• Costa Rica Real Estate

What’s behind the high-rise construction boom in Costa Rica

October 24, 2017

High-rises like Latitude Los Yoses, a 25-story residential tower under construction in Los Yoses, are sprouting up all over the Central Valley.

Between April 2014 and March 2015, there was a 30 percent increase in the amount of space approved for construction of buildings taller than five stories in the Greater Metropolitan Area, according to the Costa Rican Chamber of Construction.

José Salinas, head of the group behind Latitude Los Yoses, said Costa Ricans are starting to see the pitfalls of residential sprawl, including long commutes, and are turning to high-rise living close to their jobs.

“We wouldn’t be building them if people weren’t buying them,” he said.

High-rise towers are also sprouting up for commercial space, including Torre 40 in Paseo Colón, which will be the tallest building in Costa Rica. But some experts, noting a 15 percent vacancy rate in commercial real estate in San José, question whether the growth is too much, too fast.

Read the full story in News.

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