“Real Estate For Sale in San Jose is Limited.”

On Monday 27th April 2009 Karen Retana confirms in La Republica newspaper (Registration is required) what we have been saying all along, that “Real Estate For Sale in San Jose is Limited.”

In summarizing the article, it speaks of how the number of new apartments and condos that are on the market in the Metropolitan Area is limited. It is estimated that only 15% of the 1,625 homes built – or about to be delivered – in the last year are still available.

The drop in the supply of real estate has been made more acute by the credit problems faced by the real estate sector. At present there are 14 new apartment and condo projects in this zone with at least seven on hold in the hope of better financing conditions. Little by little the high interest rates and the restrictions in applying for credit has affected real estate sales.

“We have sold 60% of Le Parc. However we have not started other projects (400 units) we had on the way dues to the credit situation in Costa Rica.” said Jaime Molina, President of Proyectos ICC.

“Some have spoken about a bubble but in the case of San Jose, the demand is healthy, what’s left for sale is very little,” said José Luis Salinas, President of Grupo Inmobiliario del Parque.

Proof of this can be seen in the case of Torres del Parque which is 91% sold and will be delivered in about 45 days. Sabana Real and Terrazas Infinitas are 71% and 70% sold out and should be delivered by July.

The price per square meter ranges from $1,200 to US$2,000 although some cash buyers have been able to negotiate discounts of up to 15%.

The real estate sector is looking at the activity in the Metropolitan Area with optimism especially around Parque la Sabana.

Written by Scott Oliver, author of How To Buy Costa Rica Real Estate Without Losing Your Camisa and Costa Rica’s Guide To Making Money Offshore.

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.