FLAMINGO COVE ~ Buying in Costa Rica Buying real estate in Costa Rica can be a rewarding experience, on both a financial and personal level. Purchasing property in Costa Rica is always a good investment. The big fluctuation in property prices that you see in the United States, for example, doesn’t happen in Costa Rica. Prices either go up, probably at least 10 percent per year, or at worst stay the same, and when the market’s bad, property doesn’t do down in value, you just have a harder time selling. The turnover slows down. In the last decade land prices have probably skyrocketed the most along the country’s Pacific coast, tripling in some areas. In northwestern Guanacaste, it has happened.
 | To reside in Costa Rica North Americans can stay legally for up to 3 months. They must then leave for a period of 72 hours, then can return to the country for another 3 months. If the 3 month period is overstayed, a travel agency can arrange payment of a small fine and prepare the travel documents required to leave the country for the required 72 hours. You may enter Costa Rica without a tourist visa. You will need a valid passport. Tourists can own vehicles, property, businesses, and generate income from self employment. To buy property it is recommended that you have an attorney who is reliable and trustworthy. Request your attorney to conduct a title search at the Registro Publico(Public Registry) for the property you want to buy. By law all properties must be registered in the registry. Its best to ask for a recommendation for a good lawyer to assist you with buying your property.
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In Costa Rica there is a specific law called “Condominium Law” that provides certain benefits to developers of many different types of properties, including single family residence projects, finished lot projects, condos ,etc. This set of laws allows a developed to restrict and regulate certain aspects of the development. Each condominium development has its own by-laws containing all of the restrictions, limitations and privileges that can be enjoyed by individuals who purchase a property in such a development.  | "Costa Rica is in the eye of a spectacular property boom, which is being studied all over Central America.
Its beaches and central valleys have now been truly discovered by U.S. buyers, and the country’s attractions – sun and surf, climate microsystems, beautiful valleys, volcanoes, jungles, excellent security, good infrastructure, low costs and choice of climate (dry or humid, depending on whether Pacific or Caribbean) have proven irresistible attractions for tourists, buyers, adventurous young, and retirees." |
Ownership of property “in condominium” is fee simple ownership, but usually carries with it a few additional restrictions set forth by the developer. It is advised that you require the owner of the property to give you a copy of the by-laws to check for architectural guidelines, land use restrictions, and other limitations that may be placed on your property. |
Most often, developers use the condominium laws to allow them to build private roads in a development and set architectural guidelines. For the most part, condominium laws are designed to protect the integrity of a development and maintain the “look and feel” of the project.
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