Posted by Saul Rasminsky
More foreign investors are finding their slice of paradise in beautiful Costa Rica. Jaime Lopez, writer for the Costa Rica Star, reports on the boom in real estate sales and development, largely from foreign investors who contributed up to $377 million to the national economy for the first quarter of 2013 alone. The attraction could be due to Cost Rica's reputation as one of the top scoring happiest countries on the planet, but it's more likely the surge in government acquisition of real estate and other assets from delinquent owners, which are put on the open market at discounted rates.
In the wake of these buying and selling activities, many investors are scrambling to hitch their fortunes on Costa Rican commercial and residential properties. While the government may make it more convenient for foreign investors to purchase real estate for sale in Costa Rica, but the government itself has advised investors to proceed with caution in a still-volatile market.
Before you make any major moves that involve parting with your money, do some serious research by checking the place out. Book a ticket, and visit Costa Rica, making sure you know the right people to meet. Although you can find a lot of information online, getting to know the local Ticos and Ticas (men and women) will also get you to become familiar the types of people you would be living and dealing with if you choose to live out the remainder of your days in this country.
Since foreign investments have been pouring in recent years, it's likely you'll find expats and immigrants from many different countries who will be excellent sources of information for just about anything you need to know about investing, living, and applying for residency in the country. An American passport and a return ticket grants you a 90-day stay; but once you apply for residency, you can stay as long as you want in the country, and buy real estate.
According to the news agency La Nacion, residential investments have been particularly robust in the Pacific coastal housing market. On the other hand, those who buy Costa Rica real estate for sale in the Central Valley and San Jose's Greater Metropolitan Area, are focused more on setting up commercial or business enterprises. This boom in the country's real estate market, La Nacion reports, has been at its highest since the year 2000,.
Before making your decision to join the buying frenzy, it's important to be vigilant about the claims being made about properties offered to you. For example, CostaRicanTimes.com writer R. Pete Peterson says that when handling businesses in partnership or limited partnership with someone, it's important to put the title of the property under your name, or your company's name, and have all documents duly notarized. Note that it could take a month to complete your application to the Real Estate Property Registry. Any agent who's always rushing you to buy should raise a few flags, alerting you to proceed cautiously.
