Housing and Real Estate in Costa Rica

The real estate market in Costa Rica

Many foreigners, particularly retirees, seek to move to Costa Rica because o the tropical weather, political and economic stability, and the quality of its healthcare system. There is an ever growing community of expatriates, mainly American but with an important European presence, already living in Costa Rica. There is a flourishing real estate market targeting them, with buildings designed with their needs in mind, as Costa Ricans might not want the same product) and with all the desired services, including swimming pools and sports areas. Some of them are located in gated communities with controlled accesses.



Rentals in Costa Rica

Rental contracts in Costa Rica are one year long and can be renewed automatically and increase their price in a 15% if they are denominated in local currency. The law that regulates them is very comprehensive and provides protection for both owner and tenant.

Price varies a lot depending on regions and cities. Usually, a deposit is necessary, which will be refunded to the owner if everything is in good condition and provided the tenant gave a 30-day notice. Utility bills are, in general, not included in the price.

Most newspapers have a rental ads section, although many are focused on the local market. English language newspaper Tico Times is probably the best source for the kind of properties sought after by foreigners.

Purchasing a home in Costa Rica

The cost of a title property transfer is 2.75% including taxes. It is done via inscription in he Registro Nacional, which usually takes between 6 to 10 weeks. Every lien on the property, such as a mortgage, must be indicated.