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Costa Rica mortgages

A Buyers Guide to home finance in Costa Rica

The private banking sector offers different types of Costa Rica mortgages which you should consider before making your final decision. There are banks that only lend in dollars, but there are banks that are willing to offer a Costa Rica mortgage in both currencies.

Before making your final decision about a Costa Rica mortgage, you have to analyze your income, your employment stability, the monthly payment due in the future, and your usual expenses in conjunction with the loan.

Please be aware that in the vast majority of cases, Costa Rica mortgages will only be available to legal 'residents' of Costa Rica.

Maritime Zone Concessions

How the Concessions Work for maritime zone beach property

The National Geographic Institute (Instituto Geográfico Nacional) marks the maritime zone. If the zone is not marked and a development plan has not been drafted and approved, the authorities are unable to grant building permits for development of the area.

The Instituto Costarricense de Turismo (ICT) authorizes leases on the Restricted Zone, but the local Municipal government grants and administers the government concession for possession of land in the maritime zone. The Registry of Concessions in the Public Registry in San José records all concessions. Before a concession can be granted, the particular beach where the property is located must have an approved Zoning Plan (Plan Regulador) in place. Only the actual Concession will clearly define the rights and terms of ownership that the occupant has to the property.

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Over the past two years the world’s economy has been in turmoil. This has created a new dynamic and aggressive buyers market in Costa Rica. Golfito Realty has recently listed allot of distressed properties by owners seeking adjust their investment position. Some property owners seeking relief have requested that we not publish their properties for reasons of privacy.
So be sure to contact us to ensure a comprehensive property search.