Once a sale has been agreed, a 10 per cent deposit is generally required and it is recommended that the monies be placed in a government-registered escrow account. Final closing can take between 30 and 60 days and it is also recommended to get title insurance to safeguard buyer interests.
Prices in Costa Rica vary from coast to coast. “You can pay anything from $65,000 to $250,000 CAD, depending whether it’s a land lot, house or new development,” says Otanez. The least expensive properties are more prominent in “up and coming areas,” such as the new developments in the south.
Otanez says that there has been a significant increase in residential development in recent years with many investors gravitating towards gated communities.
“With the U.S. local economies improving again, prices in Costa Rica are also rising as Americans are increasingly attracted to the region,” says Otanez. “I have seen that in some areas, but there is still a lot of value and return for investment.”
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate
Investment Hot Spots:
Salisbury, Georges River, Hunter River, Lac-Simon, Herronton