The US mortgage and liquidity crisis has hit Costa Rica’s once booming real estate market, with sales plummeting as buyers struggle to get financing for beachfront homes.

Hardest hit is the condominium market, with some realtors saying the number of sales could be down as much as 50 per cent on what they were three years ago.

“I would say even more than that, there is hardly anything going on,” said Jogi Gerner, a realtor with ABC in Tamarindo for the past ten years.

“The condominium market is one of the worst hit right now; there’s hardly anyone interested in condominiums,” he said. “There is too much on the market and demand is low.”

Realtors speak of condominium buildings lying empty, as potential buyers struggle to find financing for vacation homes in Costa Rica.