -57.7%
Russia (RTS, $ terms) -77.1%
Turkey (ISE) -70.3%
India (BSE) -64.9%
South Korea (KOSPI) -62.6%
Taiwan (TWI) -50.5%
Brazil (BVSP) -53%
Argentina (MERV) -56%
Mexico (IPC) -52.9%
Venezuela (IBC) -55.6%
Saudi Arabia (Tadawul) -56.8%
South Africa (JSE AS) -54.1%
Costa Rica (Equities) -24%
The World Index (MSCI) -51.2%

Real Estate Prices in Spain

“The economic consequences of this collapse of the Spanish real estate market are disastrous. The entire estate and building industry is stricken. Spanish media are full of stories about estate agents not selling anything for months, or building companies whose work is frozen due to promotor insolvency. 75% of the 60,000 Spanish real estate agencies are expected to fail in 2008.

Real Estate Sales in Canada

Since May 2007 real estate prices across Canada have plunged from 3% in Montreal to 19.1% in Vancouver per annum.

“Property sales in Canada this year are expected to drop back to 2000 levels before rebounding in 2010, according to a new report from the Canadian Real Estate Association.

The Ottawa-based group, which represents 100 boards across the country, issued a new forecast for 2009 and predicted sales would fall to 360,900. That would be a 16.9% decline from 2008. Sales last year fell 17.1% from 2007.”

UK Property Prices:

“British property prices are plummeting in the worst recession for almost 30 years after home values tripled in the decade to 1997.” Mortgage approvals down “43 percent from a year ago” yet the average cost of a detached home in the UK is £315,365 (US$457,542)and £183,001 (US$265,504) for an apartment.

Real Estate Prices in the USA

The U.S. National Home Price index, which covers all nine U.S. census divisions, fell 18% in the fourth quarter from a year earlier, the largest decline in the measure’s 21-year history.

“There are very few, if any, pockets of turnaround that one can see in the data,” said David M. Blitzer, chairman of S&P’s index committee. “Most of the nation appears to remain on a downward path, with all of the 20 metro areas reporting annual declines, and eight of those [areas] now with negative rates exceeding 20%.”

Costa Rica Real Estate Prices

Question: How many of the experienced developers with a proven track record of delivering a quality product that we recommend on this site have lowered their prices?

Answer: Not one. There is no over supply of quality real estate in Costa Rica, quite the contrary, and the fact that a few projects have been put on hold means that Costa Rica does not presently have enough completed quality real estate for sale is keeping prices very stable indeed.

Question: Is Costa Rica seeing the same sort of ‘across-the-board’ declines in real estate prices as is being seen in other markets?

Answer: Absolutely not! There are isolated “fire sales” but the vast majority of experienced developers have not dropped their prices at all…

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If you are serious about buying a home, apartment or land in Santa Ana or Escazu, then please contact us using the simple form below:

Andrew Makarik

to@welovecostarica.com

Andrew Makarik is the main editor of WeLoveCostaRica, a fan of this sunny country. He is also a loving husband and a has a lovely daughter. By being a devoted family man and the biggest Costa Rica fan, he wants to make more people feel at home there. WeLoveCostaRica unites people and helps them find new home or a new travel destination. This website is a friendly community where everyone can find not only information, but also new friends and travel pals. Andrew is also passionate about IT and programming, so he himself maintains a friendly atmosphere in this cozy environment of WeLoveCostaRica.com.