Despite a growing interest in high-rise condominium towers and apartments among home buyers in Costa Rica, detached single-family residences are still preferred by 66 percent of house hunters. Such was one of the main findings of a research survey conducted by consulting firm Gutierrez and Gallardo and reported by Juan Pablo Arias of business weekly El Financiero.

 

It is important to note that the research study was mostly limited to the Central Valley, where the Greater San Jose Metropolitan Area (Spanish initials: GAM) is located. This is the most populous and prosperous region of Costa Rica, and it is home to thousands of expats. The consulting firm analyzed real estate activity in 262 subdivisions containing 29,905 homes.

 

Real Estate Statistics in Costa Rica

The study calculated the following average monthly sales:

 

Construction Lots	88
Single-family Residences	195
Apartments	147

 

 

The total GAM figures for 2013 were:

 

 

Construction Lots	1054
Single-family Residences	2342
Apartments	1054

 

 

Real estate activity climbed gradually from August 2012 to August 2013. Although The Costa Rica Star has published reports about an overall slowdown in the construction sector, demand for residential properties is still strong despite higher prices and strict mortgage lending guidelines. At the recent ExpoCasa 2014, for example, less than nine percent of homes cost less than $100,000. This means that only buyers who earn salaries higher than $2,000 per month are able to purchase new residential properties in the GAM.

 

At any given time, 42 percent of all properties in the GAM are listed as available and accepting bids; however, this does not guarantee a quick sell. Sellers in Costa Rica are often known to be unyielding when it comes to selling seasoned properties in attractive neighborhoods. To this effect, developers and home builders are opting to compete by extending residential sprawl by means of gated communities in places such as La Guacima, La Garita and Grecia, all located in the province of Alajuela.