A declining real estate market doesn’t necessarily mean a place is less desirable to live. In fact, it can even be the opposite. Though the last 5 years have been tough on property sales in Costa Rica, there’s actually more people relocating here than ever before; a figure that would be impossible to capture through a snapshot of home sales. In years past, investors haven’t been as quick to pull the trigger on great opportunities like they were in the early 2000s, and many buyers are perfectly satisfied with renting a home or buying a condo in Costa Rica.
Over the course of the past 5 years, a condo in Costa Rica has been the hottest property on the market. People abroad were tentative to make significant financial and life investments given the uncertainty of international economies; serious interest in purchasing homes dwindled, yet condos continued to sell with a less noticeable interruption. Though home sales are returning with force, condos are still highly attractive.
Condos serve as a great home away from home, or as an ideal permanent residence for retirees, small families, and individuals. There are high quality condominiums all across Costa Rica at very affordable prices. In Potrero, an active yet secluded neighborhood type town, a quaint 2-bedroom condo can be found for as little as $150,000. In Flamingo, one of the classiest, high end towns in Central America, stunning 3 bedroom condos are available at rates cheaper than where they were 5-10 years ago! The good news is that these types of purchases are viewed favorably, and many personal lenders are keen to offer low interest rates if you reveal your intended used of the funds.
Owning a condo in Costa Rica has many benefits!
Every condominium complex is gated with 24-hour security (this ensures that all of your highly desired valuables are protected from theft). For owners who plan to be out here only part of the year, condos are much easier to care for. Homes take significant wear from the rains and surrounding plants and pests, to which individual condos are mostly unaffected. The majority of condos were recently built, and come finished and furnished with high end, modern products.
Owning a condo in Costa Rica can also be a steady source of income, while also serving as a second/vacation home to the visiting owner. Depending on location, size, and quality, a 2-3 bedroom condo can fetch up to $1000 a week and $2000 a month. Though there are times when tenants are difficult to find, owning a property in this paradise can be a nice, steady additional income.