Today’s Real Estate Report – Costa Rica

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Today, in our ongoing series about local real estate markets, we’ll take a look at home sales and trends in the Costa Rica real estate market.

First off, The New York Times looks at house hunting in Costa Rica:

Demand for luxury homes in the San Jose area is getting stronger, said John Wieland, the president of Coldwell Banker Costa Rica, adding that a number of multinational corporations had recently opened offices in Costa Rica.

Federico Vega, a commercial manager at Secure Title of Latin America, a title insurance company in San Jose, said prices were lower in coastal resort areas, which relied heavily on foreign buyers. “These areas are still recoving from the financial crisis that began in 2008,” he said.

vNew homes in Santa Ana cost $149 to $204 per square foot ($1,600 to $2,200 per square meter). Resales are less expensive, at $111 to $149 per square foot. The house profiled here is priced at $201 per square foot because of the quality of its building materials, according to Jeff Cane of the San Jose-based Karen Real Estate, the listing agent.

The Costa Rican Times warns about a local real estate scam:

A scheme set in motion by David and Antoinette Bolden has ripped off investors, stealing over $1 million. The scheme was related to Costa Rican property. After costs, the remaining value of the estate will be available for full distribution to the EFG International Realty investors. Unfortunately, there is not much left so investors can only expect 3 or 4 cents to the dollar! The next step is to make a formal call for claims by investors and then after the expiry date a distribution will be made. The scheme affected 35 investors in total.

And the World Property Chanel profiles foreign buyers in Costa Rica:

Once a market dominated by Americans looking for homes priced more than $1 million, the bulk of buyers active in the market today are targeting homes priced between $250,000 and $500,000, property experts say. At the $250,000 level, “demand is strong,” said Hector Delgado of Orixon Realty, a San Jose- based company working with investors in Costa Rica. And the bulk of the interest is coming from Europeans. “Americans bought properties for $1 million [at the height of the market] and now they are selling to Europeans for half a million,” he told World Property Channel during a recent property show in Palm Beach, Florida.

Click here for gay realtors, mortgage lenders, and other real estate professionals in Costa Rica.