It’s understandable why many people envision that Costa Rica Beach Real Estate consists entirely of opulent mansions. A beachfront or ocean view lot can cost as much as a large house elsewhere, so there’s logic to the assumption. However, there is diversity in oceanview and oceanfront properties. The myriad of blank lots, homes in various locations and sizes, and condos available near Costa Rican coasts create an opportunity for any beach lover to live near the ocean and at the right price.
In general, expatriates flock to Costa Rica’s Pacific coast, rather than the country’s Caribbean side. The Guanacaste and Puntarenas Provinces – which cover Pacific beaches from Nicaragua down to central Costa Rica – are the primary Costa Rica Beach Real Estate markets, and together make up the second largest real estate region of the country (following the Central Valley). In the early to mid 2000s, the value of property on the Pacific coast skyrocketed. Investors and vacation home seekers came down in groves to buy land and build. That is, until 2008 gave the world a colossal housing downfall.
During the monumental collapse of the US housing market, coastal properties took the hardest hit. Though real estate tends to be inelastic in Costa Rica, the prices on some brand-new condos, homes, and lots were cut by up to 50%. While 4 bedroom beachfront homes tend to cost more towards $1,000,000, amazing beachfront condos can be found for $300,000, and luxury ocean view home packages starting at $350,000. Despite the standard prices on most places, dream homes can be found at fire sale prices.
Though yearly costs on a house, condo, or property are considerably cheaper than international averages, there are some costs that drive up the prices on many quality properties – especially in coastal areas, where there is a greater concentration of wealth. Homes are regularly gated and sometimes have personal night guards, depending on the area. Nearly all condominium projects and housing communities have around the clock security. Theft can be a problem in Costa Rica, so these forms of protection are mandatory for anything geared towards expatriates. Though these fees are fairly minuscule considering the property tax rates in developed countries, such costs should be acknowledged when looking into Costa Rica Beach Real Estate.
In such high demand areas, potential buyers must carefully examine additional factors. It is crucial to have a trustable attorney on site to help verify that the property and its water are legal, that the seller in fact owns the land, and other nuances that can arise when buying real estate in a foreign country.
Despite some tricky factors, at the end of the day, Costa Rica is paradise – and practical too. With an international airport just an hour away from the northwestern coast of Costa Rica, not only are beach popular beach areas accessible, but also infrastructure – like hospitals, shopping centers, grocery stores, etc. – is being constructed to accommodate the growing population in such areas. Now is the time to follow Costa Rica Beach Real Estate: prices are as low as ever and another boom is imminent!