Construction of Luxury Residential Complex Suspended
The Constitutional Chamber of Costa Rica accepted an appeal, effectively suspending the construction of the project by Las Catalinas Properties Holding Ltd.
Friday, August 3, 2012
The suit, lodged by Mr. Luis Carlos Sanchez and Robert Faris, denounced the use of well water without an authorized concession and tree felling of high value timber.
An environmental impact study has been presented for the construction and operation of a condominium containing 185 residential lots in the residential complex Nativa Resort in the Pacific of Costa Rica.
The increasing preference for residences in central areas of the capital is generating business opportunities for developers in areas which have not yet been exploited.
Most of the premium housing supply is located in the Eastern region of the metropolitan area, where spaces are offered measuring approximately 200 square meters and are priced from $150,000 upwards.
Demand for luxury properties in Panamanian coastal areas has grown and it is not unusual to end up paying up to $1,800 per square meter.
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