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The real estate industry is number one for foreign investment • costadevelopers.com

The real estate industry is number one for foreign investment • costadevelopers.com

19 November, 2013 5:32 am Comments

Many foreigners who have invested in real estate have done in coastal areas of Costa Rica.

The country works in the attraction of foreign direct investment, much of it has been positioned in the number of multinational companies that have come to the country, however in accordance with the Central Bank, the industry that tops the list corresponds to the real estate.

The real estate business was the most dynamic in the attraction of foreign direct investment (FDI) in the first half of the year, according to Central Bank data.

Statistics show that during the first half of this year the activity received $444 million. 85% of the resources entered during the first three months of the year.

According to this entity, much of the money ($239 million) came especially from Panama.

Andrés Zamora, President of the Costa Rican Chamber of real estate brokers, said that this year there was an increase of real estate, mainly, Venezuelan, Colombian and Spanish capital.

“Investors have not lost its appetite for Costa Rica and rather revisit their interest,” said Zamora to the newspaper La Nacion.

La FDI in regular sector, which does not have incentives, fell 30% in the first half of the year compared to the same period in 2012. In the first six months of 2013, the sector received $421 million.

Luis Mesalles, Vice President of the Costa Rican Union of Chambers and associations of the private business Sector (Uccaep), highlighted as possible reasons for the decline in FDI in the sector regulating the country has become an expensive destination by real colon appreciation, and the lack of incentives to invest outside the free zone.

The Office real estate market is in the process of leaving the recovery phase and in the coming months, entering one of expansion. In this stage the supply and demand would be in growth and availability rates tend to fall.

Current building projects and the intention of the developers to get latest news, reflected in plans and architectural designs, is the main reason to predict this.

“During 2010, the growth of 11% in construction was driven largely by the development of offices, and not for commercial or industrial properties; “on the contrary, the latter fell”, said Ricardo Castro, President of the Costa Rican Chamber of construction and general manager of Constructora EDICA, who estimated that this year the situation is similar.

Posted by Costa Developers

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