Does the Costa Rica market depend on US buyers? Even if the country is not dependent on US buyers there will be some projects that were designed to be sold to US buyer.
Just think about the projects and the numbers. If the property makes sense for a local buyer then it will not feel the shift from the US.
Some of the projects that might have been targeted at US buyers will now be marketed to buyers from other countries. That can take up some of the slack but not all.
If I were to guess without looking at any data, I'd say there's a huge global effect taking place and, that we are only at the tip of the iceberg.
Even within the U.S. market, changes in the residential sector may not affect the commercial sector for another year or so. Or changes in Subprime may not affect Prime Lending for 6 months or more.
The current world economic systems are so interconnected that there's definately a correlation effect as to what happens economically in the U.S. real estate market.
I'm sure the changes in the U.S. Housing market is causing changes and adjustments in other countries. Especially when you consider factors such as raw land, industrial, retail, commercial, office, and residential real estate. Real Estate is a fundamental economic variable. No matter where you go, there's only so much land available.
I think some countries are affected more or less than others but, overall it's like the ripple effect of throwing a stone in a lake.
We do live in a global market and a downturn in the US market can have an effect in a place like Costa Rica, although it doesn't necessarily have to be dramatic. For example, in the US things are tight for a lot of people. Homeowners may be paying more each month on their monthly mortgage payments which leads to less disposable income. That extra money that is now going to a mortgage might have been vacation money to go to Costa Rica. Costa Rica does make a good portion of their income from tourism so there is some effect going on. I know a little more about Costa Rica than some other foreign countries because I do have business associates that live there.