Why invest in real estate in Costa Rica?
Let me start by saying that there are two reasons why someone buys a property anywhere in the world: to live in the property and/or to invest in the property by selling it at some point in the future, when they see the value of the property increase over time. . Let’s face it, investment opportunities in the United States are shrinking pretty quickly with stocks, bonds, and real estate spiraling in the wrong direction. During this same time period, Costa Rica’s land investment growth has been double-digit. It’s not a difficult equation to see, and with Boomers looking for a place to retire with less money than they thought they’d have, the influx is pretty obvious.
The real estate market in Costa Rica is thriving, and in recent years the country has become increasingly popular as a tourist destination. Costa Rica is ranked fourth as the most ideal environment for foreign investment worldwide, and investors from all over the world come here to capitalize on Costa Rica’s cultural and economic prosperity.
Americans, Canadians, and Europeans are wise enough to come here to invest, and there are plenty of reasons for them to do so. Costa Rica offers foreigners a real estate market that is more attractive and cheaper than that of the US. The prices of land and houses here are 20-25% cheaper than those in the US. property maintenance cost is very low, which makes it difficult to buy and rent properties. a solid and profitable investment. As more than 50,000 US citizens live here, US real estate brokers can handle the finances for real estate investment in Costa Rica. Also, the cost of living in Costa Rica is much lower than in the US, Canada, or most European countries.
Costa Rica is an ideal environment for business and real estate investment. There are no foreign exchange controls or restrictions on the repatriation of capital or profits. Foreigners face no restrictions in owning a business or land in Costa Rica, and enjoy the same property rights as local citizens. Business taxes and property taxes are very low. Costa Rica’s real estate market is based on the US dollar, and forming a business here is easy and inexpensive. In addition, investments in the business sector are expected to increase, as Costa Rica recently acceded to the Central American Free Trade Agreement (CAFTA).
Unlike all other countries in Latin America, Costa Rica enjoys the highest political, social and economic stability. Costa Rica is a safe and peaceful nation that has been a democracy since 1949. The country does not have a standing army and was the first country in the world to constitutionally abolish its army.
Costa Rica’s free compulsory education system dates back to 1869, and the country now has one of the highest literacy rates in the world (95%), a highly-skilled workforce, and a strong and growing middle class. There are computer labs in most elementary schools and all high schools, and there are 67 college campuses and 81 technical high schools.
In Costa Rica you will find excellent communication services (landline, cell phone and fax) and high-speed Internet. In El Cajón de Grecia, where we live, we have a stable Internet connection, as well as American television.
The country has a great transportation infrastructure. Travel plans to and from Costa Rica are simple. Daily 3-hour international flights to the US and an extensive highway system are available.
Costa Rica is characterized by its economic diversity. People from all over the world come here all the time to enjoy their vacations in a beautiful and safe country. In 2006, 1.7 million international visitors came to Costa Rica, helping the country earn $1.6 billion in tourism revenue. The country ranked first in Central America and second in the Latin American and Caribbean region in the 2008 Travel and Tourism Competitiveness Report published by the World Economic Forum. Costa Rica is the largest exporter of technology products from Latin America to the US, which is also Costa Rica’s largest trading partner. It has the second most energy efficient economy in the world. In addition, 99% of the country’s electricity is generated from renewable resources, mainly hydroelectric.
The country is also characterized by its ecological diversity. Costa Rica’s sunny beaches, rich rainforests, variety of wildlife, and stunning mountains attract American, Canadian, and European investors to the Costa Rica real estate market. The country is regarded as the “ecotourism capital of the world”. The ecology and natural beauty of Costa Rica are its main attractions, and the government always makes plans to preserve them. 25% of the country’s land is protected and 25% of the world’s tropical biology research takes place here. There are more than 850 species of birds, and more than 80% of visitors to Costa Rica are ecotourists.
World-class medical and health care services, including plastic surgery and dental implants, are available at discounted prices. Costa Rica has one of the longest life expectancy rates in the world (77 years).
Costa Rica also supports gender equality. It ranks seventh in the world for the percentage of women in Congress, and 53% of the country’s top public officials are women.
The real estate hot spot in Costa Rica today is the Central Valley. In Greece specifically, the weather is mild all year round, the quality of life is simply unparalleled, and real estate prices are much lower than in the US.
Although Costa Rica is widely regarded as a safe and well-governed country and the vast majority of Costa Rica real estate transactions go off without a hitch, you should always do your research and investigate any foreign property you are considering purchasing. You should also visit Costa Rica in person before making any property purchase.
As you can see, it makes a lot of sense to invest in real estate in Costa Rica. Although the US real estate market does not seem likely to recover anytime soon, Costa Rica’s tourism industry and economy are always on the upswing.
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