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Costa Rica’s Market Slowdown Does Not Affect Special Mortgage Services

10-01-2008 03:08 PM CET | Industry, Real Estate & Construction

Press release from: Costa Rican Development Corporation

/ PR Agency: SEM
Costa Rica’s Market Slowdown Does Not Affect Special Mortgage

The recent far-reaching slowdown of real estate sales and property investments has affected many areas of the worldwide real estate market, but financial services in Costa Rica geared towards investors and buyers from foreign countries, especially the United States, are still being established in the country’s real estate “hot spot” regions.

The Central Pacific region, specifically the areas in and around Jacό, has seen the greatest number of these new financial establishments. Foreign investors and real estate buyers have welcomed these businesses and are finding them to be an excellent alternative to the traditional Costa Rica banks for their mortgage needs.

With a noticeable growth in popularity among investors, tourists, and retirees during the past ten years, the Costa Rica real estate market is experiencing a trend of increasing demand for residential mortgage financing, but the current worldwide economic situation has led to fewer banks willing to lend money. Mortgage rates in some areas have risen due to the combination of increased mortgage requests and the decreased supply of mortgages available. The Costa Rica real estate market has seen tremendous activity during the past few years, however, with more and more people choosing Costa Rica as their investment opportunity, retirement home location, and travel destination. With the current real estate and economic trends, non-Costa Rican residents and investors are now finding it more difficult to secure mortgage loans from traditional Costa Rican banks. To meet the continuing interest in Costa Rica real estate, financial institutions aimed at foreign investors and buyers are staking a claim in the financial services arena, and they are not having any problems attracting customers.

Costa Rica’s banking network consists of the Central Bank of Costa Rica (Banco Central de Costa Rica), which establishes the nation’s banking policies, and a number of state-owned banks, commercial banks, finance companies, and savings and loans corporations.

The General Supervisory Agency of Finance (SUGEF) is responsible for monitoring the various financial businesses to ensure their compliance with the required banking policies. In general, the state-owned financial institutions are conveniently located in most Costa Rican towns, and they offer a full range of services for both individuals and businesses. Many times, though, the service at these state-owned banks can be slow due to the long lines of customers, and there is not always a bilingual bank employee available to help translate for foreign customers.

The private banks and financial services companies in Costa Rica are popular with foreign investors and real estate buyers because of the conveniences they offer. These private financial institutions, particularly those specializing in mortgage loans, have English-speaking staff to assist foreigners. The service at private banks and mortgage businesses is usually quicker and more personalized than the traditional Costa Rican banks because fewer customers use these institutions. Private financial banks and mortgage businesses are linked with foreign banks for greater ease in completing banking transactions. Some private mortgage services employ financial professionals who have transferred from the United States. These professionals are typically mortgage experts and bring a strong knowledge base of the mortgage process to the private Costa Rican mortgage services businesses.

About CRDC: The Costa Rican Development Corporation (CRDC), a leader in today’s Costa Rica real estate market, specializes in the design and development of luxury residential communities. With an emphasis on total customer satisfaction, CRDC guarantees quality and excellence in their stylish estate homes. CRDC’s current developments are Cerro Fresco, Hermosa Highlands, Villas Altas, and Highland Estates. For more information about Cerro Fresco, please visit www.cerrofresco.com

Costa Rican Development Corporation
Cerro Fresco Sales Center Atrium Corporate Plaza Escazu, Costa Rica
www.cerrofresco.com
Phone: US (800) 729-5212
CR (506) 2201-5250
info@cerrofresco.com
Contact: Bob Garcia
Office: (506) 2201-5250
(800) 729-5212

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