Buyers Market in Costa
Rica
Now is a good time to
negotiate a property
purchase in Costa Rica,
in light of the slow
market, according to
Gary Sheriff of property
agency C.R.UK. Global.
Fuelled by rising
tourism and retirees
from North America,
Costa Rica’s property
market has boomed over
the past decade, with
prices recording up to
300% growth over the
past decade across some
parts of the country.
However, with a number
of new-build residential
developments nearing
completion, coinciding
with a significant fall
in demand, in light of
the economic woes
experienced in nearby
America, the country’s
property market has come
to a shuddering halt.
With no direct flights
operating from the UK,
Brits have often
overlooked Costa Rica as
a holiday home and
retirement destination.
However, Sheriff, a Brit
who now lives in Costa
Rica, says that Brits
are missing out on a
better way of life.
“Costa Rica offers
fantastic year-round
good weather, a stable
government, wonderful
food, and low cost of
living – not to mention
excellent education and
healthcare.
“There are a number of
new high-end housing
developments coming onto
the market across Costa
Rica, and yet there is
now a lack of buyers.
This presents potential
purchasers with a great
opportunity to negotiate
a discount on a Costa
Rican home bought now.”
Sheriff highlights the
San José, the Guancaste
province and Central
Valley as great places
to buy a holiday or
retirement home.
However, he warns people
to steer clear of the
North Pacific, where
there is now “an
oversupply of
properties.”
Mortgages in Costa Rica
are currently available
to foreigners at a
maximum 70%
loan-to-value.
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