Square Meters Under Construction: La Nacion
The number of square meters for building permits in the hotel industry, fell 62 percent last year, according to data from the Costa Rican Chamber of Construction (CCC). Figures provided by the Association of Engineers and Architects (CFIA) show that the total area of permits dropped from 126,036 m² between February 2012 and January 2013, to 47,515 m² between February 2013 and January 2014.
National Tourism Chamber (Canatur) attributes the reduction to consequences of an economic downtown, prolonged periods of low exchange rates for dollars, and a poor return on investment. Isabel Vargas, president of Canatur said that currently costs in Costa Rica are 20 percent to 25 percent percent higher than in Mexico and the Dominican Republic.
Although nationally tourism construction is down, the province of San Jose registered a 27 percent increase in the amount of square meters of construction. Substantial declines for tourism construction were seen in Puntarenas and Guanacaste.