According to the Banco Central de Costa Rica (the main banking entity in Costa Rica) the country has officially entered recession times and people should start taking stronger measures not to be affected by the financial crisis. This actually makes me proud of the country that has accepted as a citizen…while the United Estates fell hard in to recession Costa Rica financial status maintain itself floating nicely for a lot more time the financial entities in Costa Rica actually alert the citizens before hand, I wonder which is the developed country now?

 

Everything started actually this year when some of the biggest companies in Costa Rica started making small lay offs, some Guanacaste hotels did cut off some expenses but that was not an issue caused by the recession at all, it was just the beginning of the low season in tourism only, anyways Guanacaste beaches have always been one of the favorite tropical destinations so, I find it really hard to see them go down anytime soon.

 

I have actually been telling you that the real estate market in Guanacaste, well, in Costa Rica has been doing good on rentals mostly for the past few months, people are not getting home loans, and also some of them have been losing their homes, probably not as often as they are in USA but they are and investors are making money out of this everyday.

 

I really hope people listen to the recommendations the BCCR is giving, it would be really sad to see the beautiful people in Costa Rica struggle as much as the North Americans are right now, they had to see it coming so hopefully they will do ok.