In a recent study done by Euromoney Costa Rica was again listed in the top 10 countries in Latin America for investing. The good news is that Costa Rica moved up 5 places to be only behind Chile and Panama. They credit the moving up 5 places to “improved political stability” and “limited economic risk” both of which are nothing new to Costa Rica.
There was also a study by FDI intelligence that looked at 405 Latin American cities and found San Jose as the 5th best city of the future in all of Latin America. It was ranked as the top city for the future in Central America.
This is great news for Costa Rica on investing and can already be seen in companies making decisions such as IBM’s recent investment of $300 million.
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In an interview done with CEO of Properties in Costa Rica Arturo Guzman by the Real Estate Magazine a number of interested topics were discussed in regards to Costa Rican real estate. Arturo shares his thoughts on some of the current questions of the Costa Rica real estate market.
The article starts out by asking Arturo who is buying properties in Costa Rica? The answer was that local Costa Rican’s and foreigners are buying properties. The locals are encouraged to buy with the opening credit while many foreigners are buying with direct financing available through the buyer. There is also a number of foreigners and Costa Rican’s that have the capital available to buy.
In talking about the recent years of the market in Costa Rica Arturo makes the comment that “Remember that the prices in Costa Rica wre unrealistic in the past years because of the housing boom in the United States” He also states that “in this country people get carried away because a “real estate” expert told them their property is worth so much or that a nearby property sold for a certain price”. The answer goes on to point out the importance of working with reputable appraisal experts and Real Estate companies that have an understanding of the market in Costa Rica.
Where to buy in Costa Rica?
Probably everyone’s favorite question of the article is: What are the Areas of Appeal?
Anyone reading a real estate magazine is going to want to know what one of Costa Rica’s most recognized real estate experts has to say about where to buy. Well the answer was related to new roads and some beautifull beaches along the Pacific coast. The new highway is La Caldera highway that runs from San Jose to the Pacific Coast and also the 40 km stretch of the Coastenera highway that connects the port town of Quepos to Dominical and opens up to picturesque beaches from Dominical South.
Future of Costa Rica Real Estate
By now you are asking yourself what the future holds for Costa Rica real estate? When dealing with the future you sort of have to see where the present is. Arturo had an excellent answer when responding to the future of the market. He mentioned that Costa Rica was one of the happiest countries on the planet, people are very educated, and it is of the top eco-tourism destinations on Earth. As far as we can tell the future looks very promising.
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As of 2010 Costa Rica was home for 210 different foreign companies creating 58,000 jobs. This number will grow in the coming years as IBM has decided to invest $300 million and add 1,000 jobs over the next 10 years.
This type of investment in Costa Rica is a home run for the Laura Chinchilla administration and great news for the ever growing techy industry in Costa Rica. Laura has set a goal to have $9 billion in foreign direct investment by 2014 and news like this from IBM i
s a huge leap towards that goal. This is one of the largest investments in Costa Rica in the past decade.
The IBM managers said they picked Costa Rica because they were aware of the talent they could find here. It is said the Laura Chinchilla in her visit to New York last year which was an attempt to rally businesses to invest in her country was where she made the contact with IBM. She then followed up her contact in the month of May and here they are today agreeing to the sweet tune of $300 million dollar investment starting in 2012.
This is excellent news and who knows what other contacts Laura might have made in New York. We can just sit back and wait to see what other major companies follow in the lead of Intel, Hewlett Packard, and now IBM as they put Costa Rica in the global spotlight for the tech industry.
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