The Costa Rica real estate industry has been steadily growing in the past couple of decades.
Tied to the tourism industry, many investment opportunities have appeared along Costa Rica’s “Gold Coast” in the form of investment property for sale.
With the high influx of tourists and the many North American expats living in Costa Rica, the Costa Rica real estate is attracting investors. Manyforeigners are investing in the Costa Rica real estate, taking advantageof how easy it is for foreigners to start buying property in Costa Rica.
The Costa Rican government has made buying property in Costa Rica fairly easy for foreigners. This is mainly due to the fact that the Costa Rican governmentwants to encourage foreign investment in order to create more jobs for CostaRicans.
The Costa Rica real estate and why it is a good idea to buy an investment propertyfor sale
Over the past 5 years, there has been a GDP growth of 9.76% on average. This is over double of Mexico’s GDP growth and 8 times higher than the popular expat destination of Ecuador.
However,the Costa Rican Hacienda de la República does not report on housing sales.Therefore, we cannot be certain of what percentage of the GDP can be creditedto the Costa Rica real estate.
Agents fromaround the country, although reporting slightly different market conditions,are all positive. It is true that the average price per square meter of a homeacross Costa Rica has declined. Nevertheless, overall Costa Rica real estate transactions are up by double-digit figures since 2013.
Naturally, as with the United States, Canada, and other parts of the world, when housingprices drop, it sparks a buyer market. As the Costa Rica real estate has become a buyer market, buyers are seizing the opportunity to buy discounted investmentproperty for sale.
Buying property in Costa Rica
According to Costa Rican law, both Costa Ricans and foreigners have the same rights when buying property in Costa Rica. In fact, you can start buying property in Costa Rica simply on a tourist visa.
This makes buying property in Costa Rica very easy for foreigners, particularly if you are a United States citizen. If you are an American citizen all you need to get a Costa Rican tourist visa is arrive in the country with your passport and a return ticket. The return ticket is used as proof of your intention to leave the country once your visa has expired.
The onlycase in which Costa Ricans and foreigners do not have the same rights when buying property in Costa Rica is with concession property. All Costa Rica realestate property is divided into titled property and concession property.
What is concession property and what should I be aware of when buying property inCosta Rica?
Titled property makes up approximately 85% of all property in Costa Rica. The remaining 15% is concession property.
In Costa Rica, almost 95% of all beachfront property is concession property. This 95% ofthe beachfront property is considered concession property because it layswithin the Maritime Zone’s public area.
In Costa Rica all beaches are public, that means that any individual who wishes to usethe area for enjoyment has the right to do so. This means that property withinthis area is not available for ownership of any kind, thus the concept ofconcession property was created.
Getting aconcession means the owner has a lease with the Costa Rican government for aspecific period of time. The lease period tends to be of 20 years and multiplelease terms can be acquired. As long as the concessionaire does not violate theterms of the concession, the property is secure and the government must renewthe concession.
Foreigners cannot be majority owners of concession property. This means that foreigners can only own 49% of a concession property. Foreigners can only be majority owners of concession property once they have resided in Costa Rica for at least 5 years.
Amazing investment property for sale right in the middle of Playa Brasilito
Playa Brasilito is a fishingtown along Costa Rica’s “Gold Coast”, only a 45-minute drive from the Liberia International Airport. The town’s unique location in the middle of the “Gold Coast” puts every major beach in Guanacaste within the investment property for sale reach.
Playa Conchal, Costa Rica is only afive-minute walk south of the investment property for sale. Thisbeautiful bay is one of the most visited beaches in the country and one ofGuanacaste’s Tourism Development Centers.
In the otherdirection, just a five-minute drive north, you will find the incrediblybeautiful Playa Flamingo, Costa Rica. Here, you will find the incredibleFlamingo Marina Resort, a major attraction in Playa Flamingo, Costa Rica.
This amazing hotel offers several watersports tours for exploring the CostaRican Pacific waters.Thisamazing investment property for sale is intended for both commercial andresidential development.
The investment property for sale is dividedinto 2 development sites: the Condo Project Nautica Site and the Condo / HotelSite plus the Restaurant / Rentals Area and the Owner’s Area.
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