Who buys in Costa Rica
Studnicky pointed to a recent influx of American buyers moving to Costa Rica, particularly from California, Texas, Florida and New York. “That’s why I affectionately refer to Costa Rica as the 52nd state,” he said.
Mr Tuinstra said luxury buyers in Costa Rica are “predominantly North American”, but added that more Europeans have been buying in the past five years, thanks to an increase in the number of direct flights to destinations. and from Europe.
Foreigners can buy real estate in Costa Rica without restrictions. Transactions are handled by a notary.
Closing costs, including escrow services, due diligence reports and studies, and a transfer tax, are about 4% of the purchase price and are typically paid by the buyer, Ms. Fenton.
Foreign buyers often pay in cash, as interest rates on mortgages offered by private banks are high, Ms Gray said. Sellers sometimes offer mortgages, with interest rates ranging from 5 to 8.5 percent and loan terms of three to five years, she said.
Mr. Fenton recommends that buyers engage a qualified real estate agent and a lawyer familiar with the area in which they wish to buy. , permitted land use, marine and protected areas, labor laws and several other issues that may negatively impact purchased property,” he said.
Ms Gray urges buyers to think carefully before buying properties in undeveloped areas. “A lot of times shoppers think they want to be in a ‘jungle’ atmosphere,” she said. “However, once they have explored these areas, spending one to two weeks there, they find that the lack of services can become a real problem for most buyers.”