Costa Rica real estate sales, though affected by the downturn of the global market over the past few years, is currently in a good place and poised for big things!
Given the status of the international housing market, potential buyers are looking for extremely discounted prices. Such deals will not be found in droves here in Costa Rica. A major reason there hasn’t been an all out fire sale in the Costa Rica real estate sales is because most purchases of homes or land are paid for in cash. Finding financing can be difficult, and the rates are often unfavorable. In addition, because holding costs are considerably cheaper than in the US and other markets, it is easier for owners to retain their properties and wait for the right time to sell. A year’s property taxes on a great home can be as little as $300, with condominium fees as low as $100 per month. Though in any market there will be desperate sellers, the aforementioned factors have made sellers in Costa Rica less apt to dramatically drop prices in order to sell during the recession in the housing market. Though sales are considerably down, some people involved in the Costa Rica market are continuing at full speed.
Despite what would seem like grave conditions to continue building, some projects – like Mar Vista – are continuously moving forward. Located on the gold coast in Guanacaste, Mar Vista is an eco-friendly housing community with beautiful ocean views.
While it was once more popular to purchase land to flip for a much higher price or for future building purposes, land and home package deals have recently become more desirable in Costa Rica real estate sales; partially because purchasing land as an investment is less attractive given the global economic recession, but also due to rousing interest in relocating to Costa Rica. Rather than attempting to capitalize on land value, people are beginning to realize the possibility of living a peaceful life somewhere in the moderately weathered Central Valley, or the warmer coastal areas.
The Central Valley fared better during the housing collapse, particularly because of the region’s infrastructure. Because of greater amenities and friendly temperatures, retirees and others looking to relocate have focused on this market. Also, doesn’t hurt that beachside properties have been stubborn in adjusting their prices to decreases in demand.
However – and this is a big however – infrastructure in beach side regions, especially in Guanacaste, is steadily increasing in quality and abundance. Liberia has a brand new, state-of-the-art hospital, as well as a brand new airport to greet incomers to Costa Rica. Medical clinics will be built in certain communities, such as the earlier mentioned project Mar Vista, providing those who desire ocean views the essentials that are newly accessible.
Though there is still a road ahead for Costa Rica real estate sales to return to its former prominence, things are on the rise, so now is the time to start planning a move down (or up?) to Costa Rica!
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