Buying a Condo in Costa Rica – The Ultimate Guide
We put together this guide for investors considering buying a condo in beautiful Costa Rica.
Whether you are thinking of spending vacations, relocating or retiring in Costa Rica or looking for an investment in a very popular tourism destination, this guide is designed to cover all aspects of buying an apartment from finding condos for sale in Costa Rica through to the various steps involved in the purchase process.
The 7th Heaven Properties guide to buying a condo in Costa Rica
Contents
Is Buying a Condo in Costa Rica a Good Idea?
How Much Does it Cost to Buy a Condo in Costa Rica?
Can Foreigners Own Condos in Costa Rica?
Where are the Best Places to Buy a Condo in Costa Rica?
How Do you Buy a Condo in Costa Rica?
Getting a Mortgage in Costa Rica
Investment Opportunities – Explore Condos for Sale in Costa Rica
Is Buying a Condo in Costa Rica a Good Idea?
Buying a condo in Costa Rica offers investors the opportunity to own property in one of the most well established real estate markets in Central America and a top tourism destination for nature lovers, surfers and beach bunnies.
For buyers looking for a part time or full time home to hide away surrounded by idyllic tropical beauty, Costa Rica is hard to beat. The country boasts a breathtakingly beautiful landscape with pristine rain forests, cloud forests, volcanoes, waterfalls, rivers and nature reserves and 800 miles of beautiful beaches along its Caribbean and Pacific coastlines. Costa Rica and its surrounding waters and reefs are home to a intoxicating variety of flora and fauna including countless species of monkeys, tropical birds, butterflies, turtles, dolphins and whales.
For buyers looking for investment properties in Costa Rica offering the potential to generate a strong Return on Investment, this stunning Central American country is a sound choice. In 2019 the country welcomed 3.1 million international arrivals – up 4.1% on the previous year. The high levels of overseas visitors has created huge demand for accommodation which has created the ideal opportunity for investors to generate significant income via the short-term and long-term rental market.
Whether you are considering buying a condominium for personal use or as an investment, the Costa Rica market represents one of the most high potential opportunities for investing in Central America real estate. Furthermore, with a very positive outlook, property prices are expected to continue to rise offering high potential for significant capital appreciation over the long term.
Read more: Invest in Costa Rica
How Much Does it Cost to Buy a Condo in Costa Rica?
The cost of condos in Costa Rica varies according to several factors such as location, size and perceived value.
Prices range from approximately US £100,000 to US £150,000 for a smaller 1 bedroom re-sale unit up to approximately US $1 to $3 million for a luxury apartment within prestigious apartment complexes and exclusive beach and golf resorts at the top end of the market.
Can Foreigners Own a Condo in Costa Rica?
Yes, foreign nationals can buy condos in Costa Rica and the Government of the country welcomes foreign investment.
There are no restrictions on foreign buyers acquiring Costa Rica real estate and, unlike in other destinations in the Caribbean and Central America, foreign buyers do not need to apply for any kind of license or permit to purchase property.
Property can be purchased in the name of an individual or corporation which can be more tax efficient and allow for a speedy resale.
Read more: Buying Property in Costa Rica
Where are the Best Places to Buy a Condo in Costa Rica?
That depends very much on your personal preferences and objectives.
Traditionally, locations close to the beach in the provinces of Guanacaste and Puntarenas have been the most popular choices for overseas buyers. Both re-sale and new construction units are available, including stunning new condos nestled in the forest canopy overlooking the ocean.
However, for those looking for proximity to the capital San Jose, there are plenty of options at all price points.
Read more: Best Places to Buy Property in Costa Rica
How Do you Buy a Condo in Costa Rica?
Buying a condo in Costa Rica is a relatively straight-forward process. Below we have outlined the typical process for a new construction condominium unit.
The first step is to make an offer on a condo via a Letter of Intent.
If the offer is accepted by the seller, the next step if for due diligence to be undertaken. Be sure to engage an independent and respected local real estate attorney who can investigate thoroughly on your behalf and prepare a detailed report.
Your attorney will then assist in drafting the Sale and Purchase Agreement.
In Costa Rica closing takes place before a Notary Public. You do not necessarily need to be physically present – your attorney can represent you.
For more detail on the purchase process, please see our guide to buying property in Costa Rica.
Getting a Mortgage in Costa Rica?
It is possible to buy a condo in Costa Rica with cash or a mortgage.
Both local and international institutions offer financing options to residents for the purchase of residential property.
Mortgages for non-residents are difficult to obtain but it may be possible to obtain financing from direct from a developer or private seller in some cases.
Investment Opportunities – Explore Condos for Sale in Costa Rica
Ready to begin your search for condos for sale in Costa Rica?
To find investment opportunities from across the country from condos close to the beach in Puntarenas and Guanacaste to luxurious apartments in Escazu and Santa Ana, explore condos for sale in Costa Rica on our website.
Please note that our website only showcases a sample of the condos and apartments available.
Contact 7th Heaven Properties, the Luxury Caribbean Property Specialist, to explore the full range of investment opportunities in Costa Rica.