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If you are considering a second home in Costa Rica, you’re not alone! Bordered by the Pacific Ocean on the west and the Caribbean Sea on the east, Costa Rica has thrived in recent years as a second home destination for its pristine beaches, extraordinary biodiversity and awe-inspiring beauty. Not to mention endless opportunities for adventure and exploration.

 

Lifestyle aside, there is also a certain financial attraction to residential investment in Costa Rica, particularly in the current buyer’s market.

 

While the country’s economy is in full recovery mode (according to the Economist, growth is expected to pick up to an average of 4.4% in 2013-16, owing to a rise in investment), the luxury second home segment still provides significant opportunity in our view. Costa Rica remains relatively inexpensive, barriers to entry are fairly high, and it won’t take much to move the dial given a limited supply of quality product.

 

According to the most recent Citi Private Bank Knight Frank Wealth Report, 6% of all high net worth individuals in North America considering the purchase of a second home outside their home country were considering Costa Rica. That places Costa Rica 7th on the list, behind only France, Mexico, United Kingdom, United States, Italy and Canada. Assuming just a modest conversion rate, such demand represents an imminent sea change for Costa Rica’s luxury real estate market.

 

As always, buying right depends on a number of factors, one of which is thorough due diligence. Unfortunately, some of the conditions that give rise to the great opportunities in this country can also pose certain risks. For starters, Costa Rica’s real estate industry is unregulated and lacks an effective MLS, creating an inefficient market with a low level of transparency. Independent advice from a reputable and knowledgable real estate professional can help mitigate inherent risks and lead to an enjoyable and rewarding experience.

 

Legacy vision is to create a safe place to buy and sell extraordinary properties in Costa Rica, sharing the legacy of the Sotheby’s brand in terms of quality, focusing on customer service and the professional experience of our real estate agents. Costa Rica Sotheby's International Realty® adheres to the highest US consumer protection standards and complies with the Code of Ethics and Standards of Practice of the National Association of REALTORS®.

 

We invite your enquiries and welcome the opportunity to be of service.

 

 

 

 

 

 

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