Friday, February 1, 2008

Local Economy remains Strong, Say Analysts...

By Ralph Nicholson

US Fears Of Recession Not Felt At Home

Costa Rica’s economy remains strong and in the short to medium term is unlikely to be affected by the economic woes hitting the United States, economists said this week.
 

“It (Costa Rica’s economy) remains strong despite what is happening in the US,” said Alfredo Ortuño Victory, the Director of the Central American Bank for Economic Integration (CABEI), in San José.
 

“Our bank is doing a very extensive research and analysis, how the sub-prime mortgage market is, or will be affecting this region, especially Costa Rica and Panama,” Mr Ortuño said.
“So far it has not affected us, that we can assess, nor will it in the immediate future.”
 

The assessment by CABEI was reiterated by Fernando Víquez, from Scotiabank, who described the state of the country’s economy as “unprecedented.”
“The economy is great,” he added. Read more...>>>

An experienced appraiser addresses issue of property value

By Angela Jiménez Rocha*
Special to A.M. Costa Rica

After 22 years of watching prices and preparing many thousands of appraisals for the banks here along with private clients, I am amazed at the increase in prices asked at the current time. However, the trend seems to be going up, and the construction costs from well known, reputable builders also have risen greatly.

If we consider the Central Valley, especially areas like Escazú and the newly hot area of Santa Ana, the price per square meter for nicely finished condos with amenities and security is $1,100 and up. For something like a Trump Tower look-alike, the price is now $2,000 per square meter.
 
Today it is hard to find raw land for $100 in decent areas in the Central Valley, and many developments are asking $150 to $200 per square meter for land.