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Property investment in Costa Rica is a thriving business today. A lot of people from all over the world are flocking to this country in the urge to buy property. There are a lot of properties that are available at economical prices today which are expected to increase in value in a few years time. This beautiful country which is located in Central America offers a lot of options for foreigners to invest in property here.
The beauty of Costa Rica is very enchanting and captivating. This country was so long unexplored and unexploited. However, as more and more tourists pour into this pleasant country, its fame is spreading far and wide. Almost every tourist who visits this country carries with him/her the dream of buying property in Costa Rica.
There are numerous reasons why Costa Rica is becoming a preferred choice for property investment. Costa Rica is a land beyond just sensuous beaches, picturesque landscape, lush greenery and majestic mountains. It is a land of happy and content people. The natives of Costa Rica, also referred to as “ticos”, are warm and friendly in nature.
The various options that Costa Rica offers for property investment are beach properties, upscale residential homes, farms and mountain properties. Some of the places in Costa Rica where your investment in property will prove worthwhile are in the Central Provinces of Heredia and Alajuela, locations in San Jose such as Escazu and Santa Ana and places like Puerto Viejo, Punta Uva and Dominical.
Costa Rica is one of the oldest and strongest democracies in the Central American region. This country is also considered to be the safest among the Central American countries. Costa Rica is making positive changes in order to lure investors to invest in property here. The infrastructure is developing rapidly and now Costa Rica has good roads, good Internet connectivity, good air travel facilities, banks, schools and universities. The economic policies are also liberal which makes it convenient for the investor to purchase property here.
Property investment in Costa Rica is a great thought; however, certain precautionary measures have to be borne in mind in order to avoid getting the raw side of the deal. The most important aspect is to understand and accept the fact that the Costa Rican real estate is a two tiered market. The Costa Ricans quote different prices for the same property to the “ticos” (natives) and the “gringos” (foreigners). Most of the ticos have an assumption that the gringos are all very rich people and hence they tend to quote a price nearly twice the price quoted to a tico. Hence, you need to negotiate well with the ticos to ensure you get a good price for the property.
For many people who go there, the social culture of Costa Rica will come as a rude shock, especially to the Americans. Costa Ricans do not value time as much as Americans. So, expecting people to be punctual and efficient in their work is like asking too much. The people in Costa Rica are very laid back and casual in their approach to various tasks.
The final aspect to consider before investing in property here is to decide on the legal status. Costa Rica offers the status of “pensionado” to a gringo who has a monthly income of at least $600. They offer the status of “rentista” to a gringo who can show a monthly income of $1000 continuously for the past five years. The status should be renewed once every two years.