Costa Rica’s real estate market has recorded stable growth over the last couple of decades. Today, the country’s higher-end property market I witnessing rapid growth, as foreign homebuyers stream in. Although it’s hard to assess the precise movement of house prices in this real estate hotspot, the trend is clear. There’s a definite uptick in sales.
If you are looking for a suitable global real estate scene, this article highlights 10 reasons why you should invest in Costa Rica real estate. Get the best Costa Rica Real Estate, and get the best home team real estate for you – but also to be sure to invest in a good attorney to handle the title work like https://www.slflegal.com
1. Historically Stable Economy
Costa Rica’s GDP is about 8% today. This is just one of many factors that create an investment-friendly climate. The government has formulated favorable policies that make the nation “Latin America’s Silicon Valley”. Many tech multinationals, including Acer, HP, Dole, Gamble, Abbot Laboratories, Microsoft, GE and Intel Corporation have pitched tent and made sizeable investments in Costa Rica. Experts have described Costa Rica as having a “healthy economic growth rate” and some of the best social indicators in Latin America. The nation’s unemployment rate is below 6%, and Costa Rica has the region’s biggest profit potential. Combined together, all these factors highlight a historically stable economy that’s favorable for foreign real estate investment.
2. Unbelievably Low Property Taxes
Want to make your real estate investment in a country where taxes are unbelievably low? Choose Costa Rica. The nation’s average property tax is ¼ of 1% of the real estate property’s assessed value. Most times, what you pay is in the buyer’s favor. You don’t really have to worry about dipping your hand back in your pocket to comply with tax requirements when buying a Costa Rica home.
3. Tourism Hotspot
Tourism is a billion-dollar industry in Costa Rica. The country earns a significant chunk of its GDP from tourism. Costa Rica is one among 10 countries in the world that are projected to witness positive tourism growth over the next 5 years. Most of the best-known hotel brands, including the Marriot, the St. Regis, Mandarin, Hilton and Four Seasons have set up a Costa Rican presence. A significant deal of people who travel to Costa Rica convert to investors.
4. Friendly Government Regulations
Costa Rica has instituted friendly government restrictions in an attempt to boost its real estate industry. The most important regulation is physical occupancy and a 50-meter beach limit on oceanfront properties.
5. 100% Foreign Ownership
The Costa Rican government wants travelers and real estate investors to own property. Over the last couple of years, a number of tax breaks and incentives have been instituted to encourage overseas investors. The government actively encourages real estate development for the tourism market. You don’t have to live in Costa Rica to own property there.
6. CAFTA Approved
The Costa Rican real estate will remain one of the safest and most attractive for foreign investment in the region. The government and financial ministries maintain a decidedly pro-US and continent stance when it comes to tax laws and financial security. There are numerous tax holidays and regional trade zones that make Costa Rica enticing for continental real estate investors.
7. Low Costs for a High Standard of Living
Costa Rica tends to be one of the few places where you can get a high standard of living at a low cost. To live like a millionaire in Costa Rica, you don’t have to be one. Bills are much lower here, and that’s one of the main reasons why Costa Rica is increasingly popular as an inexpensive retirement destination. Food and entertainment, among other amenities, are largely cheap. This is a major factor that enhances the appeal of the nation as an investment hot-spot.
8. Conducive Political environment
Costa Rica is a democratic nation, with no military force. Easily referred to as the ‘happiest place on earth’, Costa Rica has indeed been a democracy since 1869. The country has one of the most stable governments in central and South America. It is also one of very few countries in the world that do not have an active military force. Costa Ricans are one of the most peaceful and laid back people in the world.
9. English-Speaking Population
Literacy rates in Costa Rica are higher than in the US at 95.2%. Although Spanish is the national language, most Costa Ricans speak and use English on a daily basis. Costa Rica is easily considered to be a well-educated and well-trained workforce. Being able to communicate in Spanish is, however, imperative for daily life.
These are just a few among very many factors that make Costa Rica a favorite travel destination for real estate investors!