Source: El Financiero.
FOREIGN CAPITAL MOVES REAL ESTATE
The total of foreign investment has grown 27% from 2004 to 2005

Foreign investment is conditioning the development of the real estate sector and consequently the final consumer.  Five years ago the increase in investment reflected the participation of transnational companies that opened divisions in the country. The Central Bank of Costa Rica (BCCR) released a report this year titled “Estimated foreign investment directly going to real estate 2004- 2005”. The investigation was carried out by officials from the Area of Balance of Payments in the Monetary Department of the Bank. In this report the dynamism and injection of capital in this sector in the country was evident. According to the report, the total value of real estate acquired by foreigners in 2004 was approximately US$128,9 million and in 2005 US$147,1 million. These investments include land, houses, apartments, condominiums, farms and commercial properties.  This information was collected from the Public Register. The report also estimates that US$47,6 million and US$77,5 million correspond to the total value of building permits requested by foreigners from the respective  municipalities , for 2007and 2005 according to the National Institute of Statistics and Census.  These figures show that the total amount of foreign real estate investment for 2004 is US$176,5 million. In 2005 the figure reached US$224,5 million. According to estimations carried out by the officials who made the report, the amount of capital that went directly to the real estate sector from 2004 to 2005 by US$47,9 million, that is a 27% increase. Guanacaste, Puntarenas and San José in that order where the largest areas of investment, as much in construction as in acquisition of real estate by foreigners in  2004 and 2005. The report also concludes that direct foreign investment for the period analyzed, without including the real estate sector registered figures of US$617,3 million and  US$653,2 million, respectively  and the total amounts including the foreign real estate investment went up to US$793,9 million in 2004 and US$877,7 million in 2005.