The Coco Marina developed by the Asociacion para el Desarrollo de la Marina del Coco (ASODEMAC) has obtained the authorization to operate by CIMAT. Previously, SETENA aproved the environmental impact study so right now the project is just awaiting the approval by the Municipality of Carrillo in order to begin construction. This project will be the first Marina Concession in the Municipality of Carrillo and there are 2 more that are under the permits process (Guacamaya and Monte del Barco).
In Costa Rica, there is currently only a single operating Marina (Marriott Los Suenos in Playa Herradura) and two Marinas under construction (Bahia Escondia in Golfito and Marina Papagayo). Currently there are two more Marinas that have been approved (Marina Pez Vela in Quepos and Marina Guaitil in Playa Naranjo) and several others that are under the permits process (Flamingo, Puerto Viejo, Puerto Carrillo, Puertocito and Carara). The demand for Marinas in Costa Rica is very strong and this will bring a great deal of investment and employment opportunities for the local community.
Houston Airport Systems (HAS) has reached an agreement to purchase all of Alterra Partner´s shares and take over the ongoing renovation of the Juan Santamaria Airport. HAS is the current administrator of three airports in Houston, Texas which handles 58 Million passengers in 2007 and is considered as one of the United State´s most efficient and succesful airport administrator. This is great news for Costa Rica´s tourism industry as the new administrator is already working on getting financing from the Banco Centroamericano de Integracion (BCIE) and wishes to conclude the works to provide a high quality service.
The acquisition of the Alterra Partner´s shares is part of the HAS´s plans to expand into the Latin American region. HAS is currently finishing the renvoation project of a $620 Million airport in Quito, Ecuador in the Mariscal de Sucre Airport. The firm is also looking to invest in Colombia and New Dehli.
Avenida Escazu is the newest and most ambitious project to ever be developed in the capital city of Costa Rica, San Jose. This project was awarded as the Best Master Plan in Costa Rica in 2006 and is currently full under construction and promises to change Escazu´s booming lifestyle. A new access in between Escazu and the Prospero Fernandez highway and the intersection to the Costa Rica Country Club, creates a new central area destined to become a focal point of economic and social activities in the capital. The project´s Master Plan includes: a IMAX movie Theatre, the first Marriott Residence Inn outside of the US, office buildings, commercial space, a medical building, a health center and modern loft residences.
The prestigious Forbes Magazine has voted Tamarindo "Costa Rica´s Most Popular Beach". Tamarindo was voted among several other popular beaches mainly due to its great conditions for practicing sports such as surfing and having better facilities, including transportation. This is a great announcement for the Tamarindo community as they have been working hard in several projects and infrastructure improvements to develop more facilities, reestablish the beach´s lifeguard program, pave the town´s main access road and reinstate their recycling program. Other programas such as the fight against the dengue fever and beach cleanups promises great things for Tamarindo who recently lost their Blue Flag Award.
Tamarindo has attracted a large number of investments and businesses over the past few years. The availability of goods and services has increased dramatically which has contributed to an explosion of tourism, real estate development and increased population. We hope that this is a positive start to the revival of Costa Rica´s most attractive and special tourist town.
Rosewood Residences at Costa Carmel located in Zapotal, Guanacaste features a 110+ acres oceanfront property that will feature an 80 room Rosewood Hotel, Spa, Nature Laboratory & Environmental Center, Adventure Center, Beach Club, Infinity Edge Pools, Private Plunge Pools, Equestrian Center and Racquet Sports Center, Luxury Villas and 1 1/2 acre estate lots. The project is being developed by HPC Costa Carmel LTDA and project management is being performed by local Costa Rican firm Genesis Desarrolladores. The Resort is expected to be complete for 2010 and they will break ground in mid-2008.
This is one of several large scale projects planned in this area which includes a Ritz-Carlton and a proposed Canyon Ranch Resort. These projects and the Flamingo Marina will spark a new feeding frenzy for luxury condos, homes and residential lots in the area of Flamingo, Conchal, Prieta and Zapotal.
If you are interested in learning more about this project or wish to search for similar development properties in Costa Rica for a luxury project, please visit our website http://www.allexclusiverealty.com.
RIU Hotels has begun full construction of its new undertaking, a 5-star All Inclusive hotel built by the firm itself located on the oceanfront in the beautiful region of Matapalo, Guanacaste on Costa Rica's Northern Pacific Coast. The hotel will consist of a six-story building, with a total of 701 rooms, 35,000 m2 of lush tropical gardens, 4 restaurants, 5 bars, 2 large swimming pools, Spa, nightclub, conference center, boutique shops and high-speed Internet Access. The new RIU Hotel will be Costa Rica's largest and most ambitiuos Hotel project. This new development will fuel the increase in tourist arrivals and investment in the Guanacaste province.
The project is currently under development and will be finished in late 2009 according to RIU. RIU Hotel is a large Spanish Hotel company based in Madrid that owns and operates hotels across the globe in Mexico, Dominican Republic, Spain, Bahamas, Jamaica, Aruba, Cape Verde, Anfang, Bulgaria, Chipre, Cuba, Croatia, Malta, Morrocco, Tunez and the United States. The company is also a stakeholder of TUI Travel PLC, an international leisure company operating in over 180 countries and serving 30 million customers.
Wyndham Resorts has announced they have partnered with a local Costa Rica investment firm to develop a project in Jaco Beach called Wyndham Resort & Residences in Jaco Beach. The project will consist of two adjoined high-rise towers with a common lobby, 24 hour security, four modern elevators and high speed internet and cable in every unit. The common areas will house several pools, a Jacuzzi, a spa with a modern gymnasium, a beach club and a beach level restaurant. The 136 condo-hotel units will have top of the line quality finishes. The project also includes a new chic Rooftop Sunset Bar atop the Resort featuring breathtaking views of the Pacific Ocean. The bar will the first of its kind on the beaches of Costa Rica. A
The project’s developer Rica Costa Group is one of the most prestigious in Costa Rica and has developed such renowned international projects as: Solaris at Brickell, Valle del Tamarindo and Via Lindora, among others and Venetian Capital will lead the sales efforts.
Despite economic worries in main North American Markets, Costa Rica's tourism industry is still growing. Last year was unquestionably a year of growth for Costa Rica's tourism industry and the beginning of 2008 confirms consistency. International tourist arrivals registered at the Juan Santamaría International Airport (SJO) and Daniel Oduber Quirós (LIR) have showed a steady growth. According to the Insituto Costarricense de Turismo (ICT), 127,647 international visitors arrived by plane in January of 2008, marking a 13.7 percent over the same month of 2007.
Expansion began last year with U.S. and European airline companies including Spirit Airlines, Frontier, Champion Air, Sunwing Airlines, First Choice, Air Caraibes, and Air Comet flying across Costa Rican skies. Costa Rica closed 2007 with a total of 1.9 million international tourist arrivals, an 11.5 percent increase in comparison to 2006. Revenue generated by international tourists reached a historic high of US$1.9 billion, up US$300 million from last year.
In terms of investment, in 2007 Costa Rica received an estimated US$800 million in tourism investment; excluding investment in real estate development. Hilton, Marriott, Ritz Carlton, Rosewood, One & Only, RIU, Starwood and Wyndham are among some of the hotel chains that decided to invest in Costa Rica’s tourism industry.
These statistics prove that Costa Rica is still in demand for travelers as well as investors and real estate buyers. The real estate market continues to be strong with buyers seeking a more affordable and quality lifestyle for retirement and second homes.
The United Nations´ International Labor Organizaton (OIT) has listed Costa Rica as having the lowest unemployment rate in Latin America and the Caribbean at 4.8%. Costa Rica had an incredible drop from 6% to 4.8% in 12 months and beat out other bigger and stronger countries in Latin America such as Mexico (4.9%), Argentina (7.1%), Panama (7.7%) and Colombia (12.1%). This is an incredible achievement considering that Costa Rica has not approved their free trade agreement (CAFTA) with the U.S. and that its population is of approximately 4 million citizens. According to the OIT, many of the new jobs came from the real estate and tourism boom that resulted in an increase in construction and development.
Costa Rica was named this week as "Top Latin American Tourism Destination" by Travel Weekly during the Feria Internacional de Turismo (FITUR) in Madrid, Spain.
Travel Weekly awarded Costa Rica based on an annual survey among its 140,000 subscribers, among which the majority are actively involved in the U.S. tourism industry. The selection for the award considers 32 different categories and the readers selected Costa Rica as one of the easiest countries to sell and market among travelers in Central America and South America. The survey also pointed out the excellent climate conditions, its natural and adventure attractions, the availability of high quality and exotic lodging and the warm hospitality of its people. The award was received by Carlos Ricardo Benavides who is the current Tourism Minister of Costa Rica.
The organization of the Feria Internacional de Turismo (FITUR) in Madrid, Spain awards each year the best stand in the event. This year the award was won in the country category by the Instituto de Turismo Costarricense (ICT) due to its steller Costa Rica stand. The Costa Rica stand was "hands-down" the best one in the event according to voters and participants of the event. The ICT was heavily applauded by all while receiving the award due to its continuos excellent marketing campaign to promote the country. The award designation for the best stand is based on the exhibitor´s professionalism, design, communication and innovation.
This is another example of the excellent work that the ICT is peforming at the global stage in promoting our country as a leader in tourism. The ICT also recently announced that they would invest this year $14 Million in their marketing campaign which is twice as much as they invested during 2007. The ICT is aggresively trying to increase tourist arrivals to Costa Rica from 1.8 million to 2 million for this year and its focus is to attract more European travelers.
The 2008 Environmental Performance Index (EPI) managed by Yale and Columbia Universities announced at the World Economic Forum in Davos, Switzerland the top ten countries in the world for environmental protection. The top five ranking nations in the World were (1) Norway, (2) Sweden, (3) Switzerland, (4) Finland, and (5) Costa Rica (the U.S. placed 39th in this Index).
The EPI looks at success in environmental protection based on two objectives: reducing environmental stress on human health and promoting strong excosystems and sound natural resource management. The index measures a total of 25 indicators in six different areas: environmental health, air pollution, water, productive natural resources, biodiversity and habitat and climate change. Costa Rica came out #1 in several categories including: tackling air pollution, water stress, irrigation stress, land burning and improving forestry.
This award is a great achievement by Costa Rica whose policies have become a global example of protection of its biodiversity and continues to be a world leader in ecotourism.
In the past few years, Panama has become a magnet for large scale real estate developments due to its natural beauty, thriving banking industry, government incentives and premium infrastructure. This popular country in Central America is considered to be one of the current hottest real estate markets in the World with big time developers such as Donald Trump currently developing large scale high rise projects valued well over $260 Million in Panama City. The government´s tourism board has recently announced that their plan is to beat Costa Rica in tourist arrivals and become leaders in the Central American Tourism Industry which has lead some to claim that Panama is "the new Costa Rica". Panama has recently announced that it will expand the Panama Canal with a project valued at $5,250 Million Dollars and that will take approximately 7 years to complete. This project will attract large amounts of foreign capital, investors and companies that will improve considerably the economy and has positioned the country as a World leader in development and construction. In my opinion, even though Panama is one of the hottest real estate markets in the World and a strong contender, I don´t think that Panama will ever be "the new Costa Rica".
Unlike its neighbor in the South, Costa Rica´s tourism and real estate industry was born by the effort of small hotel owners, tourist operators, entrepreneurs and a visionarry government that have all worked hard together to promote tourism in Costa Rica, conserve the local culture, preserve the environment and developed the concept of "eco-tourism". This development has caused Costa Rica to have a more organic and natural development in which nature and culture are preserved among development. Panama´s trend is geared more towards the development of large mega projects similar to those found in North American and Asian cities in which high rises take over the sky lines. Even though Panama has better natural beauty and resources than Costa Rica, it is Costa Rica´s unique conservation laws, organic tourism industry, high quality workforce and world fame that makes it unlikely for Panama to be the new Costa Rica.
Will Panama attract more tourism than Costa Rica in the future? Definitely. This country is larger, has better infrastructure such as roads, airports and ports, it has better financing conditions and tax-free incentives. But the bottom line is that Panama is being developed just as Cancun, Puerto Vallarta, Miami and Acapulco among other destinations that feature similar conditions and will thus become typical. Costa Rica will continue to offer a unique experience of eco-tourism and its emphasis is towards quality not quantity. For example, just the Peninsula Papagayo project in Northern Guanacaste features an investment of about $750 Million and recently Steve Case has announced a new project in Playa Hermosa with a total investment of over $900 Million. The best news about all this is that all of these projects are geared towards low-density sustainable resorts that emphasize conservation of the environment among its guests.
This is why I believe that Costa Rica is better than Panama and will continue to be a leader in Central American Tourism.
Famous golf course architect Tom Doak will design the new Cacique del Mar golf course in Playa Hermosa, Guanacaste on the North Pacific Coast of Costa Rica. Tom Doak is the leader of "Renaissance Golf Designs" a world class Michigan-based firm which created the acclaimed Pacific Dunes Golf Course in Oregon for Chicago magnate Mike Keiser and the dramatic Cape Kidnappers Golf Course in New Zealand for Julian Robertson. Both seaside courses are ranked among the World´s top 100.
The site for this course will be across the road from the seaside Resort area and set entirely within a steep jungle bowl of ridges and deep valleys, with the resort perched well above it on one side so that nothing intrudes on the golf experience. This will be the first golf course for the Revolution Resort in Guanacaste and will feature a a much shorter front nine and a much more challenging back nine.
The $800-million resort will be built under the new Revolution Places division of Case's company. Revolution Places will create high-end developments that provide consumers with treasured and limited for-sale vacation real estate.
In order to create Cacique, Costa Rica, Case will bring together world-class brands to provide owners and guests with a broad range of experiences, services, amenities, and activities to suit their every desire. Cacique, Costa Rica will integrate prestigious partners including Doak's Renaissance Golf Design, One & Only Resorts, Mirval: Life in Balance Spa, Exclusive Resorts, and Agassi-Graf Tennis and Fitness Centers.
A group of Costa Rican and American investors named Grupo Caribeno Internacional S.A. is set to develop a $40 Million Marina in Playa Negra, Limon. The new Marina will feature 398 boat slips, commercial plaza, adminstration office, warehouses and an area exclusive for vessel maintenance and repair. The project is in the initial phase of permits and design with the Comisión Interinstitucional de Marinas y Atracaderos Turísticos (CIMAT) so it will probably take a year or more to begin construction. The developers estimate that approximately 2,000 job positions will be created and they claim to have a strong interest in protecting the natural environment.
This is the first Marina to be built in the Caribbean Coast and one of many Marinas that are planned to be built in Costa Rica in the next 3 years. The only active Marina in the country is located in Los Suenos Resort in Playa Herradura but there are 3 new marinas being built in Golfito, Quepos and Papagayo.