Costa Rica
People from all over the world are flocking to Costa Rica for the culture, breathtaking views, and attractive expat opportunities. In fact, 2.5 million visitors every month to see why it’s been ranked #1 on the World Happiness Index. 50,000 North Americans have even stayed to call Costa Rica their home.Costa Rican property transactions have risen by double-digit figures over the past 5 years, according to real estate experts. The hottest place to buy property in the country is the Central Valley. This is also where the most expensive properties are.
Other popular areas where investment is increasing include Tamarindo, Playa Langosta, Playa Grande, Drake Bay, Santa Teresa and Mal Pais, Montezuma, Puerto Viejo, and Nosara and Playa Guiones.
The Four Seasons Resort in Costa Rica. The Pinnacle of Tourism Development
Like many other Caribbean and Latin American destinations, there are no restrictions for foreigners looking to purchase real estate in Costa Rica. Transaction costs are around 8.75% to 14.75%.
Costa Rica has always had a vibrant tourism sector. In 2016, 2,925,128 people visited, which is a 12.8% increase from the year prior and represents nearly 30% of the country’s exports. In 2017, travel and tourism directly contributed to the generation of 112,000 jobs, representing 8.8% of total employment.
Some beach areas have yet to be discovered and offer investors better value. These locations are a bit off the beaten path today, but certainly lie in the path of progress.
Argentina
The second largest country in South America, Argentina, is a culturally rich country with a lot to offer. It is well known for its European influences and capital city, Buenos Aires, often compared cities such as Rome and Paris. There are also sub-tropical locations in the North and the Andes mountain range.
The number of tourists in Argentina reached over 5 million in 2017. Argentina is also growing in popularity for expats, especially retirees looking for a pleasant, relaxing lifestyle.
The number of tourists in Argentina reached over 5 million in 2017. Argentina is also growing in popularity for expats, especially retirees looking for a pleasant, relaxing lifestyle.
Buenos Aires – A Vibrant Capital City
Once affected by terrible inflation, Argentina’s property market is now on an up-swing. Transaction volumes and construction have both increased and residential prices have increased. After GDP contraction of 2.3% in 2016, the economy expanded by 2.7% in the second quarter of 2017. However, the economy is now reeling in the face of the Corona impacts and the currency is in freefall. That said, for investors and residents with income in USD, the value is hard to beat.
The even better news is that foreigners face no restrictions when buying property in Argentina. Transactions costs sit around 9.93% and 11.64% of the property’s value. This includes notary fees, stamp tax on property sales, and real estate agent’s fee.
Mendoza’s Uco Valley – Producing the Finest Wines in Argentina
One of the most popular areas of Argentina for foreign buyers are the wine growing regions, perhaps the most famous of which is Mendoza. The region is home to some of the finest grapes in the world, and now numerous wineries as well.
Historically the region is rich in the culture of fine wines. Bodega Norton, one of Argentina's most traditional wineries was founded in1895 and owned by the Swarovski family since 1989. More recently, the recognition of the region is growing. Viña Cobos, which belongs to Paul Hobbs – maybe America's most renowned winemaker is located in Mendoza, now makes a spectacular single vineyard Chardonnay with Los Arbolitos grapes.
The Guesthouse at La Morada Serving up Great Food and a Phenomenal View
Strategically located among the best wineries Mendoza has to offer, La Morada is a peaceful oasis to discover the delights of the renowned “Valle de Uco.” This vineyard is cultivated to produce very low yields of super-premium red and white wines, specially crafted for La Morada homeowners and clubhouse visitors to enjoy.
With villas and vineyard estates for sale, owners enjoy the breathtaking backdrop of the snow topped Andes while nestled luxuriously amongst mature vineyards, Los Arbolitos and La Ñusta.
The Bottom Line
The good news is that the incredibly varied geography of Latin America can usually serve up the right solution for almost any need. There has never been a better time to jump into real estate, especially international real estate.Central and Latin America are increasing in popularity for those looking for a new home or just a great investment. Not only do these destinations offer cultural experiences and lower costs of living, they are fueled by booming tourism business.
Happy exploring in 2019. Let us know how we can help.
Mike
