Latest Foreign Property News
Costa Rica Construction Permits increase in 2008, not affected by crisis in the United StatesSeptember 26, 2008 As of the end of August, Guanacaste placed second to San José out of Costa Rica’s seven provinces in the number of construction permits rubber-stamped by the Engineers and Architects Federated Association (CFIA). Overall, a total of 6,700,711 new square meters of construction have been approved during 2008 — a 25 percent increase over the same period last year.Of Guanacaste’s 1,171,488 square meters processed between January and August, most correspond to construction project in Santa Cruz canton (414,369), followed by Liberia canton (276,666) and Carrillo (237,681). "This growth surpasses expectations by the construction sector, which has been watching with worries the real estate crisis in the United States, the hike in petroleum prices and the increase in the cost of construction materials, as well as the recent implementation of more restrictive banking policies in the Costa Rican credit sector and the government’s announcement that a period of ‘skinny cows’ is coming, marked by a slowdown in the country’s economy," said Olman Vargas CFIA executive director. Added Vargas: "In evaluating the behavior of this sector in recent years, it’s important to remember the so-called construction ‘boom’ that occurred in 2005 and 2006 with increases of 21 percent and 58 percent, respectively, with respect to the previous year. By 2007, there was moderate growth of 7 percent. This means that from a total of 4,157,293 square meters in 2004, construction permits doubled in three years, reaching 8,465,111 square meters in 2007." For this year, CFIA expected growth no bigger than 10 percent compared to 2007, and was even fearing an important slowdown in the sector considering the ongoing macroeconomic conditions. The great surprise is that, on the contrary, requests filed with CFIA show a growth in square meters of 25 percent compared to 2007. "When analyzing the statistics we have in detail, we see that the number of registered permits has fallen, but some of (the projects) are of such magnitude that they have contributed to growth in a significant manner," Vargas explained. "In other words, there are fewer construction projects, but some of them are so large that they sector as a whole has remained growing. It can be concluded then that the so-called ‘mega-projects’ are keeping the construction sector dynamic." The head of CFIA said that at the beginning of 2008, construction was only expected to increase in the single digits, due to the reasons indicated above. However, by the third quarter of the year, such low expectations have been proven wrong and, based on the sector’s behavior throughout the year, a similar growth percentage of about 25 percent is expected to hold up until the end of the year. The only caveat at this moment is to follow-up on the requested permits and see how many of the projects are actually erected (typically 92 percent), as such a number could change significantly this time around. According to CFIA files, it can be observed that development hotspots around the country have changed. While in the past two years the most development was seen on the coastal regions such as Guanacaste and Puntarenas, this year it has concentrated on the province capitals and their suburbs, particularly in the province of San Jose and Alajuela. In the Caribbean province of Limon, there’s important development activity compared to last year, despite the fact that this region remains last in the total-square-meters ranking. There’s also been significant growth in "exonerated" construction, that is, projects financed by the government that don’t need to pay registration taxes. This sub-sector grew by 71 percent compared to last year. Half of this type of projects are in the provinces of San Jose and Puntarenas. Construction financed by private capital (non-exonerated) grew by 19 percent. This is concentrated in San Jose, with Guanacaste and Alajuela in second place. More than half of approved projects (in square meters) are for residential projects, followed by commercial and industrial construction. Construction square meters registered, by province January-August 2008 San Jose: 2,006,840 - Guanacaste: 1,171,488 - Alajuela: 1,080,246-Puntarenas: 939,217-Heredia: 758,513 Cartago: 457,950-Limón: 286,457 Total: 6,700,711 |
Canton of Puntarenas celebrating its 150th birthdaySeptember 19, 2008
From the laid back cafes in Montezuma to the crowded beaches near the central city, Puntarenas is a canton close to the hearts of Costa Ricans and foreigners alike. Although today Puntarenas is known more for its modern tourist attractions and cruise ships, the canton has a deep history and culture. This month Puntarenas is celebrating 150 years as a canton and will have activities all month. Today President Oscar Arias Sánchez will visit the city of Puntarenas and inaugurate the Nuevo Centro de Atención Integral de Islita and officiate at a consejo de gobierno or cabinet meeting. Wednesday the city of Puntarenas held a parade, welcomed the national philharmonic orchestra, which made it's first performance outside of San José, and even had a giant birthday cake that was 2.5 meters long, said Sandra Cordero, a spokeswoman for the national tourism institute. Representatives from the Asamblea Legislativa also celebrated the event Wednesday although most stayed in San José. The organizer of the celebration, legislator Xinia Nicolas, said she was proud of the cultural, economic and social contributions of the province. Francisco Antonio Pacheco, president of the Asamblea Legislativa, said Puntarenas is close to the hearts of Costa Rica. "It forms a part of our lives, our biography and the history of our country," said Pacheco, according to a release. The cantón central de Puntarenas takes up about 3.6 percent of the country's area and includes the districts of Puntarenas, Pitahaya, Chomes, Manzanillo, Guacimal, Barranca, Monte Verde, Chacarita, Chira, Acapulco, El Roble, Arancibia on the mainland, Lepanto, Paquera, Cóbano on the southern Nicoya Peninsula, and even the distant Isla del Coco. Puntarenas became a city on Sept. 17, 1858. The decision was issued by then-president Juan Rafael Mora Porras, due to an increase in population, commercial development and port services and in order to submit a spontaneous campaign against filibusters from the southern United States, according to the Universidad de Costa Rica. Puntarenas was a key city in the trip north into Guanacaste via the Río Tempisque, thus an important part of the campaign. Puntarenas became well frequented as it was a port city and later was connected to San José by the Caldera train. Cultural events will be held in the canton until the end of the month. |
Puntarenas gets $20 million Infrastructure InvestmentSeptember 19, 2008
Puntarenas is getting a $20 million birthday present from the central government and the government of Spain. Three other communities also will get water systems as part of the same group of projects. The announcement came Thursday from the head of the Instituto Costarricense de Acueductos y Alcantrillados, the national water and sewer company. The official, Ricardo Sancho Chavarría, said that the total amount from the Spanish government was $35 million and that the financing was the result of negotiations by President Óscar Arias Sánchez during his recent European trip. In addition to the central canton of Puntarenas, the southern Limón region around Sixaola, communities in Golfito and towns around Boca de Arenal de San Carlos also would see projects. Work is expected to start sometime next year in all four areas. In Puntarenas, Sancho said the money will go to install sanitary sewers in 80 percent of the area between Puntarenas and el Cocal, to install sewers in some 80 percent of the area in the settlements of Juanito Mora, Manuel Mora and Gloria Bejarano and sections of Chacarita Norte and Sur, and to purchase the land for a sewage treatment plant and two small tracts for fire stations. Sancho said the project would benefit about 110,000 persons. In another project, Conte de Pavón in Golfito will get a new water system. This will benefit about 3,000 persons in Escuadra, Conte, Unión Sur, Camote, Pueblo Nuevo Barrido, Langostino, La Virgen, Jardín, Fortuna, Pilón and Gorrión, said Sancho. The design of this $5 million project will be ready by the end of the year, he said. Residents have been having trouble with contaminated wells, according to the water company. The third project is to provide clean water and storage for the San Carlos communities of Boca de Arenal, Pueblo Nuevo, Betania, Los Almendros, Santa Teresa, Bella Vista, San Pedro, Corazón de Jesús, San Marcos and Santa Teresa, said Sancho. This, too, is a $5 million project for about 5,400 residents. The project in Limón is near the border with Panamá and will benefit the communities of Olivia, Margarita, Celia, Catarina and Sixaola, said Sancho. This is a $7 million job to solve the continual problems of water storage and quality in that area, he said. Sancho said that the local wells produce water high in iron and manganese and are not consistent during the dry season. |
Arizona ForeclosuresSeptember 17, 2008 Tom Ruff of The Information Market is THE guru for Arizona housing foreclosure data. Tom thinks that residential foreclosures in Maricopa County peaked in August, although foreclosures will remain high for months. Tom also found:
You can subscribe to Tom’s Arizona foreclosure data at TheInformationMarket.com |
New Building Up 25 Per Cent, Exceeds ExpectationsSeptember 12, 2008
Credit to The Beach Times, Costa Rica Construction in the country is proving to be unfazed by the US economic woes, say experts, growing 25 per cent in the past 12 months. According to the Colegio Federado de Ingenieros y Arquitectos de Costa Rica (CFIA), their teams have dealt with more than six million square meters of new construction in the past year. "This is a growth that has surpassed expectations for the sector, which has watched, with a good deal of worry, the real estate crisis in the United States, the escalation of oil prices, and the increase in costs of construction supplies," said CFIA’s Director, Olman Vargas. The recent implementation of more restrictive banking policies in the Costa Rican credit sector and daunting statements from the Central Government, further quashed any high expectations for the sector for this year, said Mr Vargas. During 2005 and 2006, he continued, the construction sector was going through its "boom" in which growths on the scale of 21 per cent and 58 per cent, respectively, were felt over the two years. He said 2007 registered a moderate growth of seven per cent, which meant that while the CFIA processed 4,157,293 square meters in 2004, by 2007 the sector had doubled, with the CFIA seeing a recorded 8,465,111 square meters. The expectation for 2008, admits Mr Vargas, was for the sector to grow no more than ten per cent, given that "the international economic factors would affect our country, causing a significant deceleration in construction". However, in the midst of an uncertain market, the CFIA is reporting a growth in square meters, although, in many cases, it is a matter of public works or other large constructions — not necessarily, in the quantity of projects Costa Rica is seeing. "Analyzing the statistics in detail, you see the number of registrations have diminished, but some of them are of such enormity they have maintained the growth in an important way," continued Mr Vargas. In short, fewer projects have been presented to the CFIA this year, but the large-scale ones they have processed are buoying the sector as a whole. These so-called megaprojects are keeping up the construction sector’s dynamism, he said. According to its registrations, the CFIA notes there have been fluctuations in certain zones, accelerating the development of construction projects. Mr Vargas pointed mainly at the past booming development along the coastal provinces, using Guanacaste and Puntarenas as examples. This year, however, a shift could be seen, with the tendency to build along the outskirts of areas like San José and Alajuela — two sites undergoing the greatest increase in construction projects. Puntarenas is the only province which saw fewer projects being processed when compared to its figures from last year; however, the province still remains in fourth place, behind San José, Guanacaste, and Alajuela, in terms of total processing per province. Escazú led the list of the top ten cantons, with respect to project-processing. It processed 7.9 per cent of the country’s total. It was followed closely by Alajuela (7.5), San José central (7.1) and Garabito (6.3). Cantons like Santa Cruz, Liberia and Carrillo figured strongly as well, landing in fifth, seventh and ninth places, respectively. |
How to Earn Huge Profits From Costa Rica PropertyAugust 18, 2008 New government infrastructure developments in the works in southern Costa Rica are about to turn an isolated patch of jungle into a land of million-dollar properties. All of this development means one thing to investors: opportunities for huge profits. Right now, Costa Rica’s southern zone presents a perfect opportunity for pioneer investing; buy before an apparently isolated region is opened up to everyone else. Read more... |
Costa Rica's Outlook Raised on improved, fiscal, debt positionAugust 13, 2008 Costa Rica's Outlook Raised on improved, fiscal, debt position (Thomson Financial) - Moody's Investors Service it revised the outlook on Costa Rica's key ratings to positive from stable following 'significant improvement in fiscal and debt positions and the likelihood of the improvement continuing in the medium term'. Moody's raised the outlook on Costa Rica's 'Ba1' foreign and local currency government bond ratings. The outlook on the 'Baa3' foreign currency country bond ceiling and on the 'Ba2' foreign currency bank deposit ceiling was also revised to positive from stable. 'Costa Rica's remarkable fiscal performance over the past few years has been driven by significant expenditure restraint and an improvement in revenues, reflecting not only the business cycle but also a concerted effort to enhance collection,' Moody's said. 'As a result, the fiscal and debt positions have improved to such a degree that it would take a major crisis to reverse the virtuous debt dynamics seen in recent years,' Moody's added. |
Costa Rica’s “Forgotten Coast” Could BoomAugust 13, 2008 Every day it seems like Costa Rica’s Caribbean coast attracts more visitors—not just tourists from other countries, but also Costa Ricans themselves. Restaurants, hotels, nightclubs, and beaches are all surprisingly busy at a time of year when the pace usually slows down. Other parts of Costa Rica are certainly getting their fair share of visitors, but the Caribbean coast—especially the southern part of it—is more popular than ever. Real estate prices already reflect that optimism. The property market on the Pacific has taken a slight hit from the downturn in the U.S. economy. Prices on the Caribbean coast, however, are rising at around 5% a year. For the time being, bargains are easy to find around the Caribbean. In an upscale neighborhood of Cahuita, just north of Puerto Viejo, a two-bedroom house was recently for sale for $125,000. The residence is a five-minute walk from the beach. Closer to Puerto Viejo, a larger two-bedroom house on property with a tropical garden was listed at $168,000. Not far away, in the beachfront town of Cocles, a new one-bedroom house had a list price of $142,000. The house is a 10-minute walk to the beach and close to restaurants and grocery stores. Puerto Viejo is a village on the coast known for its gorgeous beaches, superb surfing, and Caribbean music. At night, many of the streets are also crowded in the provincial capital of Puerto Limón, about 35 miles up the coast. In Limón, there’s often music in the streets, and hotels are doing a brisk business. So what’s attracting people to the Caribbean? For decades, so many visitors have flocked to Jacó and Quepos on Costa Rica’s central Pacific coast that busy weekends in these towns can remind you of Ft. Lauderdale. While not as crowded, the north Pacific is getting the reputation of a “millionaire’s playground.” Whether the description is justified or not, the area has definitely become expensive. The Caribbean, by contrast, is a bargain. Dinner for two at a fine restaurant usually costs less than $30. Most hotels in Limón charge less than $50 a night for a room for two. On the beach, an air-conditioned cottage for two costs about $80 a night during the summer and not much more during the winter, when temperatures are slightly lower and there’s less rain. The Caribbean coast is easy to reach. It’s about two and a half hours by car from San José, and a flight from the capital to the Limón regional airport takes around 20 minutes. When you visit the Caribbean coast, you’ll see a part of Costa Rica that’s not widely known. It’s home to many of the country’s native American residents, as well as those of Jamaican origin. As a result of the Jamaican heritage, the area’s cuisine, music, and architecture are very different from what you’ll find in other parts of the country. Moreover, English is spoken by a high percentage of the population. But right now something else is attracting visitors to the Caribbean: curiosity. Costa Ricans and foreigners alike are eager to see the first stages of work on a multimillion-dollar project to enlarge the port near Limón and add important infrastructure to the city. The project, partly funded by the World Bank, is designed to make the Caribbean coast competitive with the Pacific. If the current surge in visitors is any indication, the Caribbean will easily succeed. No one in the area thinks that deals like these will last. As one hotel owner put it, the Caribbean is hot—and he wasn’t referring to the climate. |
International travel to U.S. jumps 19 percentJuly 01, 2008 HiFX Newsletter As the U.S. dollar weakens, America's tourism sector appears to be reaping some benefits. According to the U.S. Commerce Department, 4.7 million international visitors traveled to the United States. In March, an increase of 19 percent over March 2007. Total visitation year-to-date in 2008 was up 15 percent from the first quarter of 2007. Overseas arrivals, not including visits from Canada and Mexico, increased 10 percent in March and for the first quarter. Visitation from overseas markets has grown for 11 consecutive months, and international visitors spent a record $11.4 billion during the month, up 20 percent from the same month last year, according to commerce data.
Summer Deals The tough economy, high gas prices and climbing airfares are discouraging many travelers from heading out on vacation this summer. To avoid “staycations” (a vacation close to home), the travel industry tries even harder to tempt them to leave home with more and better deals. Most hotels, resorts, cities, and towns across the US are offering gas rebates and credits designed to ease the sticker shock for road travelers. If travel providers aren't offering free gas, they've instead got all kinds of other freebies large and small. Some hotels offer room upgrades, free drinks, snacks, and breakfast and also throw in free parking. Some vacation resorts even offer deep room discounts, free nights and free rounds of golf to allow prospective timeshare and fractional ownership buyers to experience many of the amenities available at the property. These special offers combined with the strong Loonie make this year the best year ever for Canadians looking for summer vacations in the States and Central American countries (such as Mexico, Costa Rica and Panama).
|
$300 Billion Foreclosure-Rescue Bill Advances in SenateJune 25, 2008 Arizona Republic WASHINGTON - A major foreclosure-rescue bill cleared a key Senate test Tuesday by an overwhelming margin, with Democrats and Republicans both eager to claim election-year credit for helping hard-pressed homeowners. The mortgage-aid plan would let the Federal Housing Administration back $300 billion in new, cheaper home loans for an estimated 400,000 distressed borrowers who otherwise would be considered too financially risky to qualify for government-insured, fixed-rate loans. An 83-9 vote put the plan on track for Senate passage as early as today, but President Bush is threatening a veto, and Democrats are fighting each other over key details. Those challenges will probably delay any final deal until mid-July. Borrowers would be eligible for the housing rescue if their mortgage holders were willing to take a substantial loss and allow them to refinance, and if they could show an ability to make payments on the new loan. They would ultimately have to share with the government a portion of any profits they made from selling or refinancing their properties. If you have interest in a home here in Arizona our foreclosure market might tighten up very quickly if this bill passes. And because it's an election year, some form of this bill will likely pass. All I can say is, you might want to act quickly if you want to save some serious $$ on your Arizona real estate opportunity. |
Affordable Beach in Latin America
I’ve written about the most affordable places to live in Mexico and the best places to retire in Latin America. And I’ve listed what I think are the most beautiful beaches in Mexico. Expanding... International Living Postcards. Learn to live better for less by expanding your world beyond U.S. shores.
Brussels, Belgium: The One City Where House Prices Aren't Crashing
Ablaze in bonfire colors, Parc Woluwe’s trees rustle messages that Brussels is tilting into winter. Christmas markets, squares transformed into ice rinks, roasted chestnuts and steamy windows. ... International Living Postcards. Learn to live better for less by expanding your world beyond U.S. shores.
Big Discounts For IL Readers on This Uruguay Deal
Uruguay’s Punta del Este is where South America’s rich and beautiful people hang out. Rent an unspectacular house here for the month of January (Uruguay's high season) and it will likely set you back... International Living Postcards. Learn to live better for less by expanding your world beyond U.S. shores.
Revealed: The Best Place to Live in 2009
In the International Living magazine every month, we consider the countries around the world where you could live cheaper, pay less tax, enjoy better weather, take advantage of opportunities in... International Living Postcards. Learn to live better for less by expanding your world beyond U.S. shores.
Escape to Your Own Tropical Haven in 2009
Markets are crashing. Value is evaporating. Governments are becoming businesses, and businesses are becoming wards of the state. No one knows if or when the world economy will recover after... International Living Postcards. Learn to live better for less by expanding your world beyond U.S. shores.
Have You Found the Best Beach in Panama Yet?
Since I wrote to you about what I (and many Panamanians) consider to be the best beach in Panama, I've had a lot of e-mails looking for more information. Punta Chame is the first white-sand beach... International Living Postcards. Learn to live better for less by expanding your world beyond U.S. shores.
Top Ski Town for an Alpine Pied-a-Terre
Where can you find a French city with an Italian feel to it, great infrastructure, property prices more than 50% lower than in Paris--and where you can be skiing or snowboarding in 20... International Living Postcards. Learn to live better for less by expanding your world beyond U.S. shores.
How to Become a Travel Writer and Enjoy Winter Sunshine
Shivering? Take up the travel writer’s life and you could be enjoying summer all year round. For example, I recently persuaded International Living to send me to Cyprus. A former British colony... International Living Postcards. Learn to live better for less by expanding your world beyond U.S. shores.
Ecuador Beach Property: A $50,000 Beach Condo
A $50,000 beach condo sounds too good to be true. Usually when things sound too good to be true, they are. Not this time. Guayaquil is Ecuador’s most populous city and is home to an international... International Living Postcards. Learn to live better for less by expanding your world beyond U.S. shores.
Best Winter Weather Right Now
“Oh the weather outside is frightful. But down here it’s so delightful…” Seriously. I can’t imagine better winter weather. And I take back all those things I said about the weather in Merida in... International Living Postcards. Learn to live better for less by expanding your world beyond U.S. shores.