“Rent to Own” Option Will Soon Be a Reality in the Costa Rican Real Estate Sector

    The law that legalizes this convenient real estate option is being discussed in the Tico National Assembly

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    The deputy of the National Liberation Party (PLN), Karine Niño Gutiérrez, presented a bill that creates a new opportunity to access for owning a house in Costa Rica. This is the “Law of Housing Leasing with the Option to Buy and Sell”, which aims to promote the formalization of the rental market and establish the rules and responsibilities of the parties (tenants and owners).

    Among the options of the project, which is also known as “housing leasing” are: rent with purchase option, operating lease, financial lease and financial lease with and without purchase option.

    Although it is true at present there is a wide offer in the housing sector, it is difficult for consumers to access it because: “Either they are not subject to credit, they have high levels of indebtedness, they have job instability or they do not have savings to be able to access to a down payment”, assured the legislator.

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    Stimulating the Real Estate sector

    “Undoubtedly, this initiative, in addition to solving the problem of the housing deficit, would also stimulate the real estate and construction sectors, since it offers the opportunity to model real estate projects specifically designed for a target market that see this modality favorably in order to be able to access housing”, indicates part of the project that was presented on  the previous week in the Tico Legislative Assembly.

    “Another sector that would also benefit from the momentum of this initiative is the sector of banks, mutuals, cooperatives, and other financial entities that could offer a series of innovative products for housing solutions,” adds the document.

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    Innovative alternative

    For the preparation of the initiative, the legislator had the collaboration of experts in the real estate sector such as Melisandro Quirós and Rodrigo Matarrita. “This project is an alternative and innovative figure that allows that with the payment of the rent of your house you can generate the savings to be the owner of that home. I ask the Executive to convene promptly this project that comes to help the construction market, the financial market, the real estate market, but more than them, to people who want their own home and who today have no opportunities to access it” , Niño concluded.

    With the proposal of the congresswoman, if a family pays ₡ 400 thousand for the rent of the house, they can allocate ₡ 50 thousand for the savings with which they will acquire the house.


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