Costa Rica’s higher-end property market continues to grow rapidly as foreign homebuyers flock in.
Due to the absence of official house price statistics, it is hard to assess the exact movements of house prices, but the trend is clear.
“We’re definitely having an uptick in sales,” said Shawn Ferguson of Coldwell Banker. Costa Rica’s property market is highly dependent on the U.S. economy, which represents the highest number of foreign homebuyers in the territory. “As the U.S. heads up, so do we,” added Ferguson.
Despite this, land prices have not yet recovered from the crisis.
A half-acre plot is currently priced at around US$150,000, far from its price of US$400,000 in 2008, according to Vladimir Spivak of Palm Real Estate in Guanacaste.
The most expensive and fastest-selling properties in Costa Rica are in the Central Valley, the greater metropolitan area (including San José, Alajuela, Heredia and Escazú) where most businesses are, and the Pacific coast. The least expensive properties can be found in new developments in the Costa Rica’s southern region, such as the Osa Peninsula.
“Where else in the world can foreigners come to a country with no soldiers, a government that caters to investors and fee-simple real estate with no restrictions and where foreigners are entitled to the same ownership rights as Costa Rican citizens,” said licensed realtor Chaud Oskar Byers.
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