2016 was a difficult year for big real estate developments, and so, the expectancy for a better 2017 is high in the construction and real estate industry.

Costa Rican Central Bank expects that 2016 closes with a decline of 5.8% in the construction activities, however, it expects a growth of 4.2% for 2017.

A list of 67 private real estate projects (commercial, residential and industrial) that have already began or that are scheduled to begin the first months of this new year in the Great Metropolitan Area (GAM), according to Colliers International and Inmoinfo, show the forecast could be very close to reality.

Monica Castillo, director of Investigation and Technical Development of the Costa Rican Construction Chamber, explained that during 2016 the public and nonresidential construction decreased due to the financing of large developments such as the Reventazon Hydroelectric Plant and the City Mall in Alajuela.

Data provided by Colliers International and Inmoinfo show the development of 14 real estate commercial projects out of which 7 are already in progress and the other 7 are in process of completing all necessary procedures and formalities. These developments as a whole encompass 180,000 square meters and are concentrated mostly in the East and West of San Jose, followed by Heredia and Cartago.

Oxigeno, in San Francisco de Heredia, is one of the projects that stands out; along with Escazu Village in which there is an investment of over $100 million USD.

When it comes to industrial initiatives, there are 10 currently under construction and 10 more that will begin in 2017, the majority of them located in the province of Alajuela.

In this category, the biggest project is Green Valley with 97,000 square meters, located in Alajuela and which will operate as a free trade zone.

Meanwhile in the residential real estate area, there’s 33 projects coming, 2 which will be inaugurated, 16 under construction and 15 in process of getting all necessary permits.