Now is the time to buy costa Rica real estate!

The following factors make it one of the best times to invest in Costa Rica real estate.

Costa Rica real estate prices are reaching a bottom. Beach properties are selling for a fraction of what they were a couple of years ago Some high rise condos in Jaco that were selling for more than $500,000 two tears ago have been purchased for no more than $280,000 Some of the condo projects in Tamarindo that were selling for close to $250.00 now can be purchased for close to the actual building cost or less

in the central valley never reached an overbuilt status so sellers have not had to take drastic cuts to sell their property. However due to the lack of financing (until recently most local banks have made it almost impossible to obtain a real estate mortgage) sellers have been forced to lower asking prices.

Large corporations are expanding their operations in Costa Rica. HP, Amway and Intel will add nearly 5,000 employees to their payroll in the coming months this is creating an investment housing market in the central valley. At the present time the demand for good and secure housing has made areas like Rohrmoser and Sabana hotbeds for real estate developers. The last four or five midrise towers constructed in this area are sold out or nearly so before construction is completed. This is good news for lot owners. The demand for multifamily lots has pushed prices up from $125 a meter to over $350 a meter in some cases so all of this has given the smart investor with the funds an opportunity to buy real estate in the areas like Escazu, Santa Ana, and Ciudad Colon at favorable prices within this market downturn. Some of these investors are realizing a return on their money of four to five times compared to the return on a savings account or cd that might return 2% or less.

For the Costa Rica Real Estate Buyer without the funds to pay cash don’t despair, there are several opportunities to obtain partial financing. Many sellers have existing mortgages that can be assumed and others are willing to do owner financing. And yes the banks now have money to lend but are still requiring solid credit history.

Real estate buyers from the states find the central valley offering opportunities for good appreciation compared to several areas like California Arizona, Nevada and Florida where overstock in housing will make for risky investing for years to come.

The more adventurous investors will look at the outstanding opportunities for vacation rentals on Costa Rica's beach fronts. Typical units of three or more bedrooms that can accommodate 6 or more people are renting from $2500 to $5000 per week. Owners of these properties enjoy the better of two worlds. They receive a good income while having a vacation getaway. The tourism in 2010 has already increased more than 5% over last year and this trend will only continue to improve, taking a lot of risk out of the vacation rental market arena.

Costa Rica has not endured many of the negative economic issues that have hurt other countries. And with one of the best climates in the world, and the most stable political system in Central America Costa Rica will continue to be a good investment. Still buyers need to be smart and use the guidance of professional realtors in making any investment in Costa Rica real estate.

 

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