Investment in Costa Rica’s real estate is climbing, according to developers, as a growing number of people turn to the country as an offshore safe haven.
The Central American country has seen visitor numbers increase in recent years, with 2.3 million foreign visitors in 2014 and more than 1 million American citizens estimated to travel there every year.
As a result, a growing number of developers are attracted to the area – particularly Playas del Coco. Playa Hermosa and Playa Panama in Papagayo, where around five out of 10 of Costa Rica visitors head.
Development experts David Disick and Thomas Fulton tell OPP.Today : “Putting your money into the Papagayo area is about as safe of an investment as you can get. With everything that is happening there we will see strong returns on our money in just a few years. What I am seeing is that due to the fear of the stock market in the United States and the stagnant economy and real estate market in the US and Canada, more and more people are moving their money to offshore investments such as real estate here in Costa Rica.”
The region has seen property prices rise at around 20 per cent per year for the last five years, says Mr. Disick.
“Things obviously cooled down significantly during the economic downturn in 2008, but in the last 3-5 years the market has been steadily growing and showing signs of making another significant break upwards making this one of the hottest investments going,” he comments.
“We expect to see this same kind of growth over the next five years as hundreds of millions of dollars will continue to be invested in the region.”