The Central Pacific region of Costa Rica has seen the biggest real estate boom in Central American history.
Since then other regions of Costa Rica, such as the north Pacific and south Pacific have seen good growth, explosive growth in some cases. However, the Central Pacific remains Costa Rica’s biggest investments draw and for a number of very good reasons.
Key developments in Costa Rica’s Central Pacific have caused another flurry of real estate investors targeting this region. Recent additions such as the Crocs Casino & Resort in Jaco and Mistico just south of Playa Hermosa as well as the new 3-mile boardwalk running from the north end to the south end of Jaco beach, has created a huge tourist draw in Costa Rica. These developments are pushing Jaco and Playa Hermosa to the top of the charts as a tourist and investment destination for a real estate resurgence in 2015 and 2016.
This uptick in activity for the real estate market was projected earlier this year on TCRN; 2015 Costa Rica Real Estate Forecast: Where You Should Invest in the Land of ‘Pura Vida’
“The Central Pacific’s proximity to San Jose, and it’s bearish market, will continue to see an upswing throughout 2015 and into 2016. Lots, in particular, will stay hot as inventories are good and prices are low, and this draws local Costa Rican buyers. As well, the uptick in baby boomers and retirees looking for low priced lots continues to grow.”
Why Costa Rica Central Pacific Region?
The Central Pacific has the best infrastructure in Costa Rica and definitely the best service industry in Costa Rica. The Central Pacific caters to both traveler and expat desires with an amazing collection of nature reserves, pristine beaches, resorts, gated communities and residential developments. The Central Pacific is home to the established tourist resort town of Jaco, the busy town of Quepos, Manuel Antonio – the most visited National Park in Costa Rica and extends to more rural Dominical. This entire area attracts a loyal tourist base, drawing holiday deal-seekers, as well as those people looking to buy their own little place in paradise.
Central Pacific Costa Rica Real Estate Investment Points:
• Millions of dollars have and is currently being invested in development projects within the Central Pacific region
• The Central Pacific has a plethora of popular as well as hidden romantic beaches in many sheltered bays
• The Central Pacific has an advanced and established tourist destination service industry
• The Central Pacific has excellent access from San Jose on the new Autopista Del Sol
• There are abundant beach and near-beach homes and lots available at affordable prices
• Gated Communities are plentiful and have Low annual management fees plus hassle free management
• First class medical facilities are available throughout the region
One of the fastest growing opportunities in the Central Pacific real estate market is “near-beach” properties. On-beach properties are generally regulated to condo buildings and concession properties. Concession properties tend to be fraught with legalities in terms of buying and selling processes and further concession properties have limited construction and expansion possibilities via municipal regulations which are varied regionally and subject to change.
Near-beach properties, generally located within a few kilometer or less from the beach offer significantly lower prices than beach properties. Gated communities within a short distance from the beach provide security, convenience, and of course mountain and ocean views.
Currently, one of the most promising gated communities is Columbus Heights Estates which is 2 kilometers away from the first Costa Rica Beach Country Club set to open in 2016. Property is at bargain prices but as new buyers come in with intentions on building their near-beach home, lot prices will soon begin to increase. This community features ready to build lots with services and interlocking paved roads all throughout. What makes this residential development attractive are its new neighbors both near and far. An interesting mix of Costa Rican locals with a new breed of enlightened expats ready to trade the rat race for a better quality of life!
When buying Costa Rica real estate, avoid common pitfalls and problems by working with a buyer’s agent. Representation is key to managing the risks associated with overseas real estate, your biggest advantage is local know-how and networking.