Luxury construction projects such as condos, villas and hotels increased 85% in 2005 along the northern Pacific coast, known for its tourist attractions, according to El Financiero.
Statistics from the Costa Rican Construction Chamber (CCC) indicate that in 2005, 596,791 square meters were constructed in the northwestern Guanacaste province, 85% more than the 306,654 square meters built in 2004.
Construction is going on mainly in beaches considered prime Guanacaste tourist destinations such as Conchal, Cocos, Flamingo, Tamarindo and Ocotal beaches and the Gulf of Papagayo.
The publication indicated that in Playa Conchal, famous for its white-sand beach, there are 27 condominiums and six villas being built and one hotel expanding its capacity by 120 rooms.
According to experts, the capital gain of properties in Guanacaste has grown between 40-60%.
For example, condos in Tamarindo can cost up to $466,500 and those in Flamingo run as much as $679,000.
Guanacaste is one of the provinces most visited by tourists in Costa Rica because of its culture, forests, beaches and the convenience of the DanielOduberInternationalAirport in Liberia, to which 48 flights arrive weekly.
Tourism is one of the main economic activities in Costa Rica; in 2005, an estimated 1.6 million tourists generated $1.5 billion.