I was talking with an American who now lives in Costa Rica. He came here about ten year ago, and has done extremely well. He knew the country before he came, and had researched Central America. He invested a lot in the Quepos area, on the pacific coast. He bought one piece of land just outside Manuel Antonio National Park, about 7 km from Quepos, whichnis the most popular, though smallest, national park in the country. He built a very high standard residence there - which now lets out at $US8k PW (possibly just in season, but the tourist season is long). He has it for sale at $US1.8M. The lot cost him $150,000; I don't know how much it cost to build.
Despite his success in Costa Rica, he suggests that Panama is a better place to live. Costa Rica has very high import duties - 40% - which Panama does not have. He says it is cheaper to buy there, and cheaper to live.
He couldn't believe the prices of real estate in Australia.
As an example of what's available, he told me about a farm lot for sale in the community he lives. It's about 15m from Quepos, up in the hills a little. About 10 years ago, a consortium bought a horse farm and subdivided it. He has a house on one of those lots. It was divided into eight lots of about 6000m? each. The whole area is fenced and gated. There's a place for sale there. It's an octagonal place, two storeys, with windows all around to take advantage of the 360? views. He guesses the living area is about 90m? each floor, plus decks. It was built about 8 years ago, but the owner has barely lived there - the GFC hit her hard. It needs some maintenance due to the owner's absence. It's fully air conditioned. There are full time workers to maintain the property - the owner wouldn't even need a lawn mower.
The owner is asking $US320k, but would probably accept $280k if there was no agent. It would probably come fully furnished. It costs about $4.5k pa for maintenance, security etc.
Despite his success in Costa Rica, he suggests that Panama is a better place to live. Costa Rica has very high import duties - 40% - which Panama does not have. He says it is cheaper to buy there, and cheaper to live.
He couldn't believe the prices of real estate in Australia.
As an example of what's available, he told me about a farm lot for sale in the community he lives. It's about 15m from Quepos, up in the hills a little. About 10 years ago, a consortium bought a horse farm and subdivided it. He has a house on one of those lots. It was divided into eight lots of about 6000m? each. The whole area is fenced and gated. There's a place for sale there. It's an octagonal place, two storeys, with windows all around to take advantage of the 360? views. He guesses the living area is about 90m? each floor, plus decks. It was built about 8 years ago, but the owner has barely lived there - the GFC hit her hard. It needs some maintenance due to the owner's absence. It's fully air conditioned. There are full time workers to maintain the property - the owner wouldn't even need a lawn mower.
The owner is asking $US320k, but would probably accept $280k if there was no agent. It would probably come fully furnished. It costs about $4.5k pa for maintenance, security etc.