Costa Rica Real Estate News – The first real estate boom in Costa Rica happened during the first decade of the 21st century when the September 11 bombing took place. This tragic incident gave birth to a need for Americans to find a safer and wholesome place that also offers a stable investment climate with an easy access thru air travel. However, it came to a jarring halt in 2008 when the housing market bonanza in the United States ceased which greatly contributed to the global financial crisis. The real estate market which was lucrative during its heyday became tepid.
Come 2014, it became notable that the housing market got off to an encouraging start. During the first quarter of the year there was a high demand for commercial property construction which in turn gave life to the waning industry. Furthermore, even though the residential market was uninteresting at the start of the year, by September it became the most excellent performing sector of the economy because of a big demand for vertical housing and gated communities that offer plenty of security combined with great amenities.
Palms International, a US and Costa Rica based resort real estate and marketing company that deals with resort real estate in Central and Latin America, recently released a statement stating investors should regard purchasing land and developing properties at the moment as it may be the last chance for them to get quality land at a very economic price.
This time around though, the second real estate market boom was not as intense or explosive as the first boom, rather it has a calmer tone; it is slower but is definitely steadier. It is also notable that even if baby boomers are still the larger demographic, they are now more inclined in buying properties where they can relocate full time; a place where they can set their own lifestyle and still generate an income. This is very much unlike the first-boom buyers who purchased properties for investment or make it their second home. Buyers are now looking at Costa Rica in a different light and they no longer see this country as a place for investment or something that yields high ROI. This can be attributed to Costa Rica’s more expansive international profile, wide-range free trade grabs and better access to international resources paired with great credit opportunities to buyers and developers. It is also thanks to Costa Rica’s continuous efforts to promote “the brand of Costa Rica” placing it as the number one destination for medical and dental tourism, leisure travel, real estate, relocation and investment.
If you are one of those who are planning on purchasing and developing land in Costa Rica, there are a few things you have to remember when hiring real estate professionals who would help you with your purchase.
- Make sure to look and hire a professional. If you don’t have an in-depth knowledge or insider information regarding the market, then it is advisable that you contact professionals that would help you get information like fair market prices and values, zoning laws and other potential hazards that may jeopardize your finances. You should be diligent in finding a trustworthy real estate agency or firm to ensure that the details of the purchasing process is done properly, efficiently and timely. The firm should have a wide-range inventory and a specialized lawyer.
- Your lawyer should know how to navigate the Costa Rican legal system and makes sure that the procedural details are scrupulously and diligently attended to. He/she should also have specialization in real estate and nonnative buyers. Your lawyer should also have extensive knowledge of Costa Rica’s Civil Code grants that allows the right to possession to people who have squatted in a property. Also, mortgages and liens should be cleared first with proof documenting cleared judgments before any payment is made to avoid getting yourself in a tricky situation. You must ask that documents on service, utility and tax statements are provided and that those bills are up to date.
- Know the market before doing business and remember that Costa Rica has no multiple listing service or a national database with information of all real estate that are up for sale. Because of this, it is highly recommended that you contact a large, reputable firm that has a national portfolio of properties that are up for the grab.
Property Ownership Types
Is the Property Really for Sale?
What is the Maritime Zone?
Myths About Squatters
Construction, Architects & Engineers
Purchasing Under a Corporation
And so much more……..