• Costa Rica Real Estate

Construction and Housing Expo will offer homes to the public

December 11, 2017

Real estate developers and other trade professionals will be offering housing to the public for as little as $45,000 or as much as $1 million at the 2016 Construction and Housing Expo, which begins Wednesday in Belén.

Sponsored by the Costa Rican Chamber of Construction, ExpoConstrucción y Vivienda 2016 takes place Feb. 17-21 at the Pedregal Events Center in Belén, Heredia. Sessions are free on Wednesday; ₡1,000 on Thursday and Friday; and ₡2,000 on Saturday and Sunday.

The expo brings together industry professionals including architects, engineers, designers, developers, builders, contractors and other construction experts.

Last year’s event was attended by more than 42,000 visitors. This year’s event will bring together a total of 210 companies, including 78 real estate developers.

The expo will also host 14 banks, including Davivienda, Scotiabank, BAC San José and Banco de Costa Rica. Mortgage loans will be offered at an average rate of 7.5 percent in dollars and 9.5 percent in colones. Credit conditions will vary depending on the purchaser’s credit history.

The expo runs Wednesday through Sunday.

If you’re interested in purchasing housing, the Costa Rican Chamber of Construction recommends that you follow these guidelines when considering the purchase of new housing projects:

• Check the registration of the company and authorization of the project at the Ministry of Economy (MEIC).

• If you’re interested in a housing project that is not yet completed, and will be delivered in the future, ask the company if it is duly registered with the MEIC and if the sales projections are authorized by the MEIC.

• Know which development company is involved and where it’s located.

• Ask for written proof of the current status of building permits.

• Find out if the development and/or building plan has been approved by the Association of Engineers and Architects (CFIA).

• Also find out if the project has been approved by the local municipality.

What is the status of the project? 

• Inquire about the timetable for completion and see if the project will be built in phases.

• Look for information about the construction company.

• Ask about what other projects the developer has completed.

• Verify the location of the building site and visit the site to check on the progress.

• Find out who owns the land where the project is being developed.

Terms and conditions of purchase

• Completely review the purchase contract before signing.

• Inquire to see if there are defined deadlines, payments, additional costs for modifications or changes.

• Look into how the payments for reservations are structured and/or advances are made.

• Find out when the developer will transfer ownership once your purchase has been formalized.

Financing your purchase

• Investigate the project to see if it is on the SUGEF list of approved or problematic developers.

• Check to see if financing options are available.

• Ask about what credit conditions and restrictions apply to the purchaser.

• Inquire about what costs are associated with the monthly obligations of each owner.

For more info: http://www.construccion.co.cr/expoconstruccion/

Tom Rosenberger has lived and worked in Belén, Costa Rica, for 23 years, inspecting land, homes, condominiums and commercial buildings for clients who want to purchase existing property or build new construction in Costa Rica.  Contact him at tom@CostaRicaHomeBuilder.com.

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