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Latin America Investment News on Viva Tropical

Land Values Rise in San Jose, Costa Rica

Article Summary:

The demand for housing solutions and commercial spaces in downtown San Jose has led the cost of land per square meter to rise to $1,200.

Photo Credit: Nacion

Original Article Text From Nacion via Google Translate :

Housing and earn surplus trade center in San Jose

The increase in construction in the five districts of downtown San Jose is causing a rise in the cost per square meter of the canton capital, mainly trade and housing.

Mata Redonda, Merced, Cathedral, Hospital and El Carmen concentrated in the last three years, half of the total square meters (sqm) processed to build. There, the building of houses and premises is the most dynamic, according to a report prepared for The Nation, by the Costa Rican Chamber of Construction.

The central hull Josephine began to gain-match winning business-after repopulation process initiated by the Municipality of San Jose with the momentum to vertical construction.

The gain increases when ground begins to rise in price. This occurs, according to a definition of the Directorate General of Taxation, by factors of supply and demand in an area, updated tax value and redefining land use.

Housing. dwellings that were built in these five districts Josephites meant 40% of all those built in the county during the previous year, according to the Chamber of Construction (CCC).

Highlight the buildings in condo towers in La Sabana, Rohrmoser, Nunciature and Paseo Colon. In these places, the cost per square meter ranges from ¢ 135,000 to ¢ 425,000, according to the tax roll of the City of San José.

However, in the market the price per square meter in these places can be up to ¢ 600,000, when eight years before ¢ 200,000 cost, recognized José Luis Salinas, president of the Park Estate Group. This company developed four apartment buildings in La Sabana and Torres Paseo Colon, the country’s tallest building.

To Gonzalo Delgado, president of the CCC, the repopulation of the city is one effect that has boosted the capital gain.

In fact, according to the Census 2011, the districts of El Carmen, Merced and Cathedral had an increase in the number of housing of almost 10% compared to the 2000 study. In Mata Redonda, the increase was 22% over the same period.

Edgar Santamaria, regional director of Century 21 Central, said the cost of land was raised by the combination of the central location of the land and because they can be higher density buildings.

“The concept of communities to walk has made places like Rohrmoser, La Sabana, Escalante neighborhood, Los Yoses, Dent neighborhood and the center of San Jose to become attractive,” he said.

For Diana Escobar, commercial vice president of Costa Rica Homes, ease of build up caused them to bet the center with an apartment tower, a hotel and an office building in San Bosco neighborhood.

In these cases, the majority of new and existing buildings are rented. The premises of the central avenue are the most expensive with prices of up to $ 95 on m² per month compared to the $ 60 Multiplaza, according to Colliers Costa Rica.

“The boulevards have led to increased pedestrian traffic, which leads to a rise in prices,” said Danny Quiros, intelligence manager of the firm.

Aleyda Bonilla, president of the Costa Rican Chamber of Real Estate, said the value of land in the center of San José rose because it has all the necessary services.

“The case of Chinatown is the clearest example. The value of land around here tend to rise in the demand for these traders, “he said.

Link to Original Article:

From Nacion

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