Is the recession in the U.S. effecting the real estate markets in Panama and Costa Rica?
With the recent decline of the US dollar and increase of the British pound, the Euro and Canadian dollar, we expect to see homes sales from Americans slow down in 2008, with the increase of home sales coming from Canada, Europe, and as far away as Russia.
This is definitely going to be an interesting year for those buying and selling homes in Costa Rica, Panama and Mexico. It’s too soon to say how the year will end; however, we do expect to see overall home sales in Latin America to continue to grow along with another strong year of tourism during the ‘08-’09 peak season beginning this November.