Costa Rican real estate

Costa Rica is a country that’s renowned for breathtaking beauty and biodiversity,and of course some of the best real estate in the world. It is a country that attracts over a million visitors annually and it is fast becoming one of the world’s most popular destinations. The reason for its popularity is obvious, not only does it have both a Caribbean and Pacific coastline but it also has rain forests,mountains,rivers and lakes. On top of that the people are friendly and welcoming.Therefore,it’s no wonder that people are increasingly deciding to relocate to Costa Rica, either for a portion of the year or for good. Although there are many reasons to sell up and relocate it is worth considering the below before buying real estate.

Climate

Costa Rica is a tropical country with distinct wet and dry seasons. The rainy season runs from May to mid November and the dry season runs from Mid November to April. The weather will depend on what region you visit or buy in. Some regions are rainy all year round while others are sunny and dry. Temperatures are usually dependent on elevation, with the coast been warmer than the mountainous regions. It is very important to remember that the weather varies from region to region and therefore should be researched before buying. This website has more information on the Costa Rican climate click.

Prices

Like the rest of the world Costa Rica was hit by the recent recession, real estate purchases slowed dramatically and prices levelled off and in some places dropped. Prices generally have been steadily increasing over the last 10 years as more and more foreigners are choosing to retire in the country. You can expect prices to be much more expensive on the coastline than they are in the mountains, where they are still considered good value.

Visas

Being an owner of real estate in Costa Rica does not make you entitled to visas. A lot of real estate owners leave every 90 days to renew there visa in one of the neighbouring countries. This is perfectly legal. There are a number of ways of becoming a permanent resident of Costa Rica. The obvious of course is marrying a Costa Rican, another method is becoming a “rentista”. This involves bringing a certain amount of money into the country on a monthly basis through investments. A full list of the options available to become a resident in Costa Rica is available here.

Legal issues

Like in any country throughout the world buying real estate in Costa Rica requires time and quite a lot of bureaucracy. There are a number of steps to be taken when you are buying property in Costa Rica. One of these involves setting up a corporation to register your house under. The do this you need a lawyer. English speaking lawyers are often more expensive than Spanish speakers so if you speak Spanish it’s a good start. Click here for more information on the process involved in buying real estate in Costa Rica.

Where to buy

This all depends on what you want. If you are looking for beaches you have a choice of the Caribbean or the Pacific. The Pacific is better for surfing whereas the Caribbean has the laid back vibe. The mountains are cheaper and cooler and there are still a lot of great properties to be found at relatively low prices. Guanacaste on the northern pacific coast has longer hotter summers than the rest of the country, while on the Caribbean coast you can be pretty much guaranteed rain year round. So where you buy depends on your interests and what you want.

Politics and Stability

Costa Rica has remained relatively untarnished by the troubles in other Central American countries over the last 20 years. In 1943 it decided to abolish its army resulting in it been called by many the Switzerland of Central America. The volcanic soil is fertile and gives the Costa Rican people (ticos) abundances of food. Although in comparison to its neighbours Costa Rica is a safe country one has to be wary when doing business, corruption is quite common and foreigners have been ripped off. The number of foreigners buying real estate in the country has also become an issue over the last number of years. Some locals aren’t overly happy with foreigners buying vast plots of land and leaving them unused, or destroying the local eco system. Some villages are full of beautiful houses that are owned by foreigners who only stay in them three months a year. This can often be understandably annoying for locals as these untended plots can be a breeding ground for wildlife that interferes with the local farms.

Costa Rica is a beautiful country and buying there as an investment, holiday home or for year round living is something I would advise. However it is something that should be approached with caution. Take your time to research, read the links from this article and explore other options before making a final decision.