Costa Rica is unlike any other place on the planet. Its warm waters, incredible beaches, lush rainforests, friendly people, stable economy, low cost of living, and a peaceful history have put it at the top of the charts for investors seeking a stable and profitable investment in overseas real estate. Year after year, investors have found double digit gains on their Costa Rica properties to be the norm. On the average, a $30,000 property bought just 15 years ago is worth as much as $750,000 today. But it isn't just about the money.
The People
Costa Rica is an eclectic mix of pre-retirees, ex-patriots, surfers, Costa Rican locals, Americans, Canadians and Europeans; a truly global village immersed in the authentic, relaxed Latin culture of warm hospitality. The Costa Rican phrase "Pura Vida", or pure life, represents the feeling of "Joy of Life" that makes life here so refreshing. Yet despite the international community, the area is not crowded. You can be all alone on a beach, or hike through the jungle and not meet another person all day. When you consider this, it is easy to understand why Costa Rica tops the "retirement destination" charts for the massive group of baby boomers soon to retire.
Financing now Available
HSBC, Scotiabank, and Citibank now have a presense in Costa Rica, bringing credit, financing, and online banking to this previously cash only market. With US style credit available often within a week of the completed application, more and more buyers are using mortgages to acquire land and homes. Not every country allows foreign ownership of property. Costa Rica welcomes it, and you can buy your own beautiful piece of this country with relative ease. Until a few years ago, this privilege was reserved for cash buyers. This option makes a lot of sense for many people who are selling their primary residence in the States or Canada, and are rolling the proceeds into a new home in CR. However, we are increasingly seeing people in their 40's and 50's who have some nest egg
set aside, and they want to purchase a transitional home in CR to use as a vacation place until they are ready to retire full time. This is particularly wise as it allows them to benefit from the consistently rising property values, rather than finding that they cannot afford to enter the market in 10 years.
The Future
The currently existing retirment and vaction houses in Costa Rica can accomodate less than 1% of the retirees who will be interested in purchasing here over the next five years. While emerging markets like Panama, Nicaragua, and Uraguay show large potential, they are not mature markets and come with high risk. The large demand, newly available financing, and longstanding trackrecord of performance make real estate in Costa Rica the best buy in Central America.
Costa Rica Real Estate
