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A year of opportunities in buying properties in Costa Rica. PDF Print E-mail
The crisis on Wall Street has also been extended to the category of a financial crisis, which includes both the industry (such as company cars) and banking institutions generally. In Costa Rica the effects were expected in a growing trend of interest rates, by increasing the Libor rate (which in simple words is the interest rate that is defined for loans between banks or financial institutions).

 

The effects of the crisis began to affect Costa Rica in two key sectors of the local economy: tourism and the construction sector. In the first case, tourism will decline significantly in the next 2009, to the point that the hotels can have higher levels of unemployment for the past 5 years.

 

Jobs that depend directly or indirectly from the tourism sector will be affected. In areas such as Guanacaste, where this activity has revived the local economy will be counter negative in 2009.

 

The construction sector has seen since 2008 have declined and many new projects already in early stages had suspended its activities indefinitely.

 

In December 2008, according to our statistics have increased the number of properties for auction in the case of companies or real estate developers into bankruptcy by 10%.

Given the difficulty in selling their properties, to reduce foreign investment, increased requirements for financial institutions, less ability to pay of the domestic market, the developers have decided to lower its margins and operating costs for utilities such as a desperate measure .

 

This crisis affects not only individuals but also to legal persons and companies which are leveraging their activities and funding. The liquidity crisis will affect the payment capacity of individuals and companies, open wider choice of properties and less money available to buy, in a cycle of probable downward trends in real estate.

 

Moreover, rents might have a small upward trend, given the difficulty of buying a house or apartment building for the middle class and lower middle, so it is interesting to project investment in that market niche.

 

At this moment the most important to build on the positive side is that the crisis is to analyze the investment you're thinking. How much money being spent on investment, without getting out of cash flow, that kind of investment, to run, what are the risks you're willing to take, what not ....

 

Opportunities must be sought, but it is hoped that as many opportunities starting in February or June 2009 if no changes to vary the macroeconomic scenario for Costa Rica.


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REMATE BANK OF COSTA RICA. S.A.
www.rematesbancarios.co.cr
FRANK ROMERO DUARTE (506) 8376-89-51
 
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