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    Arenal Lake located between Alajuela and Guanacaste provinces, Costa Rica. Photo via Institute of Tourism
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Published on Friday, August 9, 2024
As
property value in the U.S. rises and
millennials have begun to buy houses, savvy
retirees and investors are beginning to
turn their sights towards prime real estate
in another region: Costa Rica.
Why? A
fair price in Costa Rica is a bargain by
U.S. standards. Those who have property in
the U.S are able to sell, buy
property in Costa Rica, and in some cases
still have enough money left over to support
themselves. Others who would be unable to buy
property in the U.S. are opting to buy
cheaper land and housing in Costa Rica.
Costa
Rica’s cost of living is lower than in the
United States. In
fact, 52% lower. This
includes everything from buying property to
paying for maintenance costs
to paying
property taxes. Buyers with limited funds just
cannot get the same amount of land or
amenities in the United States as in Costa
Rica. In fact, United States property owners
are taking advantage of the housing
turnaround by increasing their asking
prices, while Costa Rica property owners are
slashing theirs. Savvy investors should take
advantage now while the prices are so low.
Costa
Rica is also approaching carbon neutrality,
which means everything from taxes to the
electricity bill will
likely be less affected by the oil crisis. The
government’s stewardship of the environment
ensures that the supreme beauty of Costa
Rican real estate is here to stay, meaning
its value is less likely to go down.
Another reason the housing market is strong in Costa Rica is that it is not just retirees buying property. The average age of foreign home buyers is dropping.
One
big
factor: “…
the Costa Rican government enacted the
“Digital Nomads Law” in March 2021.
This law offers foreign individuals
providing remote services a streamlined
pathway to work and reside in Costa
Rica.”. With fiber optic internet widely
available throughout the country
(including the Lake Arenal area), and
with the world now accustomed to working
virtually, families are finding they can
live anywhere in the world and work
remotely and
many are choosing Costa Rica.
Furthermore,
buying real estate in Costa Rica is simple
compared to doing so in
many other countries. “It
is relatively easy to buy
property in Costa Rica with a simple
tourist visa. Many
foreign investors set up a private
business or
corporation, as
there is a lot of commercial freedom and
protection with this method. It
is even possible to establish a
corporation in Costa Rica without having
to obtain
legal residency or citizenship,” The
Globe and Mail says.
But
all of
these financial reasons are cursory when you
arrive in
Costa Rica. The
beauty of this land is striking, and its
people are open-hearted. If there’s any
reason to buy real estate in Costa Rica, it’s
because
you’ll fall in love with it when you get
here.
Make
it fun to locate your ideal dream house or
property in paradise with LyC Lake Arenal
Properties experts. LyC is the premier
real estate firm in the
Lake Arenal area,
located in the northern highlands of Costa
Rica.
Call to the English-speaking agents Catherine Nicholas by emailing nicholas2costarica@gmail.com or calling (506) 8429-7269 and Lucas Mongrillo by calling (506) 8323-0591 or emailing chaletnicholasbandb@gmail.com.
--------------- The views or opinions expressed by the author are his/her sole and exclusive responsibility and do not necessarily represent the opinion of A.M. Costa Rica. Therefore, the newspaper doesn't accept liability for the author's article content. --------------
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