Ticotimes, a very popular english newspaper in Costa Rica recently released a big section covering the real estate market in Costa Rica. Just before that amcostarica.com also a popular news source (but terrible journalism) published a few different articles on the market as well.[...]
If I didn’t work and live here I’d be very confused after reading all the articles. How can the reports be so mixed you might think? Well it’s easy, let me explain. 1. It’s media. If you have not learned by now, the media in the U.S. has quickly become nothing but a source for manipulation and spinning. Whether it is causing fear, or stretching the truth the news does not always present accurately, instead they present what sells.
2. It’s real estate. Area wise, Manhattan is a small city, yet prices can dramatically change within one block. You look at different parts of the U.S. and real estate is not equal, Arizona real estate have prices plummeting, but parts of Texas are still appreciating. All real estate is NOT equal, and Costa Rica is no different. You can’t compare a property in Parrita, Flamingo, and Escazu all the same.
3. Developers. Unfortunately, simply put there are a lot of poorly done developments in Costa Rica. It is not uncommon to see many developers in Costa Rica who haven’t built anything in their lives prior to arriving in this country. Each development is definitely not created equal.
So what’s the truth? Probably a little bit of everything. Has the real estate market picked up? Yes. Is it anything like the peak of the mid 2000s? No. Some developments can’t sell a thing, other’s have seen 4-5 sales in the mast month. Just like everything you read, it needs to be taken with a grain of salt. To accurately know and understand you need to talk and know people you can trust. If you would like to talk to someone who lives and works in Costa Rica Real Estate and someone who will give it to you straight, just give me a call or send me an email.
Providing you with real estate tips, deal alerts and news for the Jaco area.