Prices begin to rise even though many of the condos are vacant.

The evacuation of more than 50 condominium units , aimed at second home to cost Americans over $ 750 000 , is almost 75 % of the inventory that is in Guanacaste.

This situation has frozen a business that generated more money to developers of homes between 2005 and 2008 , inclusive.

An inventory of about 7,500 complexes that meet that profile , about 5,600 are unemployed , according to a survey conducted by the firm Colliers.

Although the picture has been gray , few developers and retailers dropped the price of residential units, on the contrary , have increased in value with the first signs of economic recovery this year.

“The real estate investor who developed these tried to maintain prices.

In the worst case , what he did was to hire , “said Randall Allen , an analyst at MerBrand .

So the real estate market analysts believe the real impact of the crisis in the economy of the province was deeper than admitted.

Even consider selling prices should be below the current market to rise.

” For the type of buyer to be present , we expect that there stock up for about 24 months . That’s where comes the opportunity to add new inventory and stalled projects can get the drive to recover , “explained Carlos Robles, NAI Costa Rica.

The survey conducted by Colliers found that only one in ten employers continued developments. One case is that of Hacienda Pinilla , in view of the restrictions on banks , took its own financing to buyers.

In fact many of the owners of these properties had their blood pressure over credit , chose to rent part of the condominiums, said Alvarado.

For now, banks have closed the key to credit for the construction of new projects of this nature , Americans are buying and not developers left with unmanageable debts .

Although the movement of tourism has improved in recent months, the interest of foreigners to buy second homes is low.
A major source of customers for condos is tourism itself . Previously, people came to the country , were concerned and real estate agents that sale generated .

Currently those who are thinking of renting a condominium for a specified period , but do not purchase investment that was once common.

“The truth , the work is very low. Almost need a miracle to realize sales, now only allows vacation rental condos , “said Johann Rojas, who was broker of a firm that disappeared before the downturn .

Recognizes that the relationship with banks is difficult, because they are not lending to anyone and take many precautions . This by the large amount of inventory , and that despite this , the real estate prices are adjusted downwards , which would pose a risk of default.

Another problem we have is the developers who had to completely abort the construction of buildings, or who just came to the earth moving phase .

The real estate industry was not ready to enter into contracts providing effective assurance of compliance before a market collapse and the suffering .
“It’s a very serious problem , because we have found that the vast majority of these developers have neither the assets nor sufficient liquidity to cope with the obligations undertaken in the early stages of their projects, “said Alejandro Martinez of RE & B Attorneys firm .

possible resolution mechanisms are conciliation , arbitration or legal process. Arbitration is the one who has had greater acceptance, because it is a much more expeditious way to reach an agreement.

First-stage investment exceeds $ 15 million
Funding will be provided by development partners, private institutions and banks.

In a few days will start at full speed the construction of the first phase of the Guanacaste based Cima Hospital, which will have an initial investment in excess of $ 15 million.
Originally the work was scheduled to begin early this year, but obtaining permits took a little startup.
The initial phase will include a tower of 40 medical offices and shops, with an area of 220 thousand square meters. The project involves the building of six additional stages.
During the construction period will create 420 direct and indirect jobs, while it is estimated that the operation of the medical center will need 270 people.
Financing of the works will be done mixed, where development partners involved, private investors and commercial banks.
“Guanacaste is one of the areas with greater investment in tourism in this country and product the hospital decided to build its second center in this province,” said Arden Bennett, CEO of Cima San Jose Hospital.
Also, due to a process of expansion of the company Consorcio International Hospital, Medical Center Administrator, in Costa Rica and other locations.
Another factor that influenced the construction of a second venue in the country is perceived boom in medical tourism, because more affordable cost compared to other countries.
The hospital is in the Canton of Carrillo, Guanacaste, near Daniel Oduber airport and the city of Liberia; product of its location, this project has all the attributes and elements needed to become a vital work for the region, said Bennet.
Guanacaste Cima Hospital will offer a private health center with all services provided by the hospital, including a helipad that will transport patients from the San Jose headquarters if necessary.
The target market is the older population, especially foreigners, from the United States, as this segment has become a good source of income, because many of these people are looking outside their country where they can receive medical help tourist destinations and enjoy.
“These kinds of communities emerge in response to both domestic and foreign looking for a place that offers all services and amenities to fully live into adulthood,” said Richard Lamb, Marketing Manager of the company hospital.
Last year alone approximately 200 000 Americans traveled to the region to be medical treatment, a figure that would rise to about 600 thousand in 2011, according to estimates from Cima Hospital.

Real Estate House tries to stop land speculation with rules

In Guanacaste, the land prices are still high, so high that the real estate business is not taking off as realtors waiting to happen after the hardest stage of the economic crisis last year.

For example, in Tamarindo square meter in 2007 was $ 1,000, is now at $ 600. In Potrero beach went from $ 800 to $ 500 and $ 1,000 El Coco and $ 750.

Hotels, real estate brokers and developers polled by EF argue that apart from the cessation of investment, reduction of entry for tourists and discourage the sale of property, the crisis revealed the vast extent an old problem: the speculation.
The broker Nowalski Annette, who works in the Guanacaste area, estimated that the bomb caused the shooting real estate prices began a decade ago.

Aware of this situation, the Costa Rican Chamber of Realtors (CCBR) seized the opportunity last year to issue an internal regulation between partners in order to avoid surcharges.

For Jose Francisco Barquero, executive director of the House, the result was achieved by sharpening business.
Barquero acknowledges that before the new regulations, some owner-speculative-unaware of the situation were affected by the premium they had their land. Were also affected investors who paid a higher amount.

Now, brokers House members must sign an authorization for sale with the owner, through which fixes the value and takes away any possibility of speculation.

“Some people who worked as brokers left the area or moved to other regions, but gradually normalize the market,” said Boatman.

Before this law, be real estate broker was very easy Nowalski said. The little professionalism was provided for the disorder and price manipulation.

“Today we have a law that helps regulate the brokerage, giving an adjustment to prices, making them more real and operated by true connoisseurs of this profession,” he said.

“Brake the abuse?

Many applaud the initiative but know that we must wait to see the real impact.

For example, Mauricio Cespedes, executive director of the National Chamber of Tourism (Canatur), believes the crisis themselves a bit cleaned up and corrected the brokerage market, but the effects of this process when the housing market will be revived, kinds not yet the case.

For others, at this time is a kind of screen that inhibits re-appropriate and fair levels in the housing market.
One is Alberto Salas Roiz, architect, planner and tourism consultant.

30%
Low cost housing for middle class in the U.S. housing market.
40%
Drop in prices for some condos in Tamarindo and Flamingo.
2009
This year was almost zero levels of real estate transactions in Guanacaste.

10
years ago would have begun to generate a pump housing which caused premiums.

He believes that after the crisis, property prices did not fall nowhere near the proportions who experienced the real estate market in the U.S., where there was as low as 30% in middle class housing.

In Costa Rica, Chambers continued, rather it gives a kind of freeze prices in condos, homes and land.

Particularly on the coasts, many of the condos that failed to sell before the crisis, became the mode rental pools as output from the developers to avoid bankruptcy, said Chambers.

Rental pools allows owners of real estate offers units for rent to others for short or long stays.

However, this method causes a kind of unfair competition with hotel rooms which by their nature, they should pay all taxes.

“This is evident in places like Tamarindo, Flamingo and El Coco,” said Chambers.

Low turnover

Franck Viale, Realtor of Century XXI in Guanacaste, is confident that the housing market in this region finally show positive signs after the crisis, but he also knows that is not yet time to smile.

“In 2009 we came to a near zero level of property transactions, was interested but was more curiosity than real desire to buy. We are seeing a resumption of that investor interest but remains difficult to make a transaction, “said Viale.

That pessimistic position is shared by another racer, Tomas Fernandez.

For him, the first half left a feeling of dissatisfaction for the brokerage market, and know the reasons: this is the year for business growth and that is where investments are concentrated.

In fact, the popular high season for real estate transaction is over, which means that for this year is difficult to improve the outlook.

To make matters worse, the U.S. crisis now joined Europe, which for Fernández means that this market is not investing in public lands.

The low cost of properties in Guanacaste has been presented but in isolation. It is then possible to establish a trend.
Canatur’s position is that no shortage of buyers, the changes are invalid because they may present a distorted reality.
The same view Viale, of Century XXI.

For him, only those who have a real need to sell, act creatively according to the new conditions.

These people, he said, cascading down prices, use additional tools such as financing (the actual owner) and adapt well to the market, ie if the client requires tight spaces, that’s what it offers.

“The rest of the people are the hope of a new boom to negotiate real estate property, “he said.

No doubt you have to wait and see what happens to the property market in Guanacaste. People living in this business knows that the price correction is not the only way to reactivate the economy in the area.

Beyond the value

The revival estate in Guanacaste depends on:
1
Order territorial but more comprehensive regulatory plans updated and modern.
2
Clarity with the type of sustainable development is wanted. Example: Solution to Marine Park where the Leatherback.
3
Definition the future of Aqueduct Sardinal (private) to reassure investors.
4
Tourism doctor may be a window of opportunity for the area, but it must be affordable.
5
Income: Investment, tourism, tourism and a good image in the international market.

Source Brokers consulted.

When I want to unwind and unplug at the beach I head for Nosara. The feel of this seaside town is relaxed yet upscale, and has some pleasantly familiar tones for a California native like me that echo holistically oriented communities like Santa Cruz, for example. At the same time, it is uniquely Costa Rican with a Guanacasteco flair.

Nosara is part of the proudly independent Guanacaste Province, that was once part of Nicaragua. The focus on wellness is represented well and genuinely in what the area is best known for: surfing and yoga. You dont need to partake of these, however, to completely enjoy and appreciate your Nosara vacation. Thankfully not too many people know about Nosara yet, and I am hoping that this unspoiled gem can stay low key for a long while to come. The town is 40 miles from the nearest paved road, and boasts some of the most beautiful beaches in all of Costa Rica. What I really appreciate is the strong sense of community and the commitment to keeping Nosaras water and environment healthy and clean. The Nosara Civic Association was established to represent the interests of the people living in the region in a sustainable way. The community is inviting to locals and foreigners alike, and I simply just feel at ease whenever I visit. Pura Vida is alive and well in Nosara!

My family and I especially enjoy the Harmony Hotel on Playa Guiones:

The ambiance, the caring staff, and the sustainable practices pull it all together in an elegant, yet relaxed environment that leaves all of us refreshed and recharged after every visit.

The cuisine is a natural extension of the focus on health and wellness, with many vegetarian options, no red meat, and plenty of organic fruits and vegetables, as well as just-caught-fresh fish and seafood.

The juice bar has many inventive concoctions including both beverages such as Ginger Lassi (Indian yogurt drink), and fun vegetarian appetizers such as coconut-lime ceviche-delicious! Reflecting a harmonious way of living, the kitchen uses organic ingredients whenever possible.

The rooms are natural, roomy and very private with a great indoor/outdoor feel. One of the best kept secrets is the Harmony House. It is a 3 bedroom, 3 bathroom beauty and simply elegant.

The open kitchen, dining and sitting area open onto an expansive patio boasting the best views in Nosara. You can check the surf on Guiones below, while floating in the infinity pool. We stayed with family and had an incredible time.

The Harmony staff even offered to shop for our family dinner we insisted on cooking together in the fully equipped kitchen. It is the best of both worlds: a private beach house , fully equipped and with all the amenities of a hotel. Perfect for families up to 6. The natural wood and crisp white linens work well and the amenities include organic products locally made for you to enjoy during your stay.

The pools are easy on the skin, leaving no harsh chemical burn because the treatment is done with salt water instead of chlorine.

The spa is wonderfully appointed with tantalizing services including a chocolate wrap, using organic cacao and coconut oil.

The coffee rub is amazing and invigorating with great anti-oxidant effect.

The spa also uses organic ingredients as much as possible, for example insisting on organic coffee beans only for the coffee rub from a local family producer.

There are yoga classes overlooking a pond with lotus blossoms, a natural juice bar, ping pong table, and great little store with art supplies, books and many other gems.

The very short stroll to the beach will reveal the long, pristine Playa Guiones with surfing, boogie boarding and a private palapa (with attendant) where you may leave your belongings while you frolic in the sea.

There are many local tours and activities to choose from in addition to the very popular surfing, boogie boarding, yoga and spa treatments. These include kayaking the Rio Garza, Rio Montana, or Rio Nosara, ocean kayaking, bird watching, waterfall hike, Ostional Turtle Nesting, canopy tours, horseback riding, estuary boat tours, among others. One of the best natural highlights is the Lagarta Lodge Biological Reserve Tour, which is very near to the Harmony Hotel. The private reserve is 125 acres along the Nosara river mangroves boasting an abundance of plants and animals including herons, waders, seabirds, motmots, monkeys, coatis, armadillos, anteaters, crabs, iguanas and many others. The best time for animal activity is early morning, and after the tour it is a wonderful option to enjoy the breakfast buffet at the Lagarta Lodge with a lovely ocean view.

Some other highlights include the local eatery/bar/bakery called Cafe de Paris. This is a great spot, right in the heart of town, with a wonderfully diverse menu, yummy bakery and extensive beverage selection. You will find unique German and Belgian beer, along with many tropical drinks, and eclectic international wines. The Black Sheep Pub up in the Nosara hills is a fun place with a great view and vibe. Strolling through the surf shops and boutiques in town, you will find an old fashioned ice cream shop with giant waffle cones and a super wide variety of flavors. You will meet locals, North Americans, Europeans, South Americans all in a very enjoyable, easy setting. If you want to unplug and unwind, with a focus on well-being, you will love Nosara, too.

Don’t forget to visit the different towns of this country by car rental Costa Rica, which has a lot to offer to foreign visitors.

According to statistics from the Federación Costarricense de Pesca Tourism (Fecopt) last year fishing attracted 85,636 tourists the country. These figures show a recovery of 12% compared to 2008.

Mario Gutierrez, Bacardi brand manager for event sponsors and partners reported that was scheduled to everything is done in full respect to marine resources, the environment and the care of participants.

The Presidential Challenge is considered one of the most important tournaments worldwide in its category. The event meets annually to athletes and foreign experts in sport fishing in Costa Rica.

Real estate sector size works redefined or postponed start of construction

Imagine a car on a six-lane highway going 120 kilometers per hour. Suddenly, there is a bumpy unpaved road, where the car must slow down to 20 miles if you want to reach their destination.

This metaphor shows the behavior somehow he has had in the past two years the real estate development in Guanacaste went from an accelerated process of construction and real estate deals, a caution period and deceleration.

Some examples illustrate this reality.

Raccoon Group is a powerful real estate consortium led by Carlos Arroyo.

For 2006, designed an ambitious tourism project, commercial and residential in El Coco, Carrillo and Playa Hermosa, involving an estimated investment of over $ 2,800 million and designed to run 20 years.

Currently, following the global crisis, dropped the throttle and focuses on advancing only those proposals where contracts with buyers are secure.

Its corporate area president, Francisco Alvarado, acknowledges that the group has had problems with customers not paying the contract of sale, were rescinded.

“These foreigners who bought five or six properties and had trouble raising money. In addition, new buyers are not coming and that generates a strong pressure on cash flow, “he said.

In this area of  Costa Rica, said Francisco Barquero, executive director of the Costa Rican Chamber of Real Estate is most noticeable cessation of works, unfinished buildings and other earning or auctioned.

Such is the case of an estate of 45 hectares which acquired the firm rivalry Development in Royal beach, near Conchal and which, because of the crisis, is being sold by HSBC in the amount of $ 12 million.

Jorge Rivera said he and his partner Alykhan Dhanani acquired two properties: a nine-acre waterfront, where Bella Collina will develop the project, and then another in the back 45 acres.

In his words, reached an agreement with the bank before falling to the costs of the auction, were offered the option to repurchase. That is, if unable to obtain resources rivalry, buy back that land.

In another area, the group plans to develop, at an estimated period of 12 months for an investment houses about $ 80 million and will include four towers with 35 apartments, plus 14 lots and 140 condos.

According to Rivera, it is in negotiations with groups of foreign investors who can develop the work.

In neutral

15% -20%
Percentage those condominium developers must adjust selling prices.

18-24
Guanacaste take months as an ecotourism destination and luxury demand recover.

85%
Beautiful houses for GTU Developments Sea sold: 15 in 2009, 6 have to sell.

The Pillars project, designed to operate shops and offices near the airport in Liberia, was also beaten by the crisis.

Its developers, Sigma Group, decided to postpone it and define whether or not reactive middle of this year, representatives said Philip Seidner.

Lands Rocha’s case is similar. It was initially conceptualized to build luxury homes on 5,000 square meter property, close to Papagayo, in Cabuyal beach.

Before the crisis, the development firm Deguna SA sought out real estate experts who applauded the advantages price / area of construction, location and amenities offered.

Since the crisis over, these same real estate companies suggested offering other products such as golf courses, malls andboutiques exclusive.

“Conditions that our project for his concept of natural environment, quiet and green are incompatible,” said Antonio Gutierrez Deguna partner.

The result was that Rocha Lands stopped waiting for a better behavior of the real estate environment.

It is now being restructured, incorporating smaller models and lower price.

Nor have they started construction Punta Cacique, owned by the famous Steve Case, Andre Agassi and Steffi Graf. The same goes for hotels, Hyatt Regency and residential projects Azulera Valicy Hermosa, Flamingo Joy and Lobster Naturalia.

Monte del Barco also paused. Its owner, Aldesa Investment Funds, reorganized the financial plan in late 2008, slowed construction and delayed the golf course to reduce borrowing requirements.

Lanzo Luconi, director of the fund, said that last June reached $ 35 million credit for the Central American Bank for Economic Integration, which is still pending approval from two banks that participate in the syndicated loan.

Meanwhile, advanced with some works and procedures, managed to sell a parcel to build condominiums, which sell international brokerage firm already contracted.

Also signed the contract with Park Hyatt to operate a hotel and “is restructuring its financing with a global investment bank that was hired last September,” said Marcela Fernandez, director of 4D real estate developer.

This year will be the main infrastructure and structuring the financing of the hotel.

In the canton of Santa Cruz, at least 22 construction projects are stalled for amparo brought by environmental advocacy organizations and communities claiming lack of water.

The mayor, Jorge Enrique Chavarria, estimated that the canton is losing $ 600 million and thousands of jobs. He expects new projects and the resolution of the conflict, reenable the area.

New investments

The housing sector of Guanacaste heard of new works.

Second hotel: The RIU chain has environmental endorsement for second hotel (Palace) but expected market performance.

Canyon Ranch: Get permits for luxury homes for retirement and rest in Santa Cruz.

Estimated investment $ 400 million.

Raccoon: Proceeds with its Tropical, Rock Del Sol, Suite Dreams and Pura Vida. Others remain on hold.

In Bagaces: Welness Alianto opened some of its complex services: clinical holistic, indigenous medicine and spas. $5 million.

Hyatt: Signed agreement to manage Andaz hotel in Papagayo will open in 2013, will have 150 rooms.

In 1994 the World Heritage Committee launched a world-wide search for areas that needed to be preserved due to their cultural or natural diversity of outstanding value. The area in Guanacaste that was chosen is in the northwestern part of Costa Rica, including Santa Rosa, Guanacaste, Rincón de la Vieja National Parks and the Junquillal Bay Wildlife Refuge.

These areas contain important natural habitats to support the diverse species, including one of the best dry forest habitats from Central America to northern Mexico. It is a vital habitat for endangered animal species including the Saltwater Crocodile, False Vampire Bat, Leatherback Sea Turtle, Jaguar, Jabiru Stork, Mangrove Hummingbird and threatened plants, including Mahogany, Guayacan Real and five species of rare cacti and bromeliads. The area also contains an estimated 230,000 species of terrestrial and freshwater organisms, which totals approximately 65 percent of the total species in Costa Rica. Scientists, worldwide, come to Guanacaste to research its unique properties and rare ecosystems and it’s a place easy to reach by car rental Costa Rica.

The vegetation is extremely rare due to the high quantities of nickel and magnesium. The weather systems are also unique to this area, and have resulted in abnormally cold water that has created newly discovered coral reefs. Some of these reefs contained fossils that were 80 to 100 million years old.

Cocos Island National Park is also included in the World Heritage Site designation because it provides a vital habitat for marine wildlife. The park is a famous dive site for viewing large marine species such as sharks, rays, tuna and dolphins. It also remains the only island in the tropical eastern pacific with a tropical rainforest.

Preserving this area has resulted in a balancing act between the Ministry of Environment and the tourism and fishery trades. They have finally completed an agreement that allows dive boats and local fishermen limited access to the area. This privilege is accompanied with a strict set of rules and may be discontinued at any time.

Costa Rica is unique in that the government and the people have a sincere interest in preserving the environment.

Weak improvement is expected in the first half.

Grows possibility of migration to the Central Valley to lack of jobs in the north.

Not many months ago, the beaches of the North Pacific were synonymous with boom and a host of opportunities. The pressure to homes, the listing of tourist sites in the province and the need for new services Guanacaste eventually push a jewel in the region.

However, the situation changed last year. In general, it is estimated that the activity fell 15% in terms of hotel occupancy levels, revenue from the airport Daniel Oduber and sales for retailers.

Therefore, the development was funded by the region’s attractiveness to foreign tourists stopped. The need for more houses and rooms in the hotel construction slowed, the lack of tourists generated by addressing redundancies and lost its trade customers.

The foreign visitor economy moving, and without him was not warranted growth. Last year, the Daniel Oduber airport admitted nearly 50 thousand people less than in 2008, according to data handled by the Guanacaste Chamber of Tourism (Caturgua).

This deficit could not be covered by domestic tourism because their stays are shorter and spend less. Therefore, despite promotions aimed at reducing price or offer an added value to the statistics, the industry has suffered.

“I would say that overall activity had a 15% lower in occupations. We see similar percentages in the number of passengers entering the airport Daniel Oduber and other tourism-related activities, estimated Mauricio Cespedes, CEO of Caturgua.

The second shot took him in important real estate due to excess of developments that were in the process, and lack of demand today.
“We can not say that all projects are being held but would be a little more than nine out of ten who were suspended,” admitted Carlos Robles, consultant Nai Commercial Real Estate Real Estate Services.

Some developments undertaken by large flags hotels like the Hyatt, Rosewood, Mandarin Oriental, Viceroy and Westing are paralyzed, he added.

However, keep licenses up to date and some of them could resume work in mid-2010, provided they get the funding.

In some cases it’s easier because they have a strong group of investors back, but for now do not have the support of banks.

A draft also has cost them opened. For example, Marina Papagayo opened with its first stage, but the operation does not take off.
This stopped other trade initiatives that were intended to provide services to these complexes.

One is the case of Pacific Plaza, a project that initially was designed to integrate the business with residential. The first phase was inaugurated, but the residential is stopped.

“Currently sales are slow. What is coming is the complete inventory, priced between $ 250 thousand and $ 750 thousand, but buyers take advantage of the need to ask a good offer, “said Robles, consultant Nai Real Estate.

Looking ahead, the available inventory of completed properties is sufficient for about 18 months but in the case of residential projects in gray work, times even extend to about 30 months.

In terms of production has also been difficult. Specifically in the agricultural field losses were reduced by the weather the winter season, affecting crops such as rice, melons and livestock.

Del Oro, Terrapez and melons from Costa Rica are the three strongest in terms of exports, and because of the unfavorable position in international markets have also failed to sustain their expansions generate sales or to absorb staff who lost jobs in other areas.

Even last year, exports of melons and fruit juices showed a drop of 17% and 19%, reflected in the statistics published by the Foreign Trade Promotion.

For the short term, the circumstances do not change abruptly. While it looks a bit more movement, the fact is that foreign tourists have not come in sufficient quantity to sustain the economy Guanacaste.

First package of works to be financed with IDB loan ready to go to Congress.

Future depends on the Congress Program.

Five provinces would be favored with the first package of road projects to be undertaken with $ 850 million loan granted by the Inter-American Development Bank (IDB).

These are Guanacaste, Heredia, Alajuela, Cartago and San José, according to the road development plan announced by the Executive.

It is estimated that the first road program, which includes an investment of $ 300 million, would come to the Legislature next week.

The implementation of the plan depends on the approval of Members.

The expansion to four lanes of the North American, in the 54 miles that divide Canas Liberia, Guanacaste, is the major work that was included in this package, the $ 150 million allocated to implement it.

For Alajuela, is planning to build access roads to the new road to San Carlos. The plan envisages the construction of the passage between the Interamerican Highway to siphon San Ramon, and another between Florence and Ciudad Quesada for a cost of $ 45 million.

The agenda also includes work to expedite the transition to Heredia, proposing the construction of a tunnel on the road that goes from the bridge John Paul II to the company Pozuelo and expansion to four lanes until Gardens of Remembrance, including the bridge over the river Virilla.

Also been allocated funding for the studies to expand three-lane road from Paradise to Turrialba.

Capital was raised for the construction of the underpass at the roundabout of the “Guacamaya” and the elaboration of studies for completion of the latest installment of the ring road.

The provision for expanding the road network was promoted by the Executive.

But despite that Members approved the loan quickly, at the request of the Government of Costa Rica; the latter was delayed five months in the making of the first package of works that develop due to errors in the process.

The Government’s expectation is that the adoption of the agenda is quick road to make up some projects before the end of this administration, said Marco Vargas, Minister of Public Works.