Costa Rica is emerging as a prominent destination for real estate investment, with an expanding market and a solid legal framework that protects the rights of foreign investors. With a significant growth projection, the residential real estate market in Costa Rica is expected to reach a value of 251.5 billion dollars by 2024, with a compound annual growth rate (CAGR) of 2.35% from 2024 to 2028. The market volume is estimated to reach 276 billion dollars by 2028.
The market’s dynamism is reflected in the proliferation of residential projects, with nearly 500 developments authorized by the Ministry of Economy, Industry, and Commerce for phased sales or pre-sales of their units. In 2022, 44,265 construction projects were registered, representing a 9.2% increase from the previous year, with a total construction area of 3,918,842 square meters, growing by 6.4%. Of these, 45% will be developed in the country’s central region.
In this environment of continuous growth, having a trusted partner is essential to closing transactions safely and efficiently.
Why Choose ERP Lawyers?
- Experience and Local Knowledge: With over 12 years of experience in the Costa Rican real estate market, ERP Lawyers has an in-depth understanding of the sector’s particularities and offers you comprehensive and personalized service.
- Presence in Key Areas: We have offices in San José and Jacó, making it easy to sign documents in strategic locations.
- Bilingual Staff: Our team consists of bilingual professionals in Spanish/English and Spanish/French, ensuring smooth communication with foreign buyers and a clear understanding of each stage of the process.
- Comprehensive Legal Advice: We provide full legal advice throughout the entire operation, from due diligence on the property to drafting purchase-sale or rental contracts, and manage fast and reliable trusts thanks to our strategic alliances.
- Extensive Client Portfolio: We have a broad base of clients interested in investing in or acquiring properties, expanding business opportunities for allied brokers.
- Benefits for Allied Brokers: We offer exclusive benefits in our services for brokers who collaborate with us, promoting a mutually beneficial relationship.
- Mobility and Flexibility: We travel anywhere in the country to assist with document signing or provide other necessary services, ensuring the best care for your clients, regardless of their location.
Due Diligence Process
Investing in real estate in Costa Rica, whether for residential, commercial, or industrial use, requires thorough knowledge of the property. This knowledge is obtained through a Due Diligence process, which ensures that the property has a clean title and meets the intended acquisition purposes. This process includes reviewing the property’s history, registered plans, and possible judicial encumbrances.
Conclusion
In a growing market like Costa Rica’s, having a reliable partner is key to ensuring success in your real estate operations. ERP Lawyers is here to provide the support and expertise needed to close your transactions safely and efficiently. Contact us for more information and discover how we can collaborate to enhance your success in Costa Rica’s vibrant real estate market.
