The National Bank is making an online auction, similar to those in the Ebay website, aimed to recover a portion of the ¢ 45 thousand million that has been bogged down in property seized for unpaid credits.

The auction will start with 50% of the property value, based on an assessment of no more than one year. This, to avoid the "bubble" effect that existed in 2007 and 2008, when property prices were soaring.

The idea of making the first online auction, with the help of the Costa Rican Chamber of Real Estate, it's because it gives the buyers the opportunity to engage throughout the world and thus the prices will be better and the sales would increase.

This activity is part of the XVI and First Regional Real Estate Fair 2011 which will take place at the premises of "Pueblo Viejo" in the "Parque de Diversiones", from September 21 to September 25. The auction will be held in September 22 in the same place, from 4 pm until 10 pm..

"We aim to sell about ¢ 10 billion in the fair," said Rigoberto Alpizar, the submanager of the Corporate Services from the National Bank , who noted the ongoing work of the financial institution to reduce the number of properties seized, as its value is more than a year of income of the entity.

From September 1 until the 22 of that month the parties (both national and foreign) interested in buying a property with a discount can visit the webpage and register for free to see the offers.

To bid on any of the available options, you have to pay a subscription of $ 50 to get the full details of the property and deposit 10% of the value of auction.

Properties in sale range from lots to complete condo buildings,and are divided into three categories according to their price, below $ 75 000, between $ 75 000 and $ 250 thousand, and over $ 250 000.

Both national and foreign purchases must meet certain requirements, if someone needs financial opportunities, the National Bank offers a fixed rate of 8.70% in colones and 4.70% in dollars.

The activity won't just benefit the National Bank, because it would open opportunities to many of the real estate actors.

"This Congress and the auction is an opportunity for investors, developers and solidarity associations, and that in selling properties are residential and land ready to build, because among the properties that are selling you can take advantage of not only permits and the work already done but of the price that the bank is offering " Alpizar said.

Professional assimilation it's being offered to participants of the Congress on expanding the network of contacts, support the guild of professional developers and brokers, improving the country's international image. "This gives better business opportunities to the country, seeking to professionalize the realtors of the country, and the ability to internationaly certify the brokers is a very important step for the Chamber, "said Aleyda Bonilla, president of the Costa Rican Chamber of Real Estate Brokers.

This activity is expected to give a boost to the national housing market, after the harsh blow in the recent crisis, where much of the second-home buyers, especially from the United States failed to honor its commitments and left "dumped" the projects, especially in the areas of Guanacaste, Jaco, and La Fortuna.