Why Costa Rica is a Great Market for Real Estate Investments
Nov 11, 2012
Costa Rica represents not only the ultimate holiday destination but also the ultimate retirement location for many people. One of the most beautiful countries in Central America and in the world, it conquers the heart and the mind of every traveller with its wonderful traditions and astonishing landscape.
Its inhabitants are friendly and welcoming and its cities have everything one could possibly wish for. It’s is no wonder that so many people decide to buy a house or an apartment and find refuge and rest here, either during their vacations or for good.
Investing in the Costa Rican Real Estate Market
Known for centuries as ‘a second home in the sun’, Costa Rica was extremely popular because of its retirement facilities and the welcoming atmosphere. However, once the prices grew and the state seized funding for the pensionado program that made the country so famous abroad, many people gave up the idea of buying homes and moving to Costa Rica.
Slowly, the situation is starting to change. By offering a simpler bureaucratic procedure and lower prices, the state encourages investors to trust the Costa Rican real estate market once again. At the moment, the formalities for purchasing a property in Costa Rica are quite similar to the ones in the United States.
In order to close a deal, a buyer needs to have a certified title (also called escritura) and a land survey (known as plano). In most cases, it is much easier and simpler for investors to form a society with limited liability and to handle all deals through such a structure. This way, the fees are much lower and the entire process is smoother, taking much less time.
Except for the properties located on the shore (maritime areas are subject to a tighter control in terms of ownership and constructions compared to other areas), a foreign investor does not encounter many difficulties throughout the acquisition procedures. For example, applying for a residency can be easily taken care of from the comfort of your home, by simply filling in an online application.
Due to the rapid development of the infrastructure (the construction of highways and airports) many areas considered remote have become the attraction of the real estate market. In other words, the habitable territory of Costa Rica has considerably grown, offering many more possibilities.
5 Reasons Why You Should Buy a Home in Costa Rica
Before moving to Costa Rica, it is important to know what waits for you across the borders. After all, it is essential not to take any risks, especially when money is involved. Of course, there are few to no risks associated with investing in Costa Rica and numerous advantages and benefits worth exploiting, such as:
Low taxes and a full coverage of basic social services!
Costa Ricans take great pride in their stable government and their high social security standards. Supporting a solid education system and modern healthcare structures, Costa Rica offers its citizens and residences a complete coverage of the basic social services.
A beautiful country, with a dynamic personality!
In Costa Rica, the landscape changes with every step you take. From the sunny seaside to the luxurious forests of the mountains, you are surrounded by unique, natural scenery wherever you go, not to mention the warm, sunny weather all-year round, just perfect for wandering around! And, if you get tired of exploring, there are plenty of activities to choose from: scuba diving, kayaking or fishing to name only a few, but it’s impossible to miss the opportunity to observe the rich wildlife and to go horseback riding, enjoying the Costa Rican fresh air.
High quality lifestyle!
Costa Ricans appreciate and understand the beauty and value of the natural landscape surrounding them. However, the landscape itself is not enough to persuade visitors to stay. If Costa Rica did not complement it with a wide variety of activities, modern entertainment facilities and cultural events inspired from the local traditions.
From the first breath of air you take on this land, you begin to realize what Pura Vida is all about. The pure, relaxing, peaceful and fulfilling life you can enjoy here would not be complete without the elegant restaurants or traditional bistros that open their doors to anyone, offering special soirées and a rich, refined menu, with many delicious dishes and flavours inspired from the traditional and international cuisine.
Low cost of living!
The numerous Costa Rican residents will confirm that life here is not at all expensive. The state supports most of the social security services and the basic necessities can be easily covered with an average income.
According to the Association of Residents of Costa Rica, the cost of living for two people (owning a car and house and without additional debt) will not exceed the amount of $2,500 per month.
A friendly community of expatriates!
The beauty of this country comes from its inhabitants as well. Besides a warm, welcoming local population, Costa Rica is home for numerous families of expats, which have already decided to retire in this sunny corner of Central America. Making friends here is as easy as counting to three. The truth is, buying real estate in another country is not always an easy, risk-free decision. The recent, severe economic crisis has affected real estate markets all around the world and Costa Rica is no exception. People are more and more reluctant when it comes to investing in property, based on the price fluctuations registered over the last several months.
However, purchasing a second house here involves a much lower price than what you would have to pay in the United States, for example. The secret is to know the market and to anticipate its tendencies. A real estate agency/agent may be the best solution for you to ensure the profitability of your investment.
Open to both North Americans and Europeans, Costa Rica welcomes everyone with a peaceful but dynamic, comfortable but affordable way of life. The warm climate and the stunning landscapes have been nicely complemented by Costa Ricans with modern resorts and facilities, quality services and a friendly, open community. In Costa Rica, the expression heaven on earth makes sense…so why not become the owner of a piece of heaven?
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