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Second Home in Costa Rica

There are so many coastlines in Costa Rica that it goes without saying that properties with an ocean view are plentiful. Land is much cheaper in Costa Rica than in other parts of America, so many people are vying to get their piece of paradise. With Costa Rica real estate still at about levels 70% less than in the United States, it is no wonder why so many investors are turning their attention toward this land. And because of the capital growth potential and due to the minimal tax consequences, it has also become an ideal place for people to make their second homes.

There is no better way to enhance your portfolio than by increasing your investments in foreign lands, especially in places that are developing rapidly and sending out welcome signals to the rest of the world. This new trend is taking over rapidly. Statistics reveal that all those who availed the chance to invest in foreign land came out with flying colors soon after. Recent surveys prove Costa Rica to be a much better market to invest in, compared to neighboring countries like Honduras, Nicaragua, or Panama.

There are several reasons as to why the land of Costa Rica is fast developing as the ideal place for a second home especially for the Americans. The main reasons for the rise of popularity are:
· The cost of real estate is approximately 70% less than in the United States.
· Not only is the property inexpensive but also the Costa Rica's Cost of living is also quite low.
· About $2000 (USD) per month is enough money to live comfortably.
· The prices on an average have risen about 300% in the last decade and those investors who have bought land in the correct locations have been able to double or even triple their returns in even shorter time periods. The prices are on the rise as it is also a very popular tourist destination.
· There are significant advantages and tax benefits if you buy a second home in Costa Rica. The Government has taken sufficient steps to increase investments and decrease the retarding effect of the ‘red tape’ required.
· The country of Costa Rica is very close to the United States. From the southern part of the US it is only a two-hour flight.

The above details point towards buying land in Costa Rica. Riding an uprising curve as of now, land prices are still considered relatively inexpensive if compared to places offering equal facilities and standard of living. With all of these elements being put together, Costa Rica is experiencing a real estate boom, which will continue into the coming years. Let’s have a look at a few more statistics:

· Properties purchased at $30,000 on an average have crossed $750,000 within a span of 15 years.
· Marriot Corporation, the builders of the Los Suenos Resort, sold 2000 square feet condominiums for $250,000 each when they started building; the next year, similar properties fetched them a price of $350,000; within another year, the prices varied between $450,000 and $850,000.

Being a market driven by demand, Costa Rica is a sound investment for savvy investors and an ideal realm that promises some great capital gains in a very near future.

Source: articlealley.com