The reasons why 12 projects were cancelled are diverse but include the financial crisis, which dried up sources of credit, the general decline in tourism activity and investment, as well as the tedious and slow procedures for obtaining the permits required.
The latter does not appear to have a short term solution, according to Ana Cristina Camacho Sandoval in her article for Elfinancierocr.com. Juan Carlos Ramos, president of the Costa Rican Chamber of Tourism says that, "at the beginning of June the Constitutional Court rejected a bill (no. 14836) to simplify procedures and create incentives for marinas and maritime piers. Magistrates found constitutional issues with one of the articles relating to local consultation... This third interruption affects Costa Rica's ability to compete in the marine tourism market."
The area of land in process for construction permits for new properties in the first quarter of this year decreased by 5% compared to the amount in the same period in 2013.
Of the total square meters processed with the Association of Engineers and Architects, the category showing the greatest reduction was trade buildings, which fell by 35% compared to the first quarter of 2013.
Investment is secured with a Deed of Trust, the investors get an expected 8% cash on cash return paid anually, Units investment $25,000. with minimum two units. Fast Growth Area. I have a PUD approved to build 48 townhouses on 6.8...