My first time in Jaco (about 20 years ago) it was a sleepy and traditional Costa Rican town that did not even have a stop light. Three years ago the skyline was filled with high-rise construction on the feeding frenzy of developers and speculators investing in property. However, that has changed, most investors are doing damage-control, regrouping and wondering how to deal in the slump of the real estate market. Many have given the property back to the formal owners or banks. Those that invested 5-8 years ago are looking at the same property values today. And those with bucks are holding on knowing that anytime the market will change.
That time is now and the most to gain are the ones that made small investments and had the holding power.
The Costa Rica real estate market is slowly but surly correcting itself. One of our accounts between mid 2007 and mid 2008 sold 10 properties and since sold zero when the market came to a screeching halt in mid 2008. This was a time when Costa Rica banks stopped lending money to developers. However, that account in the last 4 months has seen a surge in real estate inquires and hits the website under various Costa Rica real estate keywords and others are experiencing the same. There are many inquires on condos and land and it is a buyers market.
A good sign the market is coming around.
As always cash talks. Property values are down and any investor that has a fair amount of bucks there are a bunch of eager sellers that will make any deal, many are now accepting some sort of mortgage terms to carry back the balance. Some are making deals like, I provide the land, you build, and we split the profit. This may be the best time to buy in Costa Rica property.
Even if property values go up and down, it is still one of the best investments a person can make and here are some reasons why.
Costa Rica’s living expense is cheaper than the U.S, making it a desire place to retire and live. The country has good year around climate and it is close to the United States. I have seen air fares as low as $400 round trip. There are also direct and daily flights from Europe.
Many developments are gated communities, which offer good security and peace of mine to those that want to retire. Home owner fees can be as little as $25/month with pool, recreation room, 24/7 security and lawn service.
Probably one of the biggest draws is the Costa Rica’s medical costs, and it is getting better all the time with costs as low as 80% cheaper than that of the U.S. And some U.S. insurance companies are now providing coverage for Costa Rica. In April, 2010, Costa Rica hosts the first medical tourism conference, which is getting the attention of those in the medical insurance fields. Plastic and Orthopedic Surgery and diabetes cure are just a few of the medical draws.
Costa Rica is one of the biologically wealthiest nations in the world. Its unparalleled and impressive scenic beauty reinforced by a consolidated system of protected wildlife areas and eco-businesses. The country’s varied natural environments include lowland rainforests, coral reefs, sultry swamps and lush cloud forests. Each is home to a wealth of animal life. It is one of the best eco-friendly countries in the world.
The Costa Rica government is socially and politically stable.