Costa Rica - Tourism Converts to Real Estate Prosperity
Whether affluent or middle-class, those able to afford vacations outside their countries of residence tend to develop habits and return to places where they've had a good time and perceive that value was received. Depending on the topography desir
Online, June 30, 2010 (Newswire.com) - Whether affluent or middle-class, those able to afford vacations outside their countries of residence tend to develop habits and return to places where they've had a good time and perceive that value was received. Depending on the topography desired, vacationers will return to the same countries many times. Popular vacation and resort countries that recognize the value of tourism and do not place impediments to real estate purchase generally thrive over time. Costa Rica is one such destination.
One recent study placed the contribution of tourism to the GDP of Costa Rica at 13.5% in 2008, with more than 2 million visitors. It is estimated that the growth in tourism to Costa Rica for the period 2009 to 2018 will average 4.7% each year. But, it's not just about vacationers. As the world's population, particularly in the U.S. and Canada ages, there is a huge group at or near the age of retirement. Those who have been vacationing in a country over the years, and perceive stability in the government and economy will be lured to retire there. With more than a half century of stable democracy economic history, Costa Rica stands to benefit from the situation.
With more tourist arrivals in 2008 than Panama , Nicaragua and Belize , this retiree boom could be great news for Costa Rica's real estate markets. In fact, some marketing done by neighboring countries has used the phrase "the next Costa Rica" to develop tourism. This makes it important for Costa Rica to continue to encourage tourism and investment. The country hasn't been immune to the world real estate and financial crisis in the last few years, with some large project closure announcements due to rising costs and lower demand. But, foreclosure maladies seen in other countries have been largely avoided due to the underdeveloped mortgage industry in Costa Rica.
Some really positive attributes should make Costa Rica a premium retirement destination for the many millions entering retirement over the next ten years. Beaches, mountains and rain forests offer a climate suited to each and every resident. From sunny and hot to high and cool, there's a place to live in Costa Rica. The constitution of Costa Rica provides equal rights to foreign residents, and democracy is entrenched.
Some of the hot areas for development include the Guanacaste Gold Coast, Puntarenas, and the Central Valley. It's a great country to visit, its small size making it easy to get from coast to coast and visit the mountains in between. Checking out the investment potential of Costa Rica is business with a very personal enjoyment potential as well.
