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Costa Rica is unique in that there are fewer of
its citizens living in the US than there are Americans
living in Costa Rica. The beauty and comfortable
lifestyle to be found in this country amaze most
first-time visitors. Many of them return home only
to sell their house in order to purchase a new one
in Costa Rica.
For those residing in the capital city of San José,
there are many housing options, from compound-type
residential areas to private villas located in the
surrounding hills. Escazu is one such center, known
not only for its restaurants and bars, but also
for its shopping. Multiplaza, the country’s
largest shopping mall, is located on the western
end of San José. Another Multiplaza is in
the works for the east side of town.
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| The greater San José
area, the Central Valley, is facing a real estate
boom right now, partly due to the influx of
Americans moving to the country for security
after September 11th. Good news for Americans
- you can now buy property in Costa Rica through
the IRA. |
| Courtesy American-European
Real Estate |
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| Costa Rica's real estate
options are numerous, both in type of housing
and location. No doubt that anyone can find
their dream home here with the help of an informed
real estate lawyer and broker. |
| Courtesy American-European
Real Estate |
The National Geographic and NASA have deemed San
José’s weather as the best in the world,
owing to its year-round springtime-like conditions—especially
the west end, where the majority of expats reside.
Greater San José and the Central Valley are
in the midst of a real estate boom. The region along
the central Pacific coast is also demonstrating enormous
growth, as retirement communities along with hotels,
marinas, and golf courses spring up. Presently there
are ten golf courses throughout Costa Rica.
When the retirement boom began, foreigners, especially
Americans, were moving to the Guanacaste region. Here
the weather is pleasant and dry. One American said
that the weather in Guanacaste reminds him of Texas.
Even though Guanacaste primarily consists of retirement
communities and tourism facilities the area has been
trying to attract younger families. A top notch English-speaking
Country Day School for children has been established.
For retirees the area offers many activities such
as surfing, fishing, hiking, golfing and sailing.
It is easily accessible through a large, well-maintained
airport in Liberia, which will begin receiving regular
charter Delta flights beginning in December.
The Caribbean coast region around Puerto Viejo and
Manzanillo has also attracted a great deal of Americans
and Europeans. The infrastructure is not as well developed
as in Guanacaste, but it has its own sense of charm.
More tropical than the Pacific coast, there are numerous
sandy white beaches.
A number of other foreign oriented communities dot
the Central Pacific coast. The nearby Manuel Antonio
National Park offers visitors the chance to see monkeys,
iguanas, and sloths. Located a short drive from San
José, Manuel Antonio is a favorite spot among
tourists and retirees.
In general, Costa Rica is full of amazingly beautiful
beaches and green areas, and if one has an adventurous
mind, many lucrative opportunities can be found. For
example, the Playa Carrillo and Samara area is as
yet relatively undiscovered. Property values are three
times less than those of Tamarindo and Flamingo, even
though they are only a 45 minute drive from Samara.
If you fly over this area, you will see luxurious
mansions being built on the top of the hills. Atop
one such hill an attractive condominium project, Regency
Resort, is being constructed. Several Americans have
already purchased units.
Skipper Shaffer from Charleston, South Carolina, ended
up almost by accident becoming an owner of one these
beach-view properties in Pavones, a small Pacific
village of one thousand inhabitants close to the Nicaraguan
border. He came to Costa Rica for holidays in 1997,
discovered the tranquility, fell in love with it,
and bought property right away. “I did not buy
this as an investment. I am a homebuilder and simply
wanted this place for my family and friends to relax,”
he says. However, the property value has already doubled.
Two years later Shaffer bought another piece of
land, this time for investment purposes. What Shaffer
is looking to do is something similar to that of
his close friends, the Aspinall family – the
owners of the Costa Rica Connection and Sun Tours
companies. “My dream is to build an ecolodge,
similar to theirs,” says Shaffer, “which
has nature trails, hikes to Rio Claro river. My
objective would be to protect as much primary and
secondary forest as possible, but at the same time
show the beauty of the area to other Americans.”
In order to avoid the bureaucracy, Shaffer purchases
land under Costa Rican corporations.
Concrete
steps of buying property
What would be the first step if one decides to move
here? It is important to know that in Costa Rica about
70-80 percent of the properties are being sold without
brokers. There are no licenses needed to become a
broker, and many real estate agencies, like Century
21 and American-European Real Estate are trying to
change that mentality.
As in anywhere else in the world, one needs to be
careful when buying property. Christina van Horn from
American-European Real Estate refers to incidents,
when people get too caught up in the holiday-type
atmosphere, and neglect to take care of all the details
that go into the buying process. “For example,
there are no disclosure forms, filled by the seller,
required,” says Ms. Van Horn.
American-European Real Estate Group is a Real Estate
company founded four years ago, and is one of the
few companies in Costa Rica with offices in both the
western and eastern sides of San José. They
are also one of the few companies to have an actual
working Multiple Listing System (MLS), to offer their
clients more properties, in more areas.
Even if the group began only four years ago, the partners
have been working individually in real estate in Costa
Rica for over eight years. As Van Horn says, “We
go that extra mile for our clients as most of them
are foreigners and new to the country. We help them
with the everyday life things in their move to a foreign
country like schools, hospitals, medical insurance,
shopping, mail service from the states, furniture,
builders, cable or satellite TV service, internet
service, etc. – the essentials of everyday life!”
Anyone can purchase property in Costa Rica except
for oceanfront properties, which are concessions given
by the government. All properties are registered in
the National Public Registry in Zapote just outside
of San José. Having a good lawyer, from a reputable
firm, is a must since the lawyer does the search in
the registry in order to make sure the title is clean
of any liens, mortgages or encumbrances.
If a foreigner is new to the country and wants to
learn more about the different areas of Costa Rica
and what they have to offer, a reputable real estate
broker can be of great help. Be sure to interview
realtors to see if they have a full knowledge and
understanding of the buying process in the geographical
areas in which they work.
And once that dream property is found, one should
be smart and do the checking. As mentioned, a good
lawyer is essential to thoroughly check out the title.
If one is buying a home, it should be inspected by
a licensed engineer. Remember, there are no disclosure
laws. A buyer must be thorough in his research of
the property before purchasing.
If you want to buy property on the beach, make sure
you do due diligence or have your attorney do it for
you.
The Maritime Terrestrial Zone Law defines the Maritime
Terrestrial Zone as part of the national patrimony,
belonging to the state of Costa Rica. It is subdivided
into a Public Zone: a 50 meter strip of land counted
from the ordinary high tide and surface land during
low tide (conventionally known as the beach); and
Restricted Zone: constitutes the remaining 150 meters
land strip or the remaining surface in the islands.
The Restricted Zone is under the administration of
the nearest Municipality with the supervision of the
Costa Rican Tourism Board (ICT). Ivo Henfling says
that though foreigners have the same rights as nationals,
the Maritime Terrestrial Zone Law has some restrictions,
so please check with your attorney.
For many real estate brokers this year has been the
best in the past decade. Ivo Henfling sees a clear
link between post-9-11 and the stock market situation.
“So many Americans have decided to move to Costa
Rica, as they feel safer here. Moreover, the stock
market has become so intangible that it is safer to
invest in the property.”
And even more good news has come to Americans. Now
one can even buy property through the IRA, so it finally
becomes possible to put those funds to use when one
plans to retire in Costa Rica. Rob Henfling, also
a partner in the American-European Real Estate Group
says more retirees are using this method of purchasing
property without even having to touch their savings.
The office of the American-European Real Estate offers
a free newcomers relocation package.
Tips include such things as knowing a little bit of
the future development plans of the country. The Costa
Rican government is giving a lot of attention to tourism,
and updating the infrastructure of the country, since
tourism is the largest industry. National Parks receive
a lot of attention because nature and ecotourism is
Costa Rica's special baby. Northern Guanacaste is
receiving special attention and the Liberia Airport
is now receiving daily charters. The Jaco Beach area
and Quepos Manuel Antonio area will be receiving a
new highway from San José next year. Real estate
will definitely boom in the next five years.
Because of tourism more and more visitors are
discovering Costa Rica and deciding to live here
for the rest of their lives. The expatriot community
is growing ever larger and the nation’s infrastructure
is getting better every day. Costa Rica now offers
all the products you were used to back home. Most
places offer Internet access and excellent medical
care. Twenty years ago it was hard to find anyone
who could speak a lick of English, but now it is
widespread.
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