Although Costa Rica is projected to have only a 4% growth rate in 2013, this does not reflect upon what is happening within the Costa Rica properties market.
In 2011, Costa Rica’s growth rate was a promising 4.2% (according to Index Mundi) while 2012 saw this remain steady at 4.2%. The Central Bank has projected that a drop is to be expected for the economy in 2013 however it is important to understand that this in merely a projection made for the entire year in the first weeks of 2013.
The annual report released by the World Bank this week shows a forecast more favorable to Panama and even Nicaragua in this regard. Panama is expected to grow by 7.5% and Nicaragua by 4.2% – both higher than Costa Rica.
The analysis notes that the “dependence of Costa Rica on the U.S. and Europe is a factor in the reduction of national growth,”and also that “the fall in the dollar exchange rate caused contraction of growth, especially in the export sector.”
A modest recovery in the U.S. housing sector will provide some support to remittances, although sluggish improvement in labor markets and lower net migration to the U.S. will keep remittance growth subdued, the report added.
Coupled with the positive note above (recovery of the U.S. housing sector), the Costa Rica real estate and properties market is expected to continue rising while other markets within the country may feel slightly sluggish compared to last year.
A poll conducted by the reputable real estate firm of CRREC (Costa Rica Real Estate .COM) is displaying increased numbers to kick off 2013 and may show furthermore that an increase in sales within this sector is inevitable throughout this year.
For more information on the above fore-mentioned resources, visit:
Houston Chronicle: Costa Rica Properties Market Shows Promising Start To 2013
Index Mundi: Costa Rica Real Growth Rate (GDP)
Tico Times: Costa Rican economy to see less growth in 2013, World Bank says