Showing posts with label real estate. Show all posts
Showing posts with label real estate. Show all posts

Wednesday, September 24, 2014

Title and Property Ownership in Costa Rica


The Costa Rica constitution allows non Costa Ricans have all the same land and property ownership rights as a Costa Rica citizen (the only exception to this are 4 and 5 below). Non Costa Ricans can own and hold land in their own name without the need for local partners or complex corporate structures.

This separates Costa Rica from many of its neighbouring countries where local partners and complex legal and corporate structures are required to own land and real estate.

Broadly land is divided into the five types below:


1. Titled Lands

The vast majority of land in Costa Rica is titled. There is a National Public registry website where you or your lawyer can check the title of property and ensure it is clean and without mortgages or liens.


2. Fifty-Meter Zone

From the high tide mark to 50 meters inland is public property in Costa Rica. This land cannot be developed and no permanent structure can be placed on the land. However, this land can be landscaped and some temporary structures are permitted.

This fifty meter zone was implemented to preserve the beaches and ocean-front as public property for the benefit of all.



3. Titled ocean front property to the 50 meter line.


In the mid 1970's owners of ocean front land in Costa Rica were asked to register their land with the local and national public registry offices. Those owners that registered their land got full title for their land to the fifty meter line (mentioned at 1 above). Only 15% of ocean front land on the coast line was registered at this time and this is prime ocean front property.


4. Municipal lease land - 150-meter zone.
The majority of ocean front land from the 50 meter zone to a distance 150 meters further inwards is owned by the local municipality.

This land can only be leased from the municipality in the form of a concession. Non Costa Rican's may only lease this land in partnership with a local Costa Rica partner, who must own more than 50% of the company entering into the lease agreement. It is not allowed for non Costa Ricans to lease this land personally.

This concession property usually has restrictions on development and zoning of the land.

This 50m zone exists to preserve public access to the public beaches.



5. Frontiers


Only Costa Rican citizens can purchase land within two kilometres of the national frontiers or borders.


This is a very quick introduction to title and property ownership in Costa Rica and when buying real estate or land in Costa Rica it is important to have the title checked by your legal representative


Tuesday, October 8, 2013

Record levels of real estate acquisition and development in Costa Rica

La Nacion reported a sharp increase in real estate acquisition and development by foreign investors in Costa Rica in the first quarter of 2013

This contributed $377 million to the national economy.

These increases are confrmed by an increase of 13% in real estate purchases in the Central Valley during the the first quarter of 2013 (Q1). 

La Nacion reports that the Pacific Coast has experienced an increase in residential investment whilst San Jose and the Central Valley have seen  more commericial real estate investment. 

The Central Bank of Costa Rica reported that the $377 million enjoyed by the real estate sector represents 90 percent of revenue in 2012; in other words, the real property industry seems to be booming once again. 

Estimates by La Nacion indicate that the quarterly increase has been the highest since the year 2000.


Thursday, September 26, 2013

Recovery in Global Real Estate affects Property Prices in Costa Rica


costarica-beachfront


Global real estate prices are recovering and this is having a strong effect on property prices throughout Costa Rica.
 
The Economist reports a year on year growth of house prices of 12.1% across to USA to the end of the second quarter of 2013.

Further they report that "the recovery still appears to be sound, since prices remain undervalued against income"
 
Read the full report here.

Knight Frank, in its Global House Price Index Report for the second quarter 2013, reports that worldwide house prices rose 2.4% for the quarter and that "the US housing market recovery appears to be on firmer ground"

The report is available for download here.

As property markets have recovered worldwide more and more buyers are looking at Costa Rica for both holiday homes and investments. This is pushing up real estate prices in Costa Rica and a number of recent articles reflect these increases:
 

This increased demand is resulting in more development. For example some recently announced developements are covered in the National newspapers here and here

And don't forget for US clients the implementation of the HIRE Act may make it more difficult and more expensive to get funds out of the US.

So if you are seriously considering a purchase in Costa Rica the time to act is now.
 

The offices in Quepos and Manuel Antonio can assist with your Central Pacific requirements. The San Jose office with your Central Valley requirements.

And of course Naturewalk is ideal for clients seeking a home and income in Costa Rica.

The "fly and buy" programs are worth up to US$2,000 to you.

To find out more about these and for assistance with your property requirements just call  
USA +1-866-990-1123 (toll free) or Europe +353-1-272-4184 or e mail info@costaricainvest.ie