In 2006, if anyone asked about investing in real estate in Costa Rica, then the answer would probably be “quit questions and buy!”. In recent years, this can not be said. The housing market has suffered as a result of the collapse of the United States. However, the murmurs of revival in the market are spreading, and the future of real estate in Costa Rica may return to the fame he once held.
Over the past few years there has been a sharp decline in purchases of land and luxury homes. Almost all sales related to expensive property come at a discount. Despite this, such sales are few and far between, since the property market in Costa Rica is known as inelastic. In the past, bank financing of houses was usually very unfavorable when it could even be found from the very beginning. It is very common to pay for the house in cash. With very low annual costs and a small amount of bank loans to be repaid, most sellers are reducing agents in order to lower their selling price in order to take into account the decline in demand.
However, funding has recently become available with features similar to the US lending market, which is great for the future market. To avoid crises in lending, a strict policy was introduced to allow banks to have a specific ratio of what they can provide for their total reserves. [1]This makes Costa Rica an even more accessible place for people who want to invest or move to a new country.
When Liberia Airport opened in 2002 in the Guanacaste region, the northwestern Pacific coast of Costa Rica became much easier to access, quickly becoming the center of tourism and real estate. Almost all US international airports have direct flights to San Jose, and the list of cities with direct flights to Liberia is fast — and for cities that have no direct flights, a transfer to Miami, Houston or southern California is only 3 hours from Costa Rica. Rick!
Although Guanacaste is a popular province for expatriates, it was one of the regions that took the hardest blows during the crash on the Costa Rican real estate market. Interestingly, the large metropolitan area of San Jose continued to sell without interference, due to its flexibility in options, accessibility, infrastructure and a mild climate. In addition, the beach and houses with ocean views are usually more expensive, considering the cost of land. Recently, sales in homes around the $ 350,000 range have grown, and developers have noticed! The Mar Vista project on the coast of Guanacaste is preparing to offer home ocean view packages starting at $ 350,000, less than one mile from the beach in an ecologically clean gated community.
In general, the property market in Costa Rica is still in recession. However, despite the fact that the Central Valley is selling at full speed, growth is access to finance, as well as an increase in the number of options on the market, real estate in Costa Rica is quickly recovering its liveliness.
[1] http://www.costaricarealestate411.com/excellent-lending-market.html
