Foreign Direct Investment in the Costa Rica real estate market reached record highs in 2013. Accounting for $1.6 billion, investment in Costa Rica real estate comprised a total of 43% of the total foreign direct investment received by Costa Rica last year.
According to CINDE and as quoted by Nacion.com, major credit for the increase in foreign investment in Costa Rica real estate can be attributed to properties along the Pacific Coast, specifically in Guanacaste. “The acquisition of properties in coastal areas of Guanacaste and Puntarenas explain the rise,” reported Nacion.com.
In addition, major real estate projects such as the expansion of the Curridabat Multiplaza mall and the construction of the City Mall in Alajuela, went underway in 2013. Many foreign real estate investors purchased land to construct shopping malls and residential apartments throughout the year, giving rise to the increase in investment in Costa Rica real estate.
Foreign Investors Take Advantage of Increasing Opportunities in the Costa Rica Real Estate Market
According to Nacion, as the United States continues to be the major foreign investor in Costa Rica real estate, other Latin American countries such as Panama, Nicaragua and Colombia are now investing heavily in Costa Rica’s property market.
New real estate developments in Guanacaste and Costa Rica’s southern zone are readily underway for 2014 as foreign investors flock to Costa Rica’s Pacific Coast. Areas that were previously inaccessible are now booming with real estate activity thanks to recent infrastructure improvements and increased ease of travel. Targeting these once undeveloped zones of the Costa Rica real estate market gives international developers and investors ample opportunity as they continue to comprise a large majority of Costa Rica’s FDI.