Vacation, investment or retirement – any ideas? Costa Rica! Truly, it is really hard to imagine a better place. The country is stunningly beautiful and people are friendly and helpful. And not without a reason it is now called a real estate paradise.
Moving to Costa Rica is not a rare decision now among people especially from the U.S., Canada and Europe. The picture of a house on the beach or a cattle-ranch hacienda all in your entire possession is very tempting. Others prefer a house in a city or at least somewhere more centrally located. But the thing is that whatever your choice you will be able to find it in Costa Rica.
The country consists of seven provinces: San Jose, Heredia, Cartago, Alajuela, Guanacaste, Puntarenas and Limon. The last three are blessed with one great advantage which is the beach. Guanacaste in the Northwest is famous for cattle ranches; Puntarenas is the longest and on its territory one of the main port cities is located; Limon refers to the Caribbean and therefore has absolutely different African spirit. Housing situation is all the provinces is different as well and the property of the Guanacaste, Puntarenas and Limon regions in certain cases is more expensive - the most of it is on the beachfront.
The property that is most in demand among both, foreigners and Ticos, is located either in the Central Valley or along the Pacific coast. The former comprises just 5% of the entire country’s territory but here is the capital and the majority of the population is concentrated. Besides, in San Jose, Alajuela, Heredia and Escazu many country’s business and service centers are situated. All this defines high rates on property prices. Attractive offers can also be found in Jaco Beach area. The South Pacific and the North Pacific coasts are ready to offer many various places for retirement, resettlement or investment. Eco projects have become very popular and they offer homes, condos and building lots. Certain investors or just prospective buyers will find farms attractive. The Northern territory is also a prosperous real estate zone. Costa Rica's Caribbean coastline is as well in the stage of the fast development and is ready to welcome various investors.
International property analysts consider the real estate market in Costa Rica one of the top five best growth markets at the present moment. And there is no surprise that the property here is so popular being simultaneously so profitable and affordable. Residential options are in abundance here: common homes, individual houses either on their own or with surrounding green areas, also rural farms and ranches, gated communities, condominiums, and large luxurious estates. For the fans of simplicity and nature there are basic homes available; more sophisticated customers will find up to date, both is design and convenience, accommodations and will not be disappointed.
The short recession of the early 90's caused the decrease in the prices of land; but they increased again after the tourist boom in 1997. Nowadays prices for housing vary depending on the area and type of house. Land and real estate prices are usually noted in square meters and also in acres. So, a modest 4 bedroom house with a kitchen and a bathroom, including an acre of land and an orchard, but located in quite a distance from the ocean will cost around $40.000. The same kind of the house with and equal parcel of land somewhere on the Pacific coast will cost considerably more – around $65.000. This is an offer for so-called “poor” buyers.
What concerns villas, the prices run into hundreds of thousands of dollars, as everywhere. One-stored building of ranch type including all the facilities, 4 acres of adjacent land and an orchard can be found available at $130.000. There are bigger lots, of course. Such one, including 30 acres of land in the beach area planted with banana, orange, lemon and avocado trees, a two-stored house with two bathrooms and a garage, is estimated at $300.000 and above. The resembling villa with a separate guest house will cost up to $450.000. A standard rule of the location works here as well and therefore the farther away from town the property is the cheaper it is. Except for the property on the Central and Northern Pacific coast.
What concerns Costa Rica's rental market, there is a broad choice of property as well. Neither visitors nor residents will be disappointed here. All inclusive luxury vacation rentals and spas; villas and houses in magnificent secluded corners of the country, eco lodges and rainforest hideaways, also cabins and bungalows to the lovers of simplicity, or mountain or lakeside accommodations, let along apartments and condos – everything is available.
Costa Rica chooses a very democratic approach to the question of acquiring real estate in general, land/title ownership, beachfront title ownership property and its taxation policy is rather flexible. There is no capital gains tax, which makes resale in Costa Rica a dream of any investor. Some of them are able to make 150% and even 300% of profit on re-sales.
There is the Constitution and several other laws that protect and define the ownership of land. According to these documents the property is a right of any person, no matter whether this person is a citizen of Costa Rica or not. Still, in order to avoid undesired problems, prospective buyers or investors are recommended to be well informed and aware of all the peculiarities of real estate concerning legislation.