Investing in Costa Rica Real Estate
Investing in Costa Rica real estate has become something of a trend lately. However, those that have gone through this process will tell you that there are a few things to know before you buy.
First, the good stuff: this country is home to 4.1 million people, 96% of the country is literate, and the country has an unemployment rate of 4.6 percent. Additionally, this country is a neutral one that does not have any army at all. The government within the country is democratic republic, and the current president has been in power for four terms now. In total, there are seven provinces within the country including: Alajuela, Cartago, Guanacaste, Heredia, Limon, Puntarenas, and San Jose (the capital). In short, investing in Costa Rica real estate is relatively stable and sound, though there are a couple of things worthy of note.
Those that are seeking to invest in this country are looking mostly at the Guanacaste Gold Coast, which is the northern part of the country’s Pacific coastline. Throughout this area, there are thousands of luxury hotel rooms (and many more are expected to pop up soon). Since the government wants to keep the land clean and free of any pollutants, most of the coastline is protected. This means that nearly 95% of the beachfront property within this country is considered concession property, which means that it closely follows the Maritime Zone Law. This law dictates that no building can be placed within 200 meters of the high tide line – if you are thinking of buying a private beach, you are out of luck.
The only way to buy beachfront property within this country is to lease it from the government, since the government owns all of the property lining the shore. In addition to leasing from the government, you must also be a Costa Rican national in order to even be considered for this property. Generally, investing in Costa Rica real estate is relatively safe, though you should always hire a lawyer to go over any type of foreign laws and regulations.
Make sure that you get a lawyer that understands the property laws within this country. You do not want to be stuck signing a piece of paper that you do not understand. Additionally, do not purchase any type of property on the internet – always view the property before buying it!
Always research any type of property that you wish to buy. Hire a lawyer, go over all the details, and understand that you will not get any type of beachfront land should you decide to buy. Investing in Costa Rica real estate is a good idea if you know what you are getting into.