QCOSTARICA — Greater dynamism in foreign direct investment (FDi), especially in the industrial sector, tourism, and the boom in housing in Guanacaste, will consolidate the recovery of the real estate sector during the end of the year and in 2025.
And developers are optimistic that the long-awaited post-pandemic recovery that began this year will finally be consolidated during the next period.
Factors such as the drop in the exchange rate, greater economic growth, and the drop in interest rates, make the number of square meters grow and investments increase throughout the country.
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“The boom in foreign direct investment is expected to continue, which affects industrial real estate development, specifically in the free trade zone and specialized process industry. On the other hand, the housing sector may be boosted in areas where demand allows for a better adjustment in prices,” said Gabriela Víquez, president of the Real Estate Development Committee of the Costa Rican Chamber of Construction.
Víquez added that the boom in the specialized industrial sector is expected to continue and that there will be an increase in high-profile housing, with Guanacaste as the main protagonist of these investments.
The future is very promising and it is mainly due to the good performance of the economic indicators.
Projections
According to the Real Estate Development Council, the last two months of the year and 2025 are projected to be very dynamic.
These are some of the most important figures:
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- 25,000 square meters in Alajuela and San José Oeste with high levels of pre-placement that demonstrate a strong interest and demand for commercial spaces
- 150,000 square meters of industrial and logistics inventory
- Upturn in the residential sector as some people seek to complete the purchase of properties before the end of the fiscal year
Challenges
To achieve greater dynamism, this sector requires:
- Less red tape
- More availability of potable water resources
- Stable exchange rate
- Interest rates more appropriate to the reality of the productive sector
- More economic growth
In this sense, the business sector hopes that the exchange rate remains stable and that the Central Bank continues to lower interest rates so that more people want to take out loans to invest.
“Expectations are very optimistic, largely due to economic stabilization and the projected growth of the Gross Domestic Product (GDP). A gradual recovery is expected in the office and retail segments, thanks to greater adaptation to hybrid work and a growing demand for flexible spaces. In addition, the mid-high and high-end residential sector will continue to benefit from the demand for sustainable properties with a focus on quality of life,” said Verónica Alfaro Coto, Executive Director of the Real Estate Development Council.
Despite the good news, the sector does have a concern regarding the availability of potable water, which is already beginning to affect some developments in different areas.
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On the other hand, the tourism sector will also be a driver with expectations that the arrival of business tourists will increase.
The start-up of hotels such as Waldorf Astoria and One and Only has been announced, as well as at least nine more hotel projects of various sizes that will add 508 rooms in the Guanacaste area alone, according to data from the ICT attractions unit as of September 2024.
Optimism. Many factors, but above all, economic ones, are what make developers and businessmen think they are very close to enjoying a great year.
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