The square meter price of construction for middle class housing decreased 2,1 percent (about 5000 colones) in the first quarter of 2016 compared with the last quarter of 2015. Back then the price was 300.000 colones and now stands at 295.000 colones by square meter.
That is what the Quarterly Economic Activity Index (ITAEC) points out, a report released by Central Bank of Costa Rica that takes into account data provided by the association of engineers and architects (CFIA).
The variations in construction prices are caused by lower international prices of raw materials, specifically by the reduction of products made of iron and steels.
The report also shows a reduction of 2,4 percent in the cost of social housing. The prices went down from 285.202 colones at the end of 2015 to 280.202 colones, in the first months of 2016.
Instead the urbanization models increased by 3,4 percent, from 25.288 up to 25.919 colones by square meter.
Experts claimed that lower costs of constructions materials and work force helped to increase offer of construction projects and these trends will go on the following months.