Despite the fact that Real Estate has been in shambles around the world, Costa Rica has enjoyed more immunity in regards to price collapses. Mainly because operating expenses like Real Estate Taxes are significantly lower than in the United States. Since until recently the lack of financing resulted in most properties being non financed / cash purchased homes and properties do not have excess financial burden associated with them as was the case in many states in the USA. (foreclosures, balooning financing costs, and insurances that made many people loose their homes in the USA in comparison to Costa Rica)
Costa Rica of course has felt the drastic economic effects mainly in Tourism and Production sector. And the resortd have not been occupied as they used to before the recession. These downturn pressures created real benefit to investors and property buyers in Costa Rica:
- Rid the market of overvalued properties
- Adjust market value to real value
- Great "cash" invesment opportunities
- More seller financing options
In the resale market, i. e. the local market of pre-owned Real Estate properties. It is often advisable to search in online search engines (link to CL) for the area and properties yourself, then you will automatically be put provided with the appropriate real estate ageny. Real Estate agencies offer to represent you and your interests as your Buyer’s (or Seller’s) Agent in a purchase (or sale) of Real Estate. This professional representation of you as a buyer is free of charge because the brokerage fee is usually paid by the seller and is split between the Seller’s Broker and the Buyer’s Broker.
Overall the upswing in the USA real estate market and overall economy is being felt here in Guanacaste as well. Properties on the coast have come in high demand again, and in areas like Flamingo with many quality schools this effect is extreme. This area is starting to turn from a buyer's market to a seller's market and inventory levels are at a decade low. Also the luxury real estate market as experienced tremendous traction.
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Construction in Costa Rica can be a tedious process, even when you do know what you are doing here in Costa Rica. It is best you consult trusted legal counsel to guide you through the process.
Besides a few exceptions, Costa Rica has excellent ownership rights as in most cases foreigners enjoy the same property ownership rights as nationals do. There are important limitations that are important to take notice.
Important Purchasing Information - This page is intended only for information purposes to give you a general understanding of the general Costa Rican real estate purchase process. Do not misconceive this information as legal consultation as only a licensed lawyer can give you the appropriate advice.