Buying Real Estate
If you can't afford to buy a house in the United States or
Canada, prices for decent homes in Costa Rica begin at about
$50,000 with financing available for new homes if you become
a resident. In 2003 we purchased a new $85,000 home in Heredia
with 80 percent financing. Our payments are about $560 monthly
on a 15-year, 7.0 percent loan $150 less than we used
to pay for rent in Rohrmoser. The monthly payment includes
a life insurance policy that pays off the loan in full in
the event of death of the owner.
You do not have to be a resident of Costa Rica to own property
and you are entitled to the same ownership rights as citizens
of Costa Rica. Ownership of real
estate in Costa Rica is fully guaranteed by the constitution
to all foreigners. This means your purchase here can be fully
secured and safe.
Beach Property
The value of beach property has skyrocketed over the last
decade due to the country's increased popularity. Many people
want to realize their dream of owning a beachfront lot in
a tropical paradise.
For most foreigners, the main beach development
areas that are worth considering for retirement and/or
vacation homes can be found in Guanacaste areas such as Flamingo,
Junquillal and Tamarindo. The Central
Pacific beach areas around the towns of Jacó Beach,
Quepos and Manuel Antonio are also attractive. The Central
Pacific area has great potential, as it is much closer to
the Central
Valley and San José. The new Ciudad Colón-Orotina
and Quepos-Dominical highways will have a huge effect on real
estate values in this area, as it will reduce driving time
to the Central and South
Pacific areas.
Unlike Mexico, some beachfront property may be purchased.
However, the 200-meter strip of land along the seacoasts is
owned by the government and for public use. It is prohibited
to build anything within the first 50 meters of the high-tide
line.
This zone is for the public and cannot be turned into a private
beach. Also, you can no longer build within the next 50 to
200 meters of the high tide line this is called the Maritime
Zone, or Zona Marítima, unless there is
existing housing or a new tourism project involved. If this
is the case, you can lease the land from the municipality,
which is overseen by the Costa Rican Tourism Institute (ICT).
In theory, foreigners cannot lease this land, but there are
loopholes in this law. One of the ways to circumvent this
regulation is by obtaining a lease through a corporation owned
mainly by a Costa Rican. Check with a lawyer to find out how
this works.
For your information, beachfront
property is being bought-up fast, and the price of this
and other prime real estate is soaring.
Before you move to the beach, you should know that for some
people the novelty of living at the beach wears off fast.
Visiting the beach for a few days or weeks is very different
from living there full-time. The humidity, boredom, bugs,
lack of emergency medical facilities in a few areas and the
occasional inconveniences of living in an often out-of-the-way
area are factors that might deter some from moving to any
beach area. However, in general the positives of beach living
far outweigh any negatives. Due to Costa Rica's increasing
popularity and improving infrastructure, beach property can
be an excellent investment.
Besides beach property, there are also homes, condominiums,
farms, lots and ranches for sale at reasonable prices, depending
on their location. See the section entitled Where to Live
in Chapter 2 for a description of the areas where many foreigners
reside.
If you want more information contact Costa Rica real estate and retirement properties or
call toll free 1 888 581 1786.
|
