Costa Rica Real Estate Market Conditions And Expectations For The Future

Nov. 27, 2009 - PRLog -- Throughout the past decade we have seen market conditions go from a "sellers market" to "buyers market", which is where we are today.  It's not uncommon today to see properties that once had high price tags, going for 30-50% less than appraised value.

Like most other markets, the Costa Rica real estate market is deeply rooted within the US economy. And when these markets are in a recession, it affects all other markets that depend on the US consumer. For this reason, BuyingCR (http://www.buyingcr.com) chose early on, to target different markets outside of the USA like Asia, Russia, Canada and others. For these countries seem to have recovered strongly from the economic collapse of the past few years and making them obvious marketing targets.

We see them daily.  By the dozen actually.  Press releases saying that the Costa Rica real estate market is booming and property in Costa RIca is being shifted left, right and centre.  Well in case you hadn't put it together yet, this is a load of bollocks. All agencies throughout Costa Rica are experiencing the current economic situation and anyone telling you otherwise, is telling you only what you want to hear rather than the raw goods of what's really happening. Now we're not saying it's been like this forever. Not at all. However over the past year, the Costa Rica real estate market has been getting progressively slower.

So what does all this mean? Well essentially this creates a "buyers market" when the seller is pressed to move his/her property in order to cover other commitments. This produces a market full of motivated sellers. So right now, what we have is a flood of listings, many priced at below appraised value, who are all bidding for the buyers. This is what's called a "buyers" market. And this is what we currently have here in Costa Rica.

This means that what we have is a catch 22.  We've got tremendous value on Costa Rica property, however we are struggling to find qualified buyers.

Costa Rica Real Estate
BuyingCR- http://www.buyingcr.com

It's not to say that the market is completely flatlined either.  However the properties that are shifting, are very specific to condos, lots and inexpensive homes. These are what's selling today instead of the multi million dollar land deals that developers use to love.

We are optimistic that another great change to the Costa Rica real estate market is on the horizon and here's to a better year for real estate sales in Costa Rica for 2010.

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Costa Rica real estate is what we are best at. BuyingCR is Costa Rica's premium MLS listing service and specializes in exclusive listings that no other agencies can offer. Dominical, Uvita, Jaco or San Jose we have you covered.