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Costa Rica

/ Owner - May 17, 2021

EVERYTHING YOU NEED TO KNOW ABOUT CONDOMINIUM REGULATIONS IN COSTA RICA

Construction developers all over the country have changed the legal structure of their projects, migrating from the traditional individual property to a condominium system based on the regulations contained in Law # 7933 named “Ley Reguladora de la Propiedad en Condominio” or Law to Regulate Condominium Property, which applies to both residential and commercial developments. This tendency started gaining force about fifteen years ago but now has become the general rule for most projects all across the country. The Costa Rican population has gladly accepted this new system, meaning now most people looking to buy a home or a lot prefer to buy one inside a condo project.

 

A Full Legal Cost Breakdown and Guide to Buying a Home or Property in Costa Rica 

The current pandemic affecting the world generated an unexpected effect on the real estate market in Costa Rica. Despite travel restrictions and new requirements for tourists such as negative Covid-19 test or insurance with sufficient coverage in case of requiring extended stay due to illness; the truth is that the sale of properties has increased in recent months, especially in the areas near the coasts. In these areas it is said that it is currently a Seller’s Market considering the number of interested buyers.

 

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