Since the early 70s, Costa Rica has had a long history of being one of the best place for people to retire in a comfortable setting that includes excellent weather, low cost of living and bargain properties in Costa Rica. Today, many economists are wondering whether that still holds true as more expats are choosing Costa Rica as their new home.
The main reason behind this train of thought is because of the way real estate in Costa Rica seemed to be going up and down with the current global economy. In order to delve deeper into the answer, it is imperative to use other countries as a comparison and include the standards of living from similar countries.
Some other countries in Central America like Panama, Nicaragua and Honduras are able to boast that they have lower taxes than Costa Rica and better deals for foreigners looking to live in their country. However, the infrastructure of Costa Rica is more developed than Nicaragua and Honduras which means less power outage and more reliable utility services.
In terms of affordability, Panama certainly has many advantages over Costa Rica but one thing it does not have is the Costa Rica weather as Panama is pretty hot and humid year round.
So before you decide to take off Costa Rica as one of your top places to retire and purchase a home, to let’s go over some important facts.
Yes, the price of real estate has substantially increased from 20 and even 10 years ago but generally speaking, the cost per square foot in some of the most popular areas of Costa Rica are still at bargain prices.
They are still many great houses and properties for sale in Costa Rica at affordable prices according to majority of real estate agents in Costa Rica if you take the time to search for bargains and fire sales. On top of that, the price of real estate in Costa Rica has steadily gone down to make up for the poor global economy.
Take a look at this bargain real estate in Ciudad Colon, Costa Rica
Maintenance Fee: $220
Size: 151 Square Meters
This is for a 3 bedroom, 2.5 bath home for only $270,000 in a secure gated community. An equivalent home in the suburbs of Atlanta would cost you 4-8 times that price! Click here to see the details of this home or Contact Ingrid for details
The cost of living in Costa Rica is still very low in comparison to Europe and the United States. The fact remains that in Costa Rica, you can still live a very comfortable life on just $1,200 a month and that includes rent or house payment.
In terms of shopping for food, a family of 3 can easily feed itself on just $500 or less per month and this includes items that are exported from home.
Public transportation is so inexpensive in Costa Rica that you can use a taxi to go anywhere. In addition, since the Uber entered Costa Rica, the price of getting around is even cheaper than before.
The dollar to colones exchange rate is still in favor of the dollar.
The healthcare system in Costa Rica is by far cheaper and more efficient. For less than $50 a month you get full healthcare in Costa Rica. Yes, the healthcare system may involve standing in line to get an appointment for a checkup but when you look at any other country in the world and how much they charge for healthcare, Costa Rica easily takes the crown.
In short, Costa Rica is still the country of choice to retire but real estate. The cost of living is higher but well worth it when you look at the big picture.