| |
Although Costa Rica, like everywhere else, has been affected by the global market declines, mostly in the area of tourism, which has fallen off approximately 13% from last year’s highs, Costa Rica’s economy remains one of the strongest in Central and Latin America. Unemployment rates have not risen substantially, and since state banks were not vested in or associated with Wall Street or banking institution collapses in the states, the impact of the financial meltdowns in other countries has not been felt here. Inflation and interest rates remain steady, and the dollar’s decline against foreign currencies like the Euro and Yen has had the opposite effect, and has in fact risen against the local currency.
Real Estate prices and values have leveled off from their 6-8% increase per month pace of 2 years ago, but surprisingly, not deteriorated as they have in the states and other countries. Colinas de Miramar is offering properties at 30-50% less than comparable projects in the area, and at prices that more reflect those of 3 years ago.
There is a commercial center, and highway access hotel complex planned. Also a proposed golf course, along with another 3 phases of development spanning 360 acres. CDM could offer substantial financial growth to investors seeking a safe and secure investments, over a relatively short period.
According to CNN… “Costa Rica is still one of the hottest markets on the planet.”
Reasons to Invest
- Owning in Costa Rica: When you purchase real estate in Costa Rica, you own it fee simple!
According to the Global Property Guide, the least expensive city in Europe is Bucharest where you would pay US$3,085 per square meter for a 120M2 apartment (1,291.2 square feet). So most Costa Rica real estate is at least half the price of the least expensive city in Europe.
- Property Taxes: When buying a home in Costa Rica, property taxes must be considered but thankfully there is little to worry about because property taxes are only 0.25%.
According to the Miami Dade County website, on a US$275K property in Miami, you would pay about US$6,875 per year in property taxes. With a luxury apartment in Costa Rica, the property taxes for a home of the same value would be US$687.50 per year so you would save US$515 per month just in property taxes.
- Affordable Cost of Living: Only 1% of US households headed by folks aged 62-72 have $1 million or more in assets other than their home. Now that might sound like a lot of money but $1M today lasts less than 20 years assuming a rate of return of 7%, inflation of 3% and inflation-adjusted annual withdrawals of $75K. People understand that their money will last a lot longer with a Costa Rica retirement.Having said that, demographically speaking, forty-six percent of the baby boomers are still in their 40s so there are plenty of baby-boomers that haven't really started to think about their retirement. The more negative the political and economic environment becomes in the USA, the more receptive they will be to the idea of living and retiring abroad.
- How Much Is The Food? To give you a real idea about food costs, in one of Jo Stuart's recent newspaper columns, she compared the exact cost of a basket of fruits and vegetables purchased here in Costa Rica to the exact items purchased in a California farmer's market. She spent US$8.75 here and the same items in California cost US$29.47.
The bottom line is if you eat a healthy diet full of fresh fruit, fresh vegetables, a little fish, chicken or beef, you and your family will be healthier and you'll enjoy significant savings on food living in Costa Rica.
- Electricity: A significant amount of Costa Rica's electrical energy needs are renewable, met by geothermal (volcanic) and hydro-electric power. Thus, Costa Rica is fairly well insulated against oil price fluctuations and is able to maintain relatively cheap electricity price levels that are almost the lowest in the Americas.
- Healthcare: The health system in Costa Rica is comparable to the system found in North America, only at a fraction of the price. The Social Security System provides universal insurance benefits, covering medical services, disability, maternity, old-age pensions and death. All employees contribute nine percent of their salary to the health system. The country spends about ten percent of its Gross National Product on health care. Additionally, many Costa Rican doctors were trained in North America and Europe.
Costa Rica has attracted clientèle who come for plastic surgery, cataract operations, spa treatments, dental work, and even some heart transplant surgery, as the costs for treatment are low and of a high quality.
Many people flock to Cost Rica for plastic surgery, which can cost half of what is charged in the United States or Europe for the same procedure. Costa Rica also plays host to several conferences on the subject each year, attracting attendees from all over the world to learn the latest and greatest methods.
English and Spanish-speaking Doctors often have bilingual staff in their private offices. The available equipment and techniques in the country are state of the art.
Any foreign national visiting the country has the right to receive health attention at hospitals and clinics in case of an emergency, sudden illness or a chronic disease.
- Climate: When it comes to weather, the Costa Rican climate is equally accommodating. With the exception of the higher altitudes, daily temperatures usually linger around a very pleasant 75° to 80° F (24° C to 30° C). Costa Rica experiences only two seasons -- dry (December through April) and rainy (primarily November to May with the wettest months being September and October). Temperatures are somewhat higher and annual rainfall is much less here on the Pacific coast.
|
|
|
|
