Why Now is the Time for Real Estate Development in Costa Rica
Puntarenas, Costa Rica (PRWEB) September 30, 2014 -- As the Costa Rica real estate and investment markets prepare for the next big boom, 2015 may represent the last chance for great values and outstanding opportunities on purchasing investment property and development land in Costa Rica. In this small and stunning Central American jewel, prime development land in the coastal regions, specifically along the Pacific, are once again on the radar with a consistently improving real estate market that is fueled by record low pricing, simply due to the basic economics of supply and demand for prime development property.
Mark Twain’s quote, “Buy land, they’re not making any more of it” holds very true in Costa Rica, a country about the size of West Virginia. From the building of a new Chinese economic zone, near the recently expanded port of Caldera on Costa Rica’s Central Coast, to the newly proposed International Airport near Orotina combined with the announcement of a $450 million World Bank Loan to improve infrastructure countrywide, the real estate investment environment in the Central Pacific region can best be described as “rich”, according to Palms International Real Estate Costa Rica.
Stemming from an improving real estate market in the Americas, where the market is shifting from first to second home buyers, rising tourism in Costa Rica and foreign direct investment reaching an all-time high, there couldn’t be a more opportune time to buy land in Costa Rica.
“After being one of the hottest real estate markets on the planet in the mid-2000’s and with the subsequent collapse of real estate values throughout the U.S., Latin America and the Caribbean, Costa Rica now has a wealth of incredible real estate values,” says Amanda Jennings, of Palms International Costa Rica.
“We are now seeing an increase in real estate investment and major hospitality groups from the U.S., Latin America and China are researching and purchasing development land in record numbers. The substantially lower land prices that we currently see won’t be around long. Prices will soon begin to move back towards pre-recession levels over the next 12-24 months as supply tightens,” adds Jennings.
In addition to the consistently improving infrastructure and an ever-growing tourism industry, Costa Rica also offers no limitations on capital funds transfers associated with an investment, regardless of the currency and there are no restrictions imposed on re-investments or on repatriation of earnings, royalties or capita – making investing in Costa Rica real estate and development property even more attractive.
One beachfront development property on the Central Pacific Coast, Serenity Point, offers investors and developers a shovel-ready land tract with versatility and stunning ocean views overlooking four beaches. Its prime location is only 45-minutes from the capital city of San Jose and 15-minutes from the newly proposed International Airport, making this property unique to both hospitality and residential developers.
Besides the gentle terrain, 75% of the property has panoramic ocean views overlooking some of Costa Rica’s most beautiful beaches showcasing magnificent sunsets to the west. Serenity Point also has all permits and approvals for hotels and residential development in place.
Shovel-ready beachfront projects are extremely rare in Costa Rica, as it can take many years to acquire zoning permits and environmental approvals, if you can get them at all. Serenity Point is currently permitted for 325 hotel rooms and 250 residential units as well as commercial use.
Hospitality Brands such as Oriens Hotel and Investment Agency announced plans to re-launch its PURE Hotels brand, Paradisus Resorts is building a new resort, while Wyndham Resorts is adding to their presence in Costa Rica too. These and other hotel brands are taking advantage of low real estate prices, improved infrastructure and the growing tourism industry along Costa Rica’s Pacific Coast.
Most experts agree, in 2014 and 2105 Costa Rica’s real estate and development market will continue to set new records until prime development land in this small Central American country becomes harder to find.
Palms International Costa Rica is a Costa Rica and U.S. based resort real estate sales and marketing company specializing in resort real estate throughout Central and Latin America. For more information about development property in Costa Rica please contact us at info(at)palmsintlcr(dot)com
Amanda Jennings, Palms International Real Estate, http://www.palmsintlcr.com, +1 8438161312, [email protected]
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