Released on: September 30, 2008, 1:50 pm

Press Release Author: Costa Rica Development Corporation

Industry: Real Estate

Press Release Summary:
The recent far-reaching slowdown of real estate sales and property investments has
affected many areas of the worldwide real estate market, but financial services in
Costa Rica geared towards investors and buyers from foreign countries, especially
the United States, are still being established in the country’s real estate “hot
spot” regions.

Press Release Body: The Central Pacific region, specifically the areas in and around
Jacό, has seen the greatest number of these new financial establishments.
Foreign investors and real estate buyers have welcomed these businesses and are
finding them to be an excellent alternative to the traditional Costa Rica banks for
their mortgage needs.

With a noticeable growth in popularity among investors, tourists, and retirees
during the past ten years, the Costa Rica real estate market is experiencing a trend
of increasing demand for residential mortgage financing, but the current worldwide
economic situation has led to fewer banks willing to lend money. Mortgage rates in
some areas have risen due to the combination of increased mortgage requests and the
decreased supply of mortgages available. The Costa Rica real estate market has seen
tremendous activity during the past few years, however, with more and more people
choosing Costa Rica as their investment opportunity, retirement home location, and
travel destination. With the current real estate and economic trends, non-Costa
Rican residents and investors are now finding it more difficult to secure mortgage
loans from traditional Costa Rican banks. To meet the continuing interest in Costa
Rica real estate, financial institutions aimed at foreign investors and buyers are
staking a claim in the financial services arena, and they are not having any
problems attracting customers.

Costa Rica’s banking network consists of the Central Bank of Costa Rica (Banco
Central de Costa Rica), which establishes the nation’s banking policies, and a
number of state-owned banks, commercial banks, finance companies, and savings and
loans corporations.

The General Supervisory Agency of Finance (SUGEF) is responsible for monitoring the
various financial businesses to ensure their compliance with the required banking
policies. In general, the state-owned financial institutions are conveniently
located in most Costa Rican towns, and they offer a full range of services for both
individuals and businesses. Many times, though, the service at these state-owned
banks can be slow due to the long lines of customers, and there is not always a
bilingual bank employee available to help translate for foreign customers.

The private banks and financial services companies in Costa Rica are popular with
foreign investors and real estate buyers because of the conveniences they offer.
These private financial institutions, particularly those specializing in mortgage
loans, have English-speaking staff to assist foreigners. The service at private
banks and mortgage businesses is usually quicker and more personalized than the
traditional Costa Rican banks because fewer customers use these institutions.
Private financial banks and mortgage businesses are linked with foreign banks for
greater ease in completing banking transactions. Some private mortgage services
employ financial professionals who have transferred from the United States. These
professionals are typically mortgage experts and bring a strong knowledge base of
the mortgage process to the private Costa Rican mortgage services businesses.

About CRDC: The Costa Rican Development Corporation (CRDC), a leader in today’s
Costa Rica real estate market, specializes in the design and development of luxury
residential communities. With an emphasis on total customer satisfaction, CRDC
guarantees quality and excellence in their stylish estate homes. CRDC’s current
developments are Cerro Fresco, Hermosa Highlands, Villas Altas, and Highland
Estates. For more information about Cerro Fresco, please visit www.cerrofresco.com



Costa Rican Development Corporation
Cerro Fresco Sales Center Atrium Corporate Plaza Escazu, Costa Rica
www.cerrofresco.com
Phone: US (800) 729-5212
CR (506) 2201-5250
info@cerrofresco.com
Contact: Bob Garcia
Office: (506) 2201-5250
(800) 729-5212


Web Site: http://www.cerrofresco.com/

Contact Details:
Costa Rican Development Corporation
Cerro Fresco Sales Center Atrium Corporate Plaza Escazu, Costa Rica
www.cerrofresco.com
Phone: US (800) 729-5212
CR (506) 2201-5250
info@cerrofresco.com
Contact: Bob Garcia
Office: (506) 2201-5250
(800) 729-5212