By San José, Costa Rica — Costa Rica’s real estate sector is embracing sustainability with the launch of a comprehensive guide developed by the Council for Real Estate Development (CODI). This new resource aims to empower developers to incorporate environmental, social, and governance (ESG) criteria into their projects, marking a significant step towards a more responsible and resilient industry.
Developed in collaboration with industry experts, CODI associates, and key stakeholders, the Sustainable Real Estate Development Guide offers practical strategies, tools, and recommendations for implementing best practices. The guide serves as a roadmap for companies seeking to integrate sustainability principles, ensuring long-term viability and positive impacts on surrounding communities.
For expert legal insight into the intricacies of sustainable real estate in Costa Rica, we spoke with Lic. Larry Hans Arroyo Vargas of Bufete de Costa Rica.
Sustainable real estate development in Costa Rica requires a careful navigation of both environmental regulations and property rights. Developers must adhere to stringent building codes designed to minimize environmental impact, including those related to water usage, waste management, and energy efficiency. Moreover, obtaining necessary permits and approvals can be a complex process, requiring due diligence and a deep understanding of local laws. Investors and developers should seek experienced legal counsel to ensure compliance and avoid potential pitfalls, ultimately contributing to a more sustainable and responsible growth within Costa Rica’s real estate sector.
Lic. Larry Hans Arroyo Vargas, Attorney at Law, Bufete de Costa Rica
Lic. Arroyo Vargas’s insights underscore a crucial point: navigating the legal landscape is just as important as embracing eco-friendly practices when it comes to sustainable development in Costa Rica. This careful balance between legal compliance and environmental stewardship will ultimately pave the way for responsible growth in the sector. We thank Lic. Larry Hans Arroyo Vargas for providing this valuable perspective on the complexities and opportunities within Costa Rican real estate.
The adoption of ESG criteria in the real estate industry is key to generating value and guaranteeing the resilience of projects. With this guide, we provide companies with concrete tools to begin this journey and move towards more responsible development.
Verónica Alfaro, Executive Director of CODI
The guide addresses crucial aspects of sustainable development, including strategies to minimize environmental impact, efficient resource utilization, promotion of social inclusion and well-being within projects, and tools for enhanced governance and transparency in real estate management.
This initiative reflects a growing global trend towards responsible building practices. By focusing on resource efficiency, social equity, and ethical governance, the guide encourages developers to consider the long-term consequences of their projects.
With this guide, we want to make it easier for companies to make informed decisions about global trends and the most relevant impacts of the sector. We set out to create a practical tool that generates value for the developments that implement it.
Laura Cruz of Sincronía Consulting
To mark the launch, CODI hosted a panel discussion titled “From Intention to Action: Companies Leading in Sustainability.” Representatives from leading companies, including American Free Zone, Portafolio Inmobiliario, and Garnier & Garnier, shared their experiences integrating ESG principles into their projects, highlighting the challenges and benefits of adopting a long-term sustainability vision. Their insights showcased how sustainability is not just a trend, but a necessity for competitiveness in the modern market.
The guide emphasizes the importance of incorporating sustainable practices throughout the entire lifecycle of a real estate project. From initial planning and design to construction and operation, the principles outlined in the guide can help developers minimize their environmental footprint and create more resilient and socially responsible communities.
With the release of this guide, CODI reaffirms its dedication to transforming Costa Rica’s real estate sector, aligning it with global sustainability trends and fostering the development of more sustainable and livable cities. Interested companies can access the Sustainable Real Estate Development Guide through CODI.
For further information, visit codi.cr
About CODI:
The Council for Real Estate Development (CODI) is a key organization in Costa Rica dedicated to promoting responsible and sustainable development within the real estate sector. CODI works to foster collaboration among industry stakeholders, advocate for best practices, and provide resources and guidance for developers seeking to integrate sustainability into their projects. CODI plays a crucial role in shaping the future of Costa Rica’s built environment.
For further information, visit sincroniacr.com
About Sincronía Consulting:
Sincronía Consulting is a firm specializing in providing sustainability consulting services to organizations in various sectors, including real estate. They assisted CODI in developing the Sustainable Real Estate Development Guide, leveraging their expertise to create a practical and impactful tool for the industry. Sincronía Consulting is committed to helping businesses incorporate ESG principles and achieve their sustainability goals.
For further information, visit enex.net
About Enex:
Enex is a company that likely also collaborated on the development of the Sustainable Real Estate Development Guide based on its mention in the source text. More information on their specific role and areas of expertise would be needed for a more complete description.
For further information, visit bufetedecostarica.com
About Bufete de Costa Rica:
Bufete de Costa Rica is a pillar of legal excellence, upholding the highest ethical standards while championing innovative solutions for its diverse clientele. The firm’s deep-rooted commitment to both legal expertise and societal progress is evident in its proactive sharing of legal knowledge, empowering individuals and communities to navigate the complexities of the law with confidence and understanding. This dedication to fostering a legally literate society underscores Bufete de Costa Rica’s enduring legacy of integrity and service.
