Costa Rica Property

Occupying a relatively narrow yet extremely fertile stretch of land between North and South America, the Central American country of Costa Rica is a unique and attractive place that is well-worth a visit, particularly if you are an overseas property investor on the lookout for up-and-coming regions with excellent potential.

Boasting a warm year-round climate, exceptional areas of natural beauty, a diverse wildlife, an eclectic mix of towns and cities, a well-developed infrastructure and some of the finest beaches found anywhere on the planet, Costa Rica is certainly capable of appealing to wide audience. Recent years have seen a rapid surge in tourism to the country, particularly ecotourism, and the property market along both coasts – the Pacific and the Caribbean – has been gaining strength and prominence, especially in the USA and northern Europe.

Country Capital: San Jose
Population: 4,134,000
Time: GMT -6
Dialing: +506
Currency: Costa Rican Colon (CRC)

Climate: Due to Costa Rica’s proximity to the Equator, the seasons are not that distinct, and tend to follow a pattern of wet then dry rather than cold then warm. The Caribbean coast is warmer and more humid than the Pacific coast, which tends to receive more rainfall throughout the year. Average temperatures throughout the year exceed 27c, feeling hotter due to the humidity.

Getting There: San Jose is the only airport that currently services European airports, namely London Heathrow and London Gatwick. Flights are currently twice weekly and reasonably priced. Alternative routes take in airports in the Caribbean and USA, with connecting flights to other Costa Rican airports available.

Special Features: Costa Rica was the first country to constitutionally abolish its army, doing so in 1948 after the cessation of its civil war. The country is ranked 5th on the Environmental Performance Index, and plans to become completely carbon neutral by 2021.

Buying Property in Costa Rica: Although levels of inflation in Costa Rica are currently quite high (9.3% for 2007), economic growth has been encouraging for the past few years, reaching 5.3% in 2007 and on course for the same, if not better, in 2008. With an increasingly educated and upwardly mobile population buoyed and encouraged by the continued foreign investment in the country, Costa Rica represents a major investment opportunity for property speculators. Rental demand is already on the increase, with many local youngsters now heading for the larger cities and towns to work in some of the foreign-owned manufacturing plants. These workers want, and need, good quality accommodation, which is being constructed at rapid pace, making many towns and cities – such as San Jose – great places for foreign property investment.

Property development along the Pacific coast of Costa Rica is strong at the moment, particularly in the region in and around Tamarindo, which boasts some of the finest beaches in the country and exceptional scenery all around. Areas such as Avellanas and Playa Negra are attracting second home buyers and investors seeking high-end property investment. Other locations worth checking out include Flamingo, which is soon to boast its own exclusive marina and is attracting developers – and investors – in their droves. Whether you are seeking luxury condos, beachfront villas, gated properties, small apartments or off-plan opportunities, Costa Rica is richly endowed with the lot, and many will not costa lot at all!