How to understand the real estate market in Central America in 10 seconds
You may have noticed that we’re big advocates of putting real estate market information into the hands of consumers. Why? Because good market data helps you make the best decisions about buying or selling real estate. To make this process quick and easy, we’ve developed a PriceRank table that will give you a snapshot of the international real estate market in seconds.
We can’t overlook the fact that no Multiple Listing Service (MLS) exists for Costa Rica, Panama Nicaragua or Belize and official market data is not published. Or that sales prices recorded in the Public Registry can be different from actual sales prices, making it hard to compare one property to the next. But we can try and build the next best thing to a MLS and help improve the flow of market information to buyers and sellers.
Keeping things simple
We’ve started with a simple international real estate PriceRank table where we compare the median asking price for condos and houses in master planned communities, condo projects and resort developments. We’ll be following this up with a second PriceRank table, this time ranking developments with serviced lots for sale.
We could have split out other categories such as long ocean view houses or golf view condos or even distance from the airport and whether roads are paved. But for now, since we’re in the business of ‘simple-making’, we wanted to provide the most straightforward representation of the market.
The 2009 Annual Central America International Real Estate PriceRank
Here’s the short story for 2009 for international real estate developments with condos and houses for sale:
- As the most mature market in the region, Costa Rica tops the ranking with the Four Seasons, Papagayo Peninsula. The project is located in northern Guanacaste close to Costa Rica’s second international airport at Liberia, a region peppered with luxury brands and top end resorts. The least expensive community is Belize Reserve an ‘eco-community’ located in Cayo, the forested hilly district in western Belize.
- Costa Rica holds 6 of the top 10 spots in the PriceRank. Panama has 2 real estate developments in the top 10 and Belize has 1. Nicaragua, the most ‘emerging’ of the markets has none.
- The most expensive real estate development in Belize is the Placencia Residence, located at the northern end of the Placencia Peninsula. In Panama, the Trump Ocean Club, perhaps its most well-known development, leads the field. Portofino Condos overlooking the bay of San Juan del Sur is Nicaragua’s highest entry (but ranked 44th overall) and, yes, the Four Seasons at Papagayo tops the list in Costa Rica.
- Turning to the least expensive; it’s Belize Reserve in Belize, the Condos Montemar (also in San Juan del Sur) for Nicaragua, Rancho Las Lomas in Costa Rica, and for Panama, Montanas de Caldera has the lowest median price.
- Master-planned communities on or near the ocean percolate to the top of the list whereas developments in lake/river/lagoon areas make up the more ‘affordable’ market-share in international real estate.
So dive into the detail and sort the table by clicking on the headers. You can also follow the links for further information on the real estate developments including amenities, location maps and price comparisons with the country medians.
The 2009 PriceRank table
[TABLE=2]
* Average of the median asking price for condos and single family homes for each real estate development. Data collected July to September 2009.
UPDATE 2012: Price Rank Table For 2009 No Longer Available.
That’s it. Any questions, niggles or comments, just write back. Our goal is to be comprehensive – while keeping things simple – and to provide a useful resource.
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Real estate developments » Blog Archive » At last, a PriceRank for real estate in Central America
Oct 16, 2009
[...] has just released a PriceRank for 2009 covering international real estate developments with condos and houses for [...]
Kevin Fleming
Nov 16, 2009
I found this report to be very useful. Excellent work in the details.
How can we add our project in Nicaragua http://www.seasidemariana.com to next years price rank. I am sure your readers will find our project attractive.
Bye for now.
Sincerely,
Kevin I. Fleming | Chairman
http://www.linkedin.com/in/grupomariana
Grupo Mariana Family of Resorts
Managua, Nicaragua
(888) 484-4425 North America
(505) 2-276-5938 Nicaragua Office Tel
http://www.grupomariana.com
http://grupomariana.blogspot.com
revealrealestate
Nov 16, 2009
Kevin, thank you for your kind words. We’d very much like to include your project in our PriceRank. I’ll contact you by email. Thanks, Jane Bakerson
Why is it hard to get reliable market comps (and what to do about it) « International real estate in Central America
Dec 05, 2009
[...] Use this site if you’re interested in purchasing in a master planned community. We deliver the asking price comps. Our pages show the price for different property types compared against the country and regional averages for our sample (see example). We’ve also simplified the data into an 2009 PriceRank for international real estate developments in Central America. [...]
What’s the cheapest real estate you can find in a master planned community in Central America? « International real estate in Central America
Dec 20, 2009
[...] giving the results in overall price and price/sqft for 2009. The table complements the earlier PriceRank we prepared for single family houses and condos. The columns are sortable letting you organize the list in different ways. If you want to know what [...]
Find your perfect master planned community in Central America « International real estate in Central America
Feb 10, 2010
[...] are the communities at the top of our Price Rank. They tend to be beachfront, exclusive, and packed with community amenities – such as a golf [...]
5 ways to make your overseas property listing convert like crazy « International real estate in Central America
Mar 21, 2010
[...] a buyer would. Search listing sites on the Internet for comparable properties, read our post on understanding the real estate market in Central America in 10 seconds, build a spreadsheet of asking prices in your area and use this information to ensure you are [...]
Boquete Real Estate
Jul 16, 2010
It is interesting to see so many Panamanian developments in your list. It would be even more interesting to know how many of these developments have actually been completed. Comparing the Four Seasons or Reserval Conchal with a high-rise condo building in Panama that is 3 years from being completed might not be the best comparison. Nonetheless, we find your website and blog to be very informative.
revealrealestate
Jul 16, 2010
@BoqueteRealEstate – Thanks for the comment. Completely agree that state of completion is important. We’ve pulled this information together on a project by project basis. If you click to the individual pages on the real estate developments, you’ll find details on amenities that have been planned and those that have been completed.
Curtis
Sep 03, 2010
Thanks so much for your hard work in providing this amazing resource. I’ve learned an incredible amount through your site. I’m curious to find some resources such as yours which might also include El Salvador? Thanks again.