Monday, May 18, 2009
Dear Reader,
Guanacaste in northern Costa Rica is a beautiful region—think of every picture-postcard idea you have about Costa Rica, and you’ll find it here. But bad roads and a small airport meant it was hard to get to. Real estate prices and tourist numbers were pretty low—until the airport in Liberia was upgraded.
Once regular international flights began arriving, real estate prices in Guanacaste exploded. Property developers snapped up beachfront and ocean view land. High-end resorts and developments raised the bar, such as Peninsula Papagayo with its Four Seasons hotel. And the tourists keep coming—last year, 20% of Costa Rica’s 2 million tourists used Liberia.
If you didn’t buy in northern Costa Rica a decade ago, you’re too late—Liberia’s airport was upgraded in 2002.
But the exact same story is playing out right now in southern Costa Rica. Not only can you get in on the right side of the buying trend…but you can do so at 8 cents on the dollar compared with northern Costa Rica—that’s the type of anomaly that gets my attention!
I believe southern Costa Rica is more beautiful than its northern counterpart. Emerald-green hillsides sloping down to deserted beaches…cloud-ringed mountains…lush, raw nature at its best.
It’s also harder to get to—terrible roads and a tiny airport that’s really just an open-sided hangar. Few tourists and little development.
But a new paved road will be in place by next year. And the government have settled on Palmar Norte as the site of a new international airport—and allocated funds for construction. The airport contract is out to tender. The neighboring hospital (a requirement for an international airport) is up and running.
About 12 miles from where the new airport will be is a development where you can build high-quality construction or $90 a square foot. I know the folks behind this development, and they’re happy to show you around—not just their project, but the whole area. It’s a three-day Chill Weekend and you get to see the beaches and small towns. It also includes your meals, accommodation, and airport transfer. And it’s free—as long as you visit by Aug. 1 (after that there’s a small charge). The only thing you have to pay for is your airfare—and if you happen to buy at this project (although there’ll be no pressure or sales pitches) you get a $1,000 flight credit.
Once the new airport opens, I expect property prices here to follow the pattern of those in Guanacaste. If you missed the opportunities in northern Costa Rica a decade ago, this is your second chance—go south.
Ronan McMahon
Posted Under:
costa rica, chill weekends, profit play
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