Costa Rica Real Estate Investors against new environmental law

The Supreme Electoral Tribunal (TSE) of Costa Rica has approved a law which allows the Costa Rica Environment and Energy protection agency (Minae) to stop any real estate development in Costa Rica which puts Costa Rica wildlife, or the environment at risk. News of the new law has real estate developers, investors and local business owners concerned. Costa Rica Real Estate news reports.

Under the new law, real estate development — commercial or residential — can be stopped if someone finds damages to the environment. A request to stop construction can be done by anyone, through the Costa Rica Environment and Energy protection agency (Minae), with signatures of at least 10% of registered voters of the city where the construction in question is located.

Minae would be the entity responsible for convening the popular election to the Supreme Electoral Tribunal (TSE).

Real Estate insiders in Costa Rica immediately expressed their opposition to the new law, saying the law can result in numerous investors looking for alternatives to Costa Rica, such as near by Panama.