reveal real estate

43 international real estate developments stand out in new green ranking

October 24th, 2009

international-real-estate-green-list-2009Welcome to our inaugural real estate GreenList where we highlight the master planned communities and international real estate developments in Costa Rica, Panama, Nicaragua and Belize that are making a public commitment to environmental responsibility.

We’re releasing the list just as an earthship makes landfall in Nicaragua at Casa Llanta. It’s the first building of its kind in Central America - totally off grid and made out of recycled materials. Today is also International Day of Climate Action so it seems like a good time to showcase the greenest real estate developments in Central America.

There is no global standard yet for green building, but there are initiatives in the pipeline and plenty of guidance, webinars, TV shows and research reports on what constitutes a green approach to construction and development.

To build the 2009 GreenList we reviewed public disclosures made by real estate owners and developers against the following 5 criteria: Biodiversity, Energy Management, Green Building, Water & Waste Management and Social Responsibility & Giving Back.

Developments with a general environmental slogan (e.g. “eco-friendly”, “earth-friendly”, “eco-luxury”) that did not provide additional evidence of social and environmental action steps taken or planned were not included.

Like many green rankings, the list is imperfect. It captures commitment (and at worst, just good public relations) and not effectiveness. Also the list probably under-reports what is going on in the region as some developers may keep information private.

We’ll be improving the list over time.  But for now these real estate developers are laying down an environmental commitment, and we’re keen to recognize this.

Keeping track of the green pioneers

As more buyers actively seek to invest in a way that helps produce a healthy and livable world for all, how real estate developments perform on environmental and social issues will have a direct impact on their competitiveness and profitability.  They’ll be perfectly poised for future growth driven by buyers looking to live green and invest well.

Buyers, if you’re interested in buying green and eco-friendly homes, then have a look at these places.  But make sure you dig deeper that we have here.  This list is just to get your started.  Ask for a copy of the policies and then check for real evidence on the ground before you make your purchasing decision.

The 2009 GreenList

Click on the table headers to sort them. You’ll find more information in the right hand sidebar of each development page by following the links in the table.

B=Biodiversity,  E=Energy Management, G=Green Building, W=Water & Waste Management and S=Social Responsibility & Giving Back.

Name of development Country Location B E G W S
Casa Llanta, Nicaragua Nicaragua South of San Juan del Sur Yes Yes Yes Yes Yes
Finca del Mar Nicaragua Central Pacific Nicaragua _ Yes _ Yes Yes
Tierra Pacifica Costa Rica Playa Junquillal _ _ _ Yes Yes
Better in Belize Belize Belmopan Yes Yes Yes _ Yes
Finca las Brisas, Costa Rica Costa Rica Nicoya Yes _ Yes _ Yes
Las Fincas de Escamequita and Las Haciendas Nicaragua South of San Juan del Sur Yes Yes _ _ Yes
El Encanto del Sur Nicaragua San Juan del Sur _ Yes _ _ Yes
Montecristo Beach and Golf Resort Nicaragua Central Pacific Nicaragua Yes _ _ _ Yes
Portasol Costa Rica Dominical _ _ _ _ Yes
Piedras y Olas a Pelican Eyes Resort Nicaragua San Juan del Sur _ _ _ _ Yes
Parque Maritimo el Coco Nicaragua South of San Juan del Sur _ _ _ _ Yes
Orchid Bay Belize Corozal - _ _ _ Yes
Gran Pacifica Nicaragua Central Pacific Nicaragua - _ _ _ Yes
Finca Java Nicaragua Matagalpa and Jinotega - _ _ _ Yes
Alegria Costa Rica Costa Rica Flamingo - _ _ _ Yes
Los Faros de Panama Panama Panama City - Yes Yes Yes _
Sea Breeze Mountain Costa Rica Tamarindo - Yes _ Yes _
Paradise Dreams Panama Bocas del Toro - Yes _ Yes _
Palmetto Bay Maya Beach Belize Belize Placencia - Yes _ Yes _
Los Suenos Marriott Ocean and Golf Resort Costa Rica Herradura Yes _ _ Yes _
San Buena Golf Costa Rica Southern Pacific Yes _ _ Yes _
Reserva Conchal Costa Rica Flamingo Yes _ _ Yes _
Secret Cove Nicaragua South of San Juan del Sur - _ _ Yes _
Rancho Villa Real, Costa Rica Costa Rica Tamarindo - _ _ Yes _
Balcones de Majagual Nicaragua Marsella / Maderas - Yes Yes _ _
Belize Reserve Belize Cayo - Yes Yes _ _
Pacific Palms Jaco Costa Rica Jaco - _ Yes _ _
Apanas Lake Estates Nicaragua Matagalpa and Jinotega - _ Yes _ _
Valle Escondido Panama Boquete - Yes _ _ _
Lake View Estates Panama Cumbres Lake - Yes _ _ _
Waterside Belize Flowers Bank Yes _ _ _ _
Villas Cabo Vela Costa Rica Playa Grande Yes _ _ _ _
Selva del Mar Nicaragua Tola Yes _ _ _ _
Pura Jungla, Costa Rica Costa Rica Paraiso Yes _ _ _ _
Paraiso de Amelia Nicaragua San Juan del Sur Yes _ _ _ _
Montanas de Caldera Panama Boquete Yes _ _ _ _
Lomas del Mar, Costa Rica Costa Rica Playas del Coco Yes _ _ _ _
Ladera del Mar Costa Rica Playas de Coco Yes _ _ _ _
Hacienda Matapalo Costa Rica Costa Rica Matapalo Yes _ _ _ _
Casa Grande Bambito Panama Chiriqui Highlands Yes _ _ _ _
Camino Del Rio Belize Belmopan Yes _ _ _ _
Brisas del Los Lagos Panama Chorrera Yes _ _ _ _
Azueros Panama Azueros Peninsula Yes _ _ _ _

More details on the 5 criteria:

  • Biodiversity (for example re-forestation project; large dedicated green areas that will not be developed, accreditation as a private reserve)
  • Energy management (use of renewable energy sources such as solar, wind, thermal energy)
  • Green building (eco-friendly architectural design such as solar chimneys, natural ventilation, thermal exchange, roof overhands, water catchment systems and green building materials such as FSC certified wood products, recycled materials, straw bale)
  • Water and waste management (for example water catchment systems, grey water recycling)
  • Social responsibility and giving back (support for local charities and community groups; use of local suppliers of goods and services and local employment schemes)

Owners and developers, if our analysis has missed social and environmental action steps that you have taken, we’d love to hear from you, so please contact us with the details or reply in the comments.

From Reveal Real Estate - charting overseas property trends in Central America.

How to understand the real estate market in Central America in 10 seconds

October 16th, 2009

central-america-international-real-estate-price-rank-2009You 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 amenties, location maps and price comparisons with the country medians.

The 2009 PriceRank table

Rank Name of real estate development Country Location Location Type Median price/sqft*
1 The Four Seasons Papagayo Peninsula Costa Rica Papagayo Ocean $652
2 Las Olas Costa Rica Costa Rica Dominical Ocean $592
3 Placencia Residences Belize Placencia Ocean $547
4 Tamarindo Preserve Costa Rica Tamarindo Ocean $535
5 The Palms at Playa Flamingo Costa Rica Flamingo Ocean $502
6 Jade Condo Resort Residences & Beach Club Costa Rica Quepos/Manuel Antonio Ocean $488
7 Trump Ocean Club International Hotel and Tower Panama Panama City Urban $483
8 Los Faros de Panama Panama Panama City Urban $463
9 Los Suenos Marriott Ocean and Golf Resort Costa Rica Herradura Ocean $450
10 Reserva Conchal Costa Rica Flamingo Ocean $430
11 Brisas de Amador Panama Panama Panama City Urban $418
12 Wyndham Jaco Beach Resort and Condominiums Costa Rica Jaco Ocean $411
13 Caye Casa Belize Ambergris Caye Ocean $405
14 Yoopanama by Stark Panama Panama City Urban $389
15 Sonesta Jaco Costa Rica Jaco Ocean $384
16 Breakwater Point Costa Rica Jaco Ocean $372
17 Hopkins Bay Resort Belize Hopkins Ocean $370
18 Denovo Panama Panama City Urban $368
19 White Tower Panama City Panama Panama City Urban $365
20 La Paloma Blanca Costa Rica Jaco Ocean $364
21 Waters on the Bay Panama Panama City Urban $360
22 Arts Tower Panama Panama City Urban $357
23 Azueros Panama Azueros Peninsula Ocean $345
24 Pelican Reef Villas Belize Ambergris Caye Ocean $345
25 Yacht Club Tower Panama Panama Panama City Urban $344
26 Isla Viveros Panama Panama Isla Viveros (Pearl Island) Ocean $341
27 Element Tower Panama Panama City Urban $339
28 El Coquito Condo Resort Hotel Costa Rica Matapalo Ocean $338
29 180 Blue Beach Residences Costa Rica Playa Hermosa Ocean $331
30 Playa Bonita Residences Panama Fort Kobbe Ocean $330
31 Ladera del Mar Costa Rica Playas de Coco Ocean $324
32 The Palms Costa Rica Jaco Ocean $318
33 Los Altos Beach Club & Spa Costa Rica Quepos/Manuel Antonio Ocean $317
34 Azul Paraiso Residences Costa Rica Playas del Coco Ocean $311
35 Marisol Costa Rica Dominical Ocean $305
36 Canto del Mar Costa Rica Dominical Ocean $303
37 Coco Bay Estates Costa Rica Playas del Coco Ocean $300
38 Brahma Blue Belize Ambergris Caye Ocean $299
39 Villa del Mar Panama Panama City Urban $295
40 Grand Caribe Suites and Residences Belize Ambergris Caye Ocean $289
41 Isla Moin Costa Rica Limon Ocean $289
42 Las Terrazas Belize Ambergris Caye Ocean $286
43 Whispering Waves Belize Belize Ambergris Caye Ocean $286
44 Portofino Nicaragua Nicaragua San Juan del Sur Ocean $285
45 Bahia Encantada Costa Rica Jaco Ocean $280
46 Cabo Caletas Costa Rica Costa Rica Esterillos Ocean $279
47 Nikki Beach Playa Blanca Panama Farallon Ocean $279
48 Athens Gate Belize Ambergris Caye Ocean $277
49 The Villas at Cocoplum Belize Placencia Ocean $277
50 Sunset Point Bocas Panama Bocas del Toro Ocean $274
51 El Club Suites Nicaragua Granada Urban $272
52 Grand Tower Panama Panama Panama City Urban $272
53 Oasis Punta Pacifica Panama Panama City Urban $272
54 Placencia Yacht Club Belize Placencia Ocean $271
55 Bermuda Beach Belize Belize Ambergris Caye Ocean $270
56 Solaria Villas Belize Ambergris Caye Ocean $270
57 Buenaventura Panama Farallon Ocean $264
58 Jaco Bay Ramada Condominums and Resorts Costa Rica Jaco Ocean $263
59 Vista Mar Residences Costa Rica Jaco Ocean $260
60 Diamante del Sol Costa Rica Jaco Ocean $256
61 Leora Pacifico Costa Rica Costa Rica Tamarindo Ocean $255
62 Peninsula Playa Langosta Costa Rica Tamarindo Ocean $255
63 Vista del Mar Panama Panama City Urban $255
64 Tres Regalos Costa Rica Jaco Ocean $253
65 Bella Maya Resort and Residences Belize Placencia Ocean $251
66 Oceanaire Panama Panama City Urban $251
67 Palmetto Bay Maya Beach Belize Belize Placencia Ocean $250
68 Grand Villa Suites at Roberts Grove Belize Placencia Ocean $249
69 La Perla Condominiums Costa Rica Tamarindo Ocean $249
70 San Buena Golf Costa Rica Southern Pacific Ocean $247
71 Dupont Tower Panama Panama City Urban $246
72 Las Palmas Condominiums Nicaragua San Juan del Sur Ocean $245
73 Sittee Point Belize Hopkins Ocean $244
74 Asia Tower Panama Panama City Urban $241
75 Sarkiki Reef Resort Belize Hopkins Ocean $240
76 Brightwaters Beach Resort Belize Ambergris Caye Ocean $237
77 Pearl at the Sea Panama Panama City Urban $236
78 Alegria Costa Rica Costa Rica Flamingo Ocean $235
79 Milagro del Mar Nicaragua Central Pacific Nicaragua Ocean $234
80 Go Go Beach Tower Panama Gorgona Ocean $232
81 Cerro Fresco Costa Rica Jaco Ocean $230
82 Sapphire Beach Resort Belize Ambergris Caye Ocean $230
83 Seahorse Tropics Nicaragua San Juan del Sur Ocean $223
84 Rio Mar Panama Rio Mar Ocean $222
85 The Phoenix Belize Ambergris Caye Ocean $222
86 Hacienda Matapalo Costa Rica Costa Rica Matapalo Ocean $221
87 Sky Residences Panama Bay Panama Panama City Urban $220
88 Hacienda Pinilla Costa Rica Tamarindo Ocean $216
89 Terrazas at Playa Blanca Beach Resort Panama San Carlos Ocean $215
90 Villas Venado Condos at Guacmaya lodge Costa Rica Playa Venado Ocean $215
91 Piedras y Olas a Pelican Eyes Resort Nicaragua San Juan del Sur Ocean $212
92 Red Frog Beach Panama Bocas del Toro Ocean $212
93 Costa Paraiso Nicaragua South of San Juan del Sur Ocean $211
94 Pacific Village & Marina Panama Panama City Urban $211
95 Hermosa del Mar Costa Rica Playa Hermosa Ocean $209
96 Laguna Reef Resort Panama Bocas del Toro Ocean $209
97 Lora Hills Costa Rica Costa Rica Playa Ostional Ocean $209
98 Q Tower Panama City Panama Panama City Urban $208
99 The Villas at Contadora Panama Isla Contadora Ocean $205
100 Coronado Bay Tower Panama Coronado Ocean $204
101 Los Porticos Belize Placencia Ocean $204
102 Talanguera Condominiums Nicaragua San Juan del Sur Ocean $204
103 Franklin Pointe Vista Del Mar Belize Belize City Ocean $200
104 Ocean Breeze at Hermosa Costa Rica Playa Hermosa Ocean $200
105 Moon Tower Panama City Panama Panama City Urban $198
106 Gran Pacifica Nicaragua Central Pacific Nicaragua Ocean $197
107 Los Delfines Golf & Country Club Costa Rica Tambor (Nicoya Peninsula) Ocean $195
108 Ocean at Playa Blanca Beach Resort Panama Farallon Ocean $195
109 Rancho Santana Nicaragua Tola Ocean $195
110 Hermosa Highlands Costa Rica Jaco Ocean $194
111 Serenity at the Bay Panama Panama City Urban $194
112 Grand Baymen Belize Ambergris Caye Ocean $191
113 Manuel Antonio Estates Costa Rica Quepos/Manuel Antonio Ocean $191
114 Bahia Resort Panama Panama Gorgona Ocean $187
115 Buena Vista Surf Club Nicaragua Marsella / Maderas Ocean $187
116 Water View Tower Panama Panama City Urban $187
117 Pelican at Coronado Golf Panama Coronado Ocean $184
118 Pacific Palms Jaco Costa Rica Jaco Ocean $183
119 Hacienda El Dorado Costa Rica Central Valley Highlands $180
120 Harmony Tower Panama Panama Panama City Urban $179
121 Icon Tower Panama Panama City Urban $178
122 Le Mare Coco del Mar Panama Panama City Urban $177
123 Sandpiper Punta Chame Panama Punta Chame Ocean $176
124 Island Oasis Resort Belize Caye Caulker Ocean $174
125 Landmark Punta Patilla Panama Panama City Urban $174
126 Nautica Coco del Mar Panama Panama City Urban $173
127 Bahia del Sol Villas and Condos Nicaragua San Juan del Sur Ocean $171
128 Playa Coco Nicaragua Nicaragua South of San Juan del Sur Ocean $170
129 Montecristo Beach and Golf Resort Nicaragua Central Pacific Nicaragua Ocean $169
130 Casa Grande Bambito Panama Chiriqui Highlands Highlands $168
131 Ara Macao Resort and Marina Belize Placencia Ocean $165
132 La Reserve Condominums Costa Rica Herradura / Jaco Ocean $165
133 The Village at Aqua Nicaragua Tola Ocean $165
134 Joy Tower San Francisco Panama Panama City Urban $164
135 Coronado Escapes Panama Coronado Ocean $163
136 Isla Saboga Panama Isla Saboga Ocean $162
137 El Alcazar de Coronado Panama Coronado Ocean $161
138 Lake View Estates Panama Cumbres Lake Lake/river/lagoon $159
139 Royal Decameron Villas Panama Farallon Ocean $158
140 Vista Boquete Condominiums Panama Boquete Highlands $153
141 Pacific Sun Estates Costa Rica Herradura / Jaco Ocean $148
142 Cala Azul Nicaragua San Juan del Sur Ocean $147
143 Starfish Reef Panama Bocas del Toro Ocean $146
144 Xalteva Condominiums Nicaragua Granada Urban $144
145 El Club del Mar Nicaragua South of San Juan del Sur Ocean $143
146 Reef Village Belize Belize Ambergris Caye Ocean $143
147 Iguana Golf Condominiums Nicaragua Tola Ocean $142
148 Sevilla Costa del Este Panama Panama City Urban $142
149 Congo Hills Nicaragua San Juan del Sur Ocean $141
150 Consejo Shores Belize Belize Corozal Ocean $138
151 Cuesta del Sol Condominiums Panama David Urban $138
152 Orchid Bay Belize Corozal Ocean $138
153 Mango Rosa Nicaragua Marsella / Maderas Ocean $137
154 Paraiso de Amelia Nicaragua San Juan del Sur Ocean $137
155 Agua de Lechuga Costa Rica Playas del Coco Ocean $136
156 Big World Villas Panama Santa Catalina Ocean $135
157 Hacienda Los Molinos Panama Boquete Highlands $130
158 El Valle Las Nubes Panama El Valle Highlands $129
159 Boquete Country Club Panama Boquete Highlands $128
160 Secret Cove Nicaragua South of San Juan del Sur Ocean $128
161 Valle Escondido Panama Boquete Highlands $125
162 Valle del Rio Panama Boquete Highlands $121
163 Altos de Maria Panama Chame Highlands $117
164 Camino Del Rio Belize Belmopan Lake/river/lagoon $117
165 Turtle Cove Lake and Yacht Club Costa Rica Arenal Lake/river/lagoon $117
166 El Camino del Sol Nicaragua San Juan del Sur Ocean $115
167 Brisas del Lago Nicaragua Granada Lake/river/lagoon $111
168 Club Vistalagos Nicaragua Laguna de Apoyo Lake/river/lagoon $107
169 Villas Cabo Vela Costa Rica Playa Grande Ocean $105
170 Villa Lagos Nicaragua Granada Lake/river/lagoon $99
171 Rancho Los Suenos Panama Espave Pastoral $98
172 Villas de Palermo Nicaragua San Juan del Sur Ocean $97
173 Rancho Las Lomas Costa Rica Parrita Ocean $95
174 Apanas Lake Estates Nicaragua Matagalpa and Jinotega Lake/river/lagoon $92
175 Villa Davina Panama David Lake/river/lagoon $82
176 Bosques del Mar Nicaragua Marsella / Maderas Ocean $77
177 Condominiums Montemar Nicaragua San Juan del Sur Ocean $77
178 Boquete Meadows Panama Boquete Highlands $75
179 Montanas de Caldera Panama Boquete Highlands $73
180 Belize Reserve Belize Cayo Pastoral $61

* Average of the median asking price for condos and single family homes for each real estate development. Data collected July to September 2009. More information on the data.

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.

From Reveal Real Estate - charting overseas property trends in Central America.

Infographic revealing data on international real estate in Central America

October 12th, 2009

The real estate data for 2009 is in.  It covers master-planned communities in Costa Rica, Belize, Panama and Nicaragua and we’ve put it together into a picture of what is going on in the markets.

international-real-estate-ca-infographic

The images for each country in the infographic come from each of the Tourist Boards. I’d say that the strap-lines vary in effectiveness. Costa Rica’s “No Artificial Ingredients” fit’s with Costa Rica’s eco-theme and works better than Nicaragua’s “Unique … Original” which could apply to practically any country. The same for Panama’s “It stays with you.” It does not feel specific to Panama. But the slogan for Belize “Mother Nature’s Best Kept Secret” works. Belize is a tiny country, often overlooked by world travelers despite having the largest barrier reef in the western hemisphere. Hence the secret.

As we’re on the subject of vacations, a solid piece of advice for property investors is to visit the country first on a vacation. So we thought we’d link up some travel sites for those of you mulling over whether Central America is right for you. Check out 1costaricalink.com for travel guides and hotels in Costa Rica or costaricantrails.com for vacation packages. In Panama, panamatrails.com has a selection of vacations and tours for you to review. Or here’s a broader overview of travel in Latin America. Happy traveling!

From Reveal Real Estate - charting overseas property trends in Central America.

The current state of international real estate in Costa Rica

October 6th, 2009

costa-rica-real-estate

Between 2005 to mid-2008, property developers in Costa Rica witnessed enormous increases in property launches and sales as vacant land on the ocean and in the highlands was developed into second homes for North Americans and Europeans.

There were three key factors supporting the boom:

  • Political stability – Costa Rica has had over half a century of uninterrupted democracy, making it one of the most stable countries in the region.
  • Its long-standing as an eco-tourism destination – Costa Rica’s express commitment to environmental conservation and it’s rich biodiversity have enabled it to develop a unique “eco” travel product.
  • US retiree haven status – With more US citizens venturing abroad, Costa Rica has benefited enormously from its retiree haven status.

The morning after

But since the global economic collapse the Costa Rica real estate landscape has changed.  Large scale, ultra leveraged properties have suspended operations, others have stalled or cut-back on the more ambitious aspects of the master plan, and prices have been cut for the first time since the boom.

Still, asking prices in the luxury end of the housing market (ie: master-planned communities, resort developments and condo projects catering to the international buyer) have held up relatively well compared with the sharper declines experienced in the developed world.  Our year-on-year numbers to September 2009 show relatively modest fall of 8.75% for serviced lots, 3.73% for condos and 8.92% for single-family homes across the main master-planned communities.

So what are the takeaways from this?

Optimists will find some solace in the fact that Costa Rica property has been shielded somewhat from the collapse in house prices witnessed in the developed world. It’s relatively underdeveloped mortgage market, formerly considered a weakness, has meant that it has avoided the rampant foreclosures that have tugged at the bottom of the market in the US.

But property pessimists will doubtless point to the high profile project suspensions such as the St Regis Project, the Rosewood Residences at Costa Carmel and La Punta Papagayo in Gunacaste. They may also insist that with re-sales (sales from end-user to end-user) continuing to undercut developer direct prices, the data under-reports the extent of the decline and there are more falls to come.

We’d love to hear your views. Leave a comment below or write a review on one of Costa Rica’s overseas property hotspots.

From Reveal Real Estate - charting overseas property trends in Central America.

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