Opportunity for growth, adventure, and a unique tropical lifestyle await expats and investors in Portoviejo, Ecuador. This growing city, the sixth largest in the country, blends contemporary living, a rich history, and plenty of opportunities to enjoy outdoor exploration and activities.
Portoviejo, Ecuador
As one of the fastest emerging retirement destinations, Ecuador’s Pacific region has become a focal point for expats and investors. Portoviejo’s location and role as the capital of Manabi Province has become a hub for those seeking to find a tropical respite with investment possibilities.
Portoviejo – Then and Now
Founded March 12, 1535 by the Spanish captain Francisco Pacheco as “Villa Nueva de San Gregorio de Portoviejo,” on the Pacific coastline, Portoviejo is one of the oldest cities in Ecuador. It was actually moved inland some thirty kilometers to its current location in 1528 as a result of repeated conflicts with the indigenous tribes in the area.
Portoviejo, Ecuador is also known as the “City of the Royal Tamarind Trees.” These beautiful trees are found in abundance in and around the city and are a source of pride to locals.
As the principal commercial and governmental center of the Portoviejo River Valley, Portoviejo has become the hub for agricultural processing in the region. In addition to tropical fruits and vegetables, coffee production, fishing ,and cattle ranching are also prominent in the area.
In spite of economic setbacks in the 1980s and 1990s, Portoviejo has rebounded and looks to continue its recovery as expats and investors discover the opportunities that are waiting there. In a very real sense, the motto of Portoviejo captures this “can do” attitude: Portoviejo se Levanta Querer es Poder (English: Portoviejo rises, to want is power).
Fun and Games in and around Portoviejo
The Manabi province has many activities that can entertain and educate expats and visitors alike. With beach towns like Crucita, Jaramijo, and Manta in close proximity, Portoviejo is an ideal jumping-off point to explore and experience the Pacific coast of Ecuador.
Manta and the Nearby Beaches
Manta is the second largest coastal city in Ecuador and has a vibrant ocean-driven culture. It is thought that Manta is home to the largest fishing fleet in South America and proudly proclaims itself as “Tuna Capital of the World.”
Being only 23 miles from Portoviejo, Manta’s beaches are readily accessible from the city by both car and bus. There are two beaches to the north and west (Barbasquillo and El Murcielago) and three to the east (La Poza, Los Esteros and Tarqui).
There are several other beach locations in the area. One of the most popular is Playa San Marianita; this is not only one of the most “family friendly” beaches but also recognized as the most popular location for kitesurfing in Ecuador.
Eco-Friendly Experiences
Roughly an hour’s drive from Portoviejo is Machalilla National Park. This preserve features beaches, two islands, a fog forest, and a dry forest. With so many ecosystems to experience, the park has become one of the Pacific region’s major attractions.
A different kind of eco-experience can be found just outside of Portoviejo in the nearby village of Sosote. Here artisans make handcrafted items from Tagua nuts. Tagua is a palm nut similar to ivory and used for a variety of carved items. Known as “palm ivory,” this fruit of the palm tree is viewed as a viable and more ecological alternative to using elephant tusks or other sources of ivory.
Getting to Portoviejo
Since Portoviejo does not have an international airport, most visitors begin their journey by flying into Quito. From there, TAME, the domestic airline of Ecuador, flies a single scheduled flight daily to the small regional airport (Reales Tamarindo Airport) just outside of the city.
There are regularly scheduled buses that run from Quito and Guayaquil as well as private shuttles and rental cars. The driving time can be somewhat lengthy but is an adventure in and of itself.
Leyton Loor
Budgeting for Expat Living in Portoviejo, Ecuador
As the sixth largest city in Ecuador and a governmental seat (capital city of Manabi province), prices in central Portoviejo for housing and amenities are somewhat higher than the less-developed regions in and between the city and beach areas. The trade-off is that the amenities and services in central Portoviejo are more established and closer in standards to similar-sized communities in the U.S.
Like most areas, the location and size of a residence are major factors in the cost, whether purchased or rented. Availability is another factor in determining how much a particularly property sells or rents for.
The Real Estate Market Has Rebounded
Following the financial crisis in 2008, Portoviejo, like many other communities in Central and South America, has experienced a resurgence in the real estate market. Prices are still lower than in Quito or Guayaquil and also include commercial units as well as residential units.
Potential buyers and investors can find a selection of completed properties that range from rustic, traditional Ecuadorian style homes, to luxurious beachfront villas. There is also the possibility of finding lots ready for development and working farms for individuals seeking a different lifestyle with a strong potential for return on investment.
Rents can run the gamut for as little as $200 per month to over $1,000. Apartments in the center of Portoviejo with modern amenities are naturally at the higher end of the spectrum. Single family homes may run even higher depending on whether or not they are in a gated community.
Shopping, Utilities, and Medical Expenses
Utilities such as electricity, water, heat, and garbage can run in the $25 to $60 a month range depending on usage. The cost for internet and cable TV/satellite service, while varying by plan, can be estimated in the area of $30 to $70 per month.
Groceries and food are difficult to estimate as tastes vary from person to person. Buying local produce and meats is certainly a more budget-friendly option that the higher-priced imported items.
Durable goods, such as appliances and vehicles are, as might be expected, high-ticket items due to the import fees and taxes. By way of example, a vehicle costing $25,000 in the U.S. might run $30,000 or more in Ecuador.
One area that is certainly budget friendly is medical expenses. Portoviejo, like other major Ecuadorian cities, offers quality health care at significantly lower rates that its North American counterparts. Health insurance can also be purchased from Ecuadorian carriers at much more affordable rates than one might expect. The city is also home to the cancer treatment hospital “Dr Julio Villacreses Colmont.”
La Hora
Further Considerations about Expat Life
Portoviejo and the entire Manabi province certainly provide opportunities to create and personalize a tropical retirement. There are some realities to take under advisement before committing time and resources to a move.
First and foremost is the fact that, while the expat community is growing, the number of expats in and around Portoviejo is small. As a result, language and cultural difference could become barriers that detract from the lifestyle you were hoping to find.
Second, developing property (as opposed to buying/renting a completed structure) can be challenging in a variety of ways. If you aren’t comfortable with having to deal with the myriad of issues that building your own home can bring, this may not be the best choice for your future getaway.
Lastly, it is important to remember that many of the items and conveniences found in the U.S., Canada, and Europe are either unavailable or difficult to find in the region. Again, if having access to these things is important, you should ask yourself whether not having them would be a deal breaker.
Finding Out If Portoviejo Is a Good Fit
There is no substitute for going to the city, experiencing what life is like there, exploring the region and then seeing how the reality matches up with the dream. You may just discover that, like Portoviejo’s motto says: to want is power.
Map of Portoviejo, Ecuador
Portoviejo, Ecuador Fast Facts
- Population: 207,000
- Typical temperature: 72º F.
- Major airports with U.S. flights: José Joaquín de Olmedo International Airport – Guayaquil, Ecuador .
- Nearest U.S. consulate: Guayaquil
Pristine beaches, adrenaline-fueled activities, and a favorable economic environment are combining to make San Clemente, Ecuador one of the more promising growth locations for investors and expats. This sleepy fishing village of some 2,000 inhabitants could well become part of the next “Gold Coast” in Pacific Latin America.
San Clemente Beach
Ecuador has made dramatic strides to attract expats and investors. With continued improvements to infrastructure and better access to popular coastal areas, interest in the central Pacific beaches promises to increase tourist traffic as well as those seeking investment benefits or an expat paradise.
The Beaches of San Clemente
There are no fewer than seven distinct beaches between San Clemente and the neighboring bluff known as Punta Bikini. Although each one is named separately, they are actually one continuous stretch of unblemished sand.
In addition to the extreme sports that thrive up and down the central Pacific coast, the sands around San Clemente are sun-kissed most of the year, broad, and not crowded; a perfect location for families and those seeking the tranquility of the ocean front.
San Clemente’s Cultural Connection
Visitors to San Clemente also have the opportunity to experience the Manteña-Guancavilca culture. This pre-Columbian civilization flourished in the region from roughly 600 A.D. until the Spanish arrived in 1532-34.
Noted for their skill in raft building and fishing, (much like their modern descendants) the Manteños worshipped the goddess Umiña whose symbol was a large emerald. Umiña was also worshipped in Peru by the Incas; this would appear to show a connection between the two groups.
There are several archeological sites in Manabi where artifacts of the Manteños have been discovered. The most important site is Agua Blanca–believed to be the capital of the Manteña culture.
Located in the Machalilla National Park, roughly an hour’s drive from San Clemente, Agua Blanca is the location of a number of artifacts from these ancient people. Learning about the Manteños and how they lived gives a unique perspective on how San Clemente’s past is shaping its future.
Improving transportation options make getting there less stressful
While there are no international flights directly to the central Pacific, regular flights into Quito have dramatically improved access. With direct flights from Quito arriving at both Manta and Portoviejo, getting to San Clemente has become significantly more convenient. Car or bus travel from either city is a short ride lasting under an hour.
Lower costs make for better budgeting options
While rental properties are limited in San Clemente proper, nearby communities such as Manta or Crucita have a larger selection. Rents outside of metropolitan areas can be as low as $250 per month with utilities averaging under $50 per month; being on the beach can result in higher costs for air conditioning.
As might be expected for a small village, shopping options are limited. Fortunately the larger towns of Manta and Portoviejo are close by and offer many options for groceries and other items.
The Potential Upside for Investors in San Clemente, Ecuador – A Comparison
San Clemente, Ecuador and other beachfront communities on the central Pacific coast today are reminiscent of Costa Rica in the latter part of the twentieth century. Comparing the two regions side by side is a great way to see the possibilities that San Clemente holds for investors and expats looking for new frontiers to conquer.
When the surfing movie “The Endless Summer II” came out in 1994, it introduced Tamarindo and the surrounding beach towns to the rest of the world. The development that followed along the northern Pacific beaches (Playa Hermosa, Playa Flamingo, Playa del Coco, and Playa Langosta) quickly earned the region the title of “Costa Rica’s Gold Coast.”
San Clemente finds itself in a similar situation today. The Manabi province has become a magnet for adventure sports like hang gliding, paragliding and kitesurfing, much like surfing was for Costa Rica.
Centrally located between Manta and Crucita to the south and Bahia and Canoa to the north, this small fishing village is an ideal location for tourist-centered businesses as well as idyllic beach living.
Favorable market values and real estate laws enhance desirability
With so much undeveloped property available, San Clemente’s market is wide open. Additionally, foreigners have the same property rights as native Ecuadorians; in fact, residency is not a requirement to property ownership.
The only limitations on location are those pertaining to the National Security Areas within 50 km of the borders or coastline. Since San Clemente is a beach village, consulting a real estate attorney to ascertain the status of the parcel being considered is strongly recommended.
Since 2000, the U.S. dollar is the official currency in Ecuador. Without having to navigate issues like conversion values, exchange fees, etc., real estate and commercial transactions become much easier than elsewhere in Central and South America.
One example of San Clemente development
Developers have begun to recognize the potential of the San Clemente area for resorts and multi-unit residences. With the Manta airport just a 40 minute drive away, the Vistazul Townhouse project is an excellent example of the return on investment that can be expected.
Consisting of 70 units spread over a 12 acre site, the low density (25% of the property used for structures) maximizes privacy and “green space.” Located next to a new resort, the Parmazul Artisan Spa Hotel, residents also have the benefits of access to hotel amenities as well as the natural beauty of the beach just 200 feet away.
Before You Go, Consider These Facts
For all the promise that San Clemente holds, it is important to remember that it is still a small fishing village with limited resources and infrastructure. Rustic living may not be for everyone, so deciding if modern amenities are necessary is an important first step to take in deciding whether or not to commit time and money.
With very few expats in residence, the primary language for business and day to day living is Spanish. If having to interact in a foreign language is bothersome, this may not be the best option for a retirement mecca or expat escape.
Life moves at a more casual pace in Latin America and in beach communities in particular. Building projects are apt to take longer than planned for and, as a result, can throw off schedules. Dealing with this kind of uncertainty is not something that everyone is comfortable with.
Ecuador’s “Gold Coast” may be the answer for expats and investors who want to be part of something new and exciting. Visiting San Clemente, walking the uncluttered sands, and immersing yourself in village life is the best way to understand if this is the doorway to the next “endless summer.”
Karen
If your fantasies drift toward exotic real estate purchases, you may have dreamed of owning your own tropical island. The reasons for wanting to own an island are as varied as these properties themselves.
For some folks it’s the status. For others it’s the opportunity to own a boutique resort or exclusive guest house with no pesky neighbors. Maybe you’ve thought about developing an island as an investment property, or perhaps it just seems like an ideal location to swing your retirement away in a hammock.
Whatever the motivation, we’re here to tell you owning an island is actually within the confines of feasibility. And if you’re looking to do it for a reasonable price without a huge amount of red tape, you should definitely consider buying an island in Honduras. Here are six good reasons why.
Buying an Island in Honduras Is Simpler Than You Think
Honduras has a stable government that is the second oldest democracy in Latin America and is modeled after the U.S. government. As such, they are very encouraging of foreign real estate investors. Foreigners have been permitted to purchase property there since 1991.
While technically non-citizens can only buy three-quarters of an acre, for about two grand, you can set up a corporation in Honduras, and as the Administrator, you can purchase any size property and set up a Honduran bank account.
Buying an island in Honduras is pretty easy, provided you work with local Honduran real estate agents and attorneys and follow a few basic steps:
- Verify the property history on the property registry, and make sure all tax payments are up-to-date and the title is clean.
- Notarize the preliminary deed to the property. (The notary fee is 3-5%.)
- Pay the 1.5% transfer tax and the 0.15% registration fee at a bank.
- Register the property at a property office. Then the official change of ownership will be filed with the Cadastre office, and you will receive a publicly registered document to that effect.
As the seller pays the agent’s fee in this case, the total charge to the buyer is between 4.65% and 6.65%. The entire process of buying an island in Honduras takes a little more than a month.
Sometimes sellers will finance the property for the new buyer, as Honduran bank financing is only available to legal residents (see below) and citizens. If you own property in the States, it may be possible to take out a second mortgage or line of credit against that and use the cash to buy in Honduras.
Denise Clarke
Honduras Is Still a Bargain
Honduras is still a little bit of a secret in the tropics, but it won’t be for long. The market is starting to rebound after the global economic downturn, and real estate prices won’t stay this low forever.
While it may be tempting to make super lowball offers on properties, it’s best to check on a listing’s history first. If the price has already been drastically reduced, it’s likely the owner won’t go much lower. And if they paid cash for the property, they won’t be upside down on a mortgage and desperate to sell.
Do your homework and partner with a good local agent, and you’ll be able to find something that fits with your wallet.
The overall cost of living in Honduras is about one-third to one-half of the rest of Central America. Property taxes and utility costs are very low, and there is no income tax on money earned outside the country. This allows most investors to either buy more property and maintenance help for their money or to get by on a smaller income.
If you are willing to live like a local (isn’t that why you’re there in the first place?), buying an island in Honduras is an incredible bargain.
You Have Lots of Choices
Buying an island in Honduras is like being Goldilocks. If this one is too big and that one is too small, you can still count on finding one that’s just right with the variety of properties available there. From tiny uninhabited atolls nestled in sapphire waters to fully developed luxury paradises, there is something for everyone. While there are always homes and parcels listed on the bigger Bay Islands, if you really want an entire island to yourself, it can be done.
Kristin Klein
The Residency Requirements Are Friendly There
As you would imagine in a country that makes it so easy for foreigners to buy property, residency requirements are quite straightforward and achievable too. While you don’t need to have a residency in Honduras to own property there, it’s generally recommended.
Establishing residency only takes about 3-6 months via the Honduran Embassy, after the usual fees and checks for identity, health, and criminal background. It can be done for a little over a thousand dollars, and you can get a visa in one of five categories:
- Residente Inversionista: if you intend to invest in Honduras
- Residente Rentista: if you are retired at a certain income level
- Residente Pensionada: if you are retired at a lower income level
- Working Residency: if you are employed by a Honduran business
- Family Residency: as a spouse or parent of a Honduran citizen
Residency categories and income qualifications change periodically for all Latin American countries, so check with the nearest embassy for the most up-to-date requirements.
Chris
You’ll Make Everyone at Home Jealous
Don’t underestimate this one. How cool is it to have your own retreat from the world with complete privacy and control over your entire environment? And buying an island in Honduras will likely cost you less than a nice pied a terre in Manhattan or a flat in Kensington.
You can feel like a kid again exploring the wilderness and living in a cabin with no electricity, or you can build the palace of your dreams. Either way people will hate you. Then they’ll suck up to you so they can say, “I’m going to spend the week visiting friends in Honduras. Did I mention they have their own island?”
Honduras Is Wide Open for Business Opportunities
Just like with the real estate market, this is a terrific time to set up business in Honduras. The tourism industry is burgeoning there, and opportunities abound for people to cater to it. Anything to do with leisure time there is sure to be a hit: snorkeling or scuba diving (Honduras, like Belize, is part of the Mesoamerican Reef), fishing, boating, riding, or golfing, to name a few.
If you want confirmation of how popular Honduras is becoming, just look at how much cruise ship activity has picked up there. Industry leader Carnival even developed their own beach on Roatan for passengers. These floating villages bring thousands of people to Honduras every time they dock, so there is an infinite supply of new customers for many types of businesses.
Whether you’re seeking a stunning retirement locale or a place to start a second, completely different career, buying an island in Honduras can make it possible. Put it on the radar for your next vacation, so you can fly down and see for yourself why it’s consistently on many top ten retirement destinations. You may like it so much you’ll regret having bought a return ticket.
David Rivera
Alba Sud Fotografia
Why Nicaragua Real Estate Is Top of Mind (or maybe not)
What have you heard lately about Nicaragua real estate opportunities? Can you imagine what it would be like to retire there?
Just close your eyes and see what you can remotely picture in your mind. Certainly you can picture warm water, tropical winds, and sunny ocean beaches; most definitely fishing and surfing, and all that comes with laid-back island life. These images so far may remind you of SoCal or Hawaii.
But then your mind wonders. Who really lives in Nicaragua? Is it safe? How remote or accessible is it? What about the economy? How politically stable is it? What would it be like to live there?
What you probably didn’t imagine are pristine coastal properties surrounded by untouched lush jungle that some Nicaragua real estate investors predict will increase in value up to five hundred percent in the next few years. The country remains approximately eighty percent undeveloped.
What’s New in Nicaragua
Nicaragua is Central America’s largest country, but one of the least populated. Why? Because few people are lucky enough (or brave enough) to have discovered it. This wild tropical paradise with a very stormy, dark history now sees a peaceful and bright green future. Inspired by its two neighboring tourist and retirement destinations – Panama and the “Oh-so-hot” Costa Rica – Nicaragua is finally getting it right.
The Nicaraguan government is heavily invested in targeting foreign investors, namely North Americans. Interior road construction projects, shopping malls, improved water and sewer systems, hospitals, and new transportation initiatives are all underway.
Nicaragua’s good news is spreading quickly. Conde Nast Traveler calls it an “exciting emerging destination” and names Nicaragua a top ten destination to watch in 2014. Nicaragua’s new safe and friendly appeal, unspoiled quiet beaches, lush tropical rain forests, exotic wildlife – and of course, lovely Lake Nicaragua – are all good reasons to visit. Did I mention you can get there in about three hours from the southern U.S.?
But there’s more you should know about investing in Nicaragua.
Why You Should Buy Real Estate in Nicaragua
Living Costs Are Low
Can you live on social security alone? You can in Nicaragua! In 2010 AARP named Nicaragua one of the best places to retire abroad, largely due to the low costs associated with housing and food. Now, with the government’s dramatic infrastructure improvements and Nicaragua’s Retiree Benefit Program, you get even more for your buck today.
Nicaragua’s retirement benefits for expats are the most favorable in Central America. It’s no longer a secret that Nicaragua is poised for strong economic growth as a top retirement destination and expat mecca.
Timing Is Right and Real Estate Is Still Affordable
Nicaragua’s tourism is steadily on the rise, and so follows the demand for Nicaragua real estate. If you’re looking for an “early-in” investment opportunity, your timing couldn’t be more right. Modern infrastructure and political stability are accomplished. New resorts and eco-lodges are popping up throughout the country. The economy is thriving.
And, yes, the opportunity still exists to purchase your dream at an affordable price. The “mango on top” – Nicaragua has few restrictions on the purchase of real estate relating to foreign investment. According to the Bomchil Group (an Association of Latin American Law Firms), foreign investors have the same property rights as local investors.
Jason Wesley Upton
Culture and Lifestyle Is a Bit Hard to Beat
Nicaragua is known as both the “land of poets,” and the “land of lakes and volcanoes.” The name means “here united with the water.” Nicaraguans thrive on freedom and independence. They’re a creative, vibrant, and happy culture bound by religious freedom, tolerance, and community.
Religious celebrations and cultural festivals draw huge crowds and can last for days. In a “coconut shell,” life in Nicaragua is as simple as you want it to be. The best part is, you choose it.
You can catch a Tarpon, hike a volcano, surf The Boom, or lounge on the beach. Relax in your hammock and read a book, go to a baseball game, or learn to play the marimba and dance The Mestizaje.
If you long for something more than recreation, fiestas, and quiet time, you can always volunteer in your community or start your own business.
Nicaragua’s Best Real Estate Options
The hottest Nicaraguan retirement destinations right now are the colonial cities of Granada and Leon, the capital of Managua, and most notably the southwestern corner of the Pacific coast around San Juan del Sur, where beachfront property options abound.
Craig James
Granada
Situated just 27 miles from Managua on the shores of Lake Nicaragua, Granada is the oldest city in the country. Picture a lazy day in a Spanish colonial town, cooling Lake Nicaragua breezes, historic buildings with red tile roofs, 17th century cathedrals, and treasure-filled museums.
You can smell the aroma of your favorite European dish. You’re preparing to go kayaking and volcano hiking. This could be why Granada is one of the fastest-growing tourism areas in Nicaragua.
Ben Beiske
Leon
The primary northwest city and agricultural capital of Nicaragua, Leon is also a colonial town filled with historic architecture, ruins, ancient cathedrals, and eclectic museums. But what makes it most unique for Nicaragua is, it’s a thriving university town full of cafes, shops, and students.
Property here treats you to impressive views of Momotombo and Momotombito volcanoes. You will get to know Cerro Negro, the youngest volcano in Central America.
Managua
Managua is the spot for you if you enjoy the convenience of big city life. It is the nation’s hub for residents and visitors alike. You can easily take excursions from here to any destination in the country.
Aside from city life, you’ll enjoy your frequent visits to Masaya Volcanic National Park and the Masaya craft markets, beach resorts, and Montibellli Nature Reserve.
Jivika
San Juan del Sur
Think sand and surf on the Pacific coast near Costa Rica’s border. San Juan del Sur is Nicaragua’s most popular surfing destination and beach town. If you love fishing, fresh seafood, and surf, you’ll be in good company.
San Juan del Sur is the country’s most famous tourism destination and has already attracted its fair share of foreign investment. Kick your shoes off and slow down. There’s no “hurry” here.
As expat destinations go, Ecuador has been a favorite in recent years due to its unmatched scenery, friendly locals, and bargain properties. The combination of these factors makes it an incredible option for expats and investors who are looking for a great return on their real estate dollars.
There are beautiful beaches, quaint colonial gems, and bustling cities with all the amenities you’d find even in a much more luxurious locale. Most areas have been growing steadily over the past few decades, but recent years have seen an even greater demand for properties as more and more expats are discovering the benefits of living and investing in Ecuador.
Darly N. meyer
Consider Ecuador’s Coast
Of particular interest are the areas along Ecuador’s coast, like the resort town of Salinas. With its glittering high-rise buildings and well-developed tourist infrastructure, it’s been nicknamed “Little Miami” for its similarities to the South Beach scene.
It also enjoys a surprisingly mild climate, despite its proximity to the equator. As a result, tourists flock there from all over the globe to enjoy the beautiful weather during the peak season, typically November to April.
However, even during the winter months, there are still a number of Ecuadorians who come to Salinas for a quick getaway. It’s frequented by families, who often come during June to September when the kids are out of school, and is even a popular honeymoon destination.
Its status as a tourist mecca also provides extra incentives for investors. Since many of its visitors are seasonal or weekenders from nearby Guayaquil, there’s great potential for rental income for those who don’t plan to live there year-round.
In fact, it’s not at all uncommon for expats to own multiple properties in Ecuador: a beach property to enjoy when the weather’s nice, a mountain retreat for escape, and maybe a condo in the city for taking in some cultural events.
Johnny Gustavo
An Expert Weighs in on Ecuador’s Real Estate Outlook
We recently learned a little more about the current real estate trends in Ecuador when we spoke with Kimberly Kagan, Managing Director of Island Estates International, who represents properties on Ecuador’s coast as well as throughout the country.
Who are your main clients who are currently buying property in Ecuador?
Mostly North Americans, from the U.S. and Canada, although we also have buyers from countries throughout Europe.
What trends have you seen in Ecuador’s real estate market in the last couple of years?
A tremendous increase in demand. There are more and more people retiring here than ever before. Prices have been on the rise, to the tune of 10 to 15% versus 5 to 6% in the past.
What do you anticipate happening in the next couple of years and why?
I have confidence that the market will remain healthy for the next couple of years. I do believe that more and more people will continue to look towards Ecuador as an option. My biggest fear is that, due to the rising prices, fewer retirees will be able to afford the properties. However, we are also noticing more and more young people moving down to Ecuador much earlier than they have in the past.
Pool area at Alamar on the Malecon
What types of properties (i.e. land, homes, etc.) offer the best deals in coastal Ecuador?
Many people choose condos as their best option for several reasons. They require little upkeep. They have 24/7 management and maintenance in most cases. Also, we see a lot of people who are looking to rent during the winter months, so condos are very good rental options for those clients who choose not to live in Ecuador full time.
What are some of your best deals right now?
I have a listing for a penthouse unit in a great condo building overlooking Chipipe Beach. It has 4 bedrooms, 5 baths, and comes fully furnished with exquisite furniture and high-end finishes. It’s almost 3,000 square feet and has an amazing spacious balcony that offers one of the best views in Salinas. It was just reduced $80,000 down to $495,000, a steal for such an incredible property.
I also have another fully furnished unit in a really great building with coveted amenities like a gym and theater room. It has 3 bedrooms and 2 baths. It’s currently listed at only $150,000, making it the least expensive property in this desirable building.
In addition, we also have over 150 rentals. That’s another great option for folks who want to give the area a try before they commit to anything permanently.
So whether you’re looking for your forever home in Ecuador or a property in a desirable area to generate some rental income, take a look at what’s available on Ecuador’s coast. If beach living isn’t for you, there are plenty of other options available in the country’s interior.
From both an investment standpoint and a choice in lifestyle, you won’t regret staking your claim in Ecuador.
If you’ve never traveled to Ecuador’s northern coast (or if you haven’t in a while), Bahia de Caraquez, known to the locals as Bahia, Ecuador, is one city that’s worth a second look.
Once a bustling port city, Bahia was virtually devastated by El Niño rains and an earthquake in the late 1990s. Determined to overcome these tragedies, the town re-established itself as an up-and-coming eco-city, and the results have been astounding.
Patriciota Mariz
Bahia’s Climate Makes It an Ideal Coastal Destination
Although it lies just 40 miles south of the equator, on a peninsula at the mouth of the River Chone, Bahia’s climate is surprisingly comfortable. The city lies in a dry tropical belt that experiences relatively low humidity and temperatures averaging around 80 degrees from May through November.
A wet season begins in December or January and can run as late as April. During those months, the sky is often overcast with evening showers and temps closer to 85 and moderate humidity.
There’s a constant breeze blowing off the ocean, which helps considerably with the heat. As a result, there’s less need for air conditioning. You might even find yourself reaching for a sweater or blanket at night.
Such conditions are considered by many expats to be a breath of fresh air from a lot of the hotter, more humid coastal cities. Many also find they prefer mild, coastal living to the thinner air that plagues the colonial cities that lie at higher altitudes.
Bahia Offers a Great Mix of Residents
Bahia, Ecuador is a city of only around 30,000 regular inhabitants, which allows it to maintain a small-town feel, despite its popularity as a beach destination. Most of the locals come from very meager backgrounds, but they aren’t looking to take advantage of visitors and expats.
Instead they’re warm and welcoming to the many middle- and upper-class citizens from Quito and Guayaquil who have vacation homes in the area. In fact, Bahia has a reputation for being an incredibly friendly city.
It’s also extremely safe, with the lowest crime rate in all of Ecuador. Just like with any other foreign city, you should use care not to carry around wads of cash or flash extravagant items. But in Bahia you don’t have to worry about getting swindled by the locals or walking around late at night.
Because Bahia has historically been somewhat cut off from much of the rest of the country, it doesn’t see a lot of international travelers or expats. However, that seems to be changing.
In fact, on my last visit I was surprised to see that an established expat community does exist, albeit a small one.
Bahia, Ecuador Has Just Enough of the Attractions You Crave
Whatever your tropical passion, you’re practically guaranteed to find a place to enjoy it at least near to, if not in, Bahia. Yet at the same time, it’s not overrun with tour buses or overpriced souvenir shops.
There are beaches with small waves that are safe for swimming, yet at times steady enough for long boarding. You can also go water skiing, sail boarding, or fishing. Both hang-gliding and surfing lessons are available just up the road in Canoa.
Bahia offers a plethora of birds and other wildlife. The nearby Isla Fragatas and Isla Corazon are home to a variety of birds. Saiananda is a local park that’s home to deer, donkeys, ostriches, geese, and sloths. Whale-watching is also a popular pasttime.
There’s also the Chirije archaeologial site and the Rio Muchacho organic farm to explore.
It’s worth mentioning here that Bahia’s beaches are somewhat limited. Due to significant beach erosion in recent decades, the south shore of the peninsula is narrow and often crowded. At high tide it can become almost completely submerged. The north (bay) side of the peninsula is polluted and unsuitable for swimming.
In terms of consumer options, Bahia has everything you’d expect to find in a mid-sized tourist destination, including a new modern supermarket. What you can’t find in town you can easily get from a nearby large city like Manta or Portoviejo.
One other area where some expats might find Bahia a bit lacking is in its cultural offerings. While it does have a few attractions, like a great museum, it doesn’t have a lot of them.
Bahia’s Eco-friendly Initiatives Keep Everything Nice and “Green”
Bahia is known throughout the country’s as Ecuador’s cleanest coastal city, ever since it established itself as an eco-city, and the benefits are obvious as you stroll along the beach or through the pristine streets of the city.
Eco-friendly behaviors are a part of life in Bahia. Residents are encouraged to recycle and employ other sustainable practices. There’s daily garbage service, and the town even has its own paper recycling plant.
It was also the first coastal city in Ecuador to ban the use of plastic bags.
Living in Bahia, Ecuador Won’t Break the Bank
Like the rest of Ecuador, Bahia de Caraquez enjoys an extremely affordable cost of living. A mere $1,000 per month could buy you a very comfortable life there.
Factors that contribute to the low costs include government subsidized fuel (currently around $1.50 per gallon) and low wages. As a result, almost everything is cheaper in Ecuador and particularly in Bahia.
An almuerzo (a typical lunch of soup, salad, rice, and beans with meat) is only $1.50. You can enjoy the fresh juice that comes with it or spring for a $1 beer to wash it all down.
Other affordable perks include the services of a domestic helper, such as a maid or gardener, as well as inexpensive Spanish schools.
Bahia Has Bridged the Gap for Expats, Tourists, and Investors
What’s kept Bahia de Caraquez off the radar of most expats and international tourists, has been the fact that it was more than a little off the beaten path. Even merely crossing the Rio Chone, on the most direct route to Quito, once took three hours on a small ferry that held only 12 cars.
After the 2010 completion of the 1.25 mile (2 km) Bahia-San Vicente Bridge, however, the river can now be crossed in only 15 minutes. This longest bridge in Ecuador is expected to considerably boost trade and tourism to the area, as Bahia is now connected to nearby San Vicente, the fishing village of Canoa and basically the entire rest of Ecuador’s northern coast.
Getting to Bahia has never been easier thanks to the new bridge. There’s an airport in San Vicente, but it’s small and doesn’t run regular flights. The next closest are in Portoviejo or Manta, both of which are about 90 minutes or less by bus. The flight to these airports from Quito is only about a half hour.
There are also bus services that run to and from cities like Quito, Guayaquil, and Esmeraldas.
Patriciota Mariz
Why Now Is the Best Time to Purchase Bahia, Ecuador Real Estate
Bahia, Ecuador is a town that has clearly reinvented itself. Although it was due to unfortunate circumstances, the city has no doubt benefited from its fresh new eco-friendly image. This fresh start, combined with the drastic increase in accessibility from the new bridge, has brought new life and new interest to Bahia.
In addition to the renewed appeal of Bahia itself, the town is also strategically positioned for growth in the surrounding areas. The area across the bridge just north of Bahia is a naturally beautiful, and largely underdeveloped, coastal region. With the new infrastructure in place, it’s primed for a big surge in property values.
The bridge has also opened up a new path for the transportation of merchandise that can now be brought through Bahia on its way to the port city of Manta just 30 minutes south of town, making what could become a stop on a major thoroughfare.
As a result, the time is right to buy or invest in Bahia before prices start to rise. Here are a few examples of what you can get for your money in Bahia, Ecuador.
- Just $75,000 buys you a 2-bedroom, 2-bath beachfront penthouse with an ocean view in a gated complex with a pool and landscaped grounds.
- For $170,000 you can have a 3-bedroom, 3-bath condo in a high-rise building with panoramic views of the bay, the beach, and the city.
As you can see, Bahia is still a place to score a great bargain on real estate in an area that has the potential for tremendous growth in the near future. Consumer and cultural options that are currently lacking in the area are likely to be introduced soon.
Who knows? Maybe you could be the one to fill a much-needed niche in the city’s scene.
Heredia, Costa Rica has a unique combination of a rich historical past, relaxed country-style living, and the convenience of a Central Valley location. As one of the most desirable destinations for expats and investors in the country, Heredia has a great potential for return on initial investments with the amenities of a modern, developed community.
With so many options available, Costa Rica continues to be a prime expat destination. Heredia is one such location that can satisfy the desire for a less hectic existence without sacrificing modern conveniences.
Samuel Anugual School
Heredia’s Historical Roots
Long before the Spanish arrived, the area in what is now present-day Heredia was occupied by the indigenous Huetares led by a prominent chieftain, Garabito. Throughout much of middle 1500s, Garabito contested the area with the Spanish and today is viewed as one of the best known tribal leaders in Costa Rica.
In 1706, Spanish settlers established a church known locally as Alvillria. A decade later, this small settlement was moved north to a location known by the Huetare name of Cubujuqui. The community continued to grow and in 1763, was given the status of “villa” and renamed Heredia in honor of the president of the Audiencia of Guatemala, don Alonso Fernández de Heredia.
Following independence from Spain in 1821, Heredia along with Cartago decided to become part of the new Mexican government while the other two major cities, Alajuela and San Jose wanted to be independent. A short civil war resulted in a four year rotating capital city arrangement.
As a result, Heredia became Costa Rica’s capital in 1835 until the arrangement was rescinded some years later.
City of Flowers
Heredia’s nickname is the “City of Flowers.” The lush gardens and wide variety of stunning flora in the area are said to be the inspiration for the name.
There is a second version that states that the correct nickname is actually the “City of Flores” after a prominent political and social family who lived there in the 19th century. A third, and more romantic origin, is that the city’s name comes from the beauty of its women.
Mario André Cordero Alfaro
Heredia Today
Heredia has become an important hub in the vibrant Costa Rican economy. A number of technology companies have made their home in the area, adding to the prospect of growth in the future.
Additionally, Heredia is also the location of the National University and several Spanish language institutes. The combination of instruction and immersion in Costa Rican culture holds tremendous potential for the future of the region and the country as a whole.
Tico Timess
What Makes Heredia, Costa Rica a Great Investment
Heredia has some unique qualities that enhance its desirability as an investment location. Expats have long known that this Central Valley gem has an intrinsic value as well as a great potential for a positive return on their initial expenditures. Here are some of the highlights:
Reasonable Cost of Living
The cost of basic utilities in Heredia compares favorably with other Central Valley communities. The range for electricity, water, garbage, and internet/cable is a reasonable $104 to $120. Importantly, more moderate temperatures means not having to use air conditioning (a major factor in electricity costs) as much.
Being located just ten kilometers from San Jose, Heredia has a wide variety of properties for sale or rent. The choices can range from small “tico style” houses to modern condominiums to luxurious single family mansions.
The amount needed to rent or purchase is a direct reflection of the location (city center versus more rural), type of property (single family or multi-unit) and amenities included. Locations further away from the major metropolitan area are more economical than those closer to the major centers of Escazu and San Jose.
It’s All About Location
Heredia is, literally, in the heart of the action in the Central Valley. Close to the major metropolitan areas of San Jose, Escazu and Alajuela, shopping and entertainment are within easy reach.
Located in the foothills of the now-extinct Barva Volcano, Heredia still retains its essence as a quiet community whose pace of life is not as hectic as its larger neighbors.
Close and Convenient
The Juan Santamaria International Airport is less than a half an hour drive away, making Heredia an easy destination for travelers from the U.S., Canada, and Europe. Rental cars, private shuttles, and public buses are both inexpensive and plentiful.
Heredia is also close to several of the most popular tourist locations in the country. The Arenal and Poas National Parks are home to two of the most stunning and most visited volcanoes in Costa Rica.
There are several coffee plantations located in the Heredia area offering tours and tastings. Various celebrations and the weekend farmer’s markets provide a unique opportunity to experience life the “pura vida” way.
Though not close to the beach, Heredia’s proximity to the airport makes flying to one of the beachfront communities along the Pacific an easy option. Both Sansa Air and Nature Air offer domestic flights to beachfront destinations like Nosara and Tamarindo.
Central Valley
Great Climate
The weather in Heredia is one of its most desirable features. With temperatures in the 75-80 degree range, the need for constant air conditioning is greatly reduced; a real benefit on the budget as well.
Language Is Not a Barrier
One of the most attractive features of Heredia (and the Central Valley in general) is the large expat community that lives in the area. While having some knowledge of Spanish is always useful, there are abundant English speakers in the area, making daily living that much less of a challenge.
Making the Most of the Money
Heredia, Costa Rica holds a great potential as a source of rental income for those who aren’t quite ready to make Costa Rica their full-time residence. Tourists and vacationers will find the Central Valley location, ease of airport access, and proximity to modern amenities a desirable alternative to staying in a hotel. With the growing number of internet-based resources, gaining a strong return on the initial investment is easier than ever.
Map of Heredia, Costa Rica
Hererdia, Costa Rica Fast Facts
- Population: 13,500
- Typical temperature: 70 degrees Fahrenheit
- Nearest airport with U.S. flights: San Jose, Costa Rica
- Nearest U.S. consulate: San Jose, Costa Rica
Have you ever joked around about having your own island, as if you were a James Bond villain or a billionaire business mogul? Well, the idea isn’t nearly as far-fetched as you might think.
Whether you’re looking to retire in beachfront luxury or completely drop off the grid, you can do it on your personal Central American island. And by buying an island in Belize, you can really have your cake and eat it too.
How so, you ask? Belize has proximity to the States and an easy learning curve for expats, as well as 450 islands, many of which are available for purchase. You can feel like you’re in the middle of nowhere and still be just a short plane ride away from friends and family.
Here’s a peek at what makes the idea of buying an island in Belize so attractive and what you should be taking into consideration if you’re thinking about island living.
Elaine
Buying an Island in Belize: the Basics
Before you even set a toe on any property, spend some time thinking about why you’re interested in an island residence and how you picture yourself living day to day. Are you envisioning a turnkey estate with a swimming pool, caretaker, and nearby neighbors or an undeveloped slice of jungle that you can shape, however minimally, into your own respite from the world?
In Belize you could have either, but it’s a matter of whittling down your needs and expectations, especially if looking at uninhabited islands.
You can read a more detailed analysis elsewhere on the site, but a few questions to ask out of the gate are:
- Are you interested in buying a home that’s already constructed or building your own?
- If you buy a house that’s already standing, are you willing and able to make renovations to it for aesthetic, functional, or weatherproofing reasons?
- What kinds of daily needs do you have? Could you live an hour or more from the mainland and get by with a boat drop of catch-as-catch-can supplies, or do you have certain dietary needs or medications you must have on a schedule?
- What are your utility requirements? On an island, you can run the gamut from no electricity to generator power to solar panels, or even an established power grid. Are you ready for satellite Internet? Pumping your own water? Be realistic.
CameliaTWU
Living in Belize
Belize is so close to the U.S. by plane that it’s easy to pop down to see why it’s so popular. The first thing you’ll notice, even from the air, is that it’s a small country (under a half-million people) with a huge amount of coastline. Preserving the environment is a major priority there, and it shows. With the Mesoamerican Barrier Reef in its backyard, Belize is a huge destination for divers and snorkelers.
Another reason Belize is such a big draw for expats is that it is an English-speaking nation, having formerly been British Honduras until 1981. All legal documents are in English, as well as schooling–great if you’re moving with young kids.
The Belize dollar is tied to the U.S. dollar at a 2:1 ratio, so you won’t see any wild fluctuations in the currency there like you do in certain South American countries. Belize’s stability extends to the political spectrum too; this peaceful and democratic country is known for being particularly solid in that regard.
WWolf4Max
Investing in Belize
Unlike some other countries, Belize makes it quite easy for foreigners to buy property there. In fact, there are no restrictions at all on foreigners buying property, including beachfront land, which is highly unusual.
While there is a 5% transfer or stamp tax on property purchases, this is offset by very low property taxes. This is in keeping with the extremely low overall cost of living there.
In spite of the reasonable living expenses in Belize, it continues to be a prime off-shore banking location, and it offers relatively high interest rates for those looking for a viable alternative to the U.S. stock market. When compared to the Bahamas, Belize has all of the investment advantages with a significantly lower cost of living.
Currently, real estate prices are low, but demand is increasing, and there is a large influx of European investors growing each year. This is an advantageous time to buy, as property is likely to go up in price steadily over the remainder of the decade.
JParker2005
Getting Your Ducks in a Row
If buying an island in Belize sounds intriguing to you, the first thing to do is head south and check out the range of habitat and lifestyles there and see what appeals to you. Be sure to get past Ambergris Caye, which is a luxurious vacation destination, but just the tip of the iceberg as far as true Belize culture is concerned.
You can enter Belize from the U.S. and many other countries with just a passport. If you plan on staying longer than a month, however, you’ll need to get a tourist visa. And if you want to become a resident, you’ll need that six-month visa as a place to start.
Let’s say you fall in love with an island and decide you want to make a purchase. Here are a few things to think about before making anything final:
- Does the seller have the legal right to transfer the property and documentation thereof? You want a clean title with your purchase.
- Does the government have any rights to beachfront land?
- Are there any current tenants or squatters that could make legal claim to the property?
- Can you obtain a full legal inspection of the property?
- What kind of infrastructure is there already, if any? Is there a fresh water spring? Access for landing boats?
While Belize law follows British Common Law and is substantially easier to understand than that of many other countries, it’s still imperative to get legal advice from someone who knows the local law inside and out. When land rights and your entire potential retirement are involved, you can’t be too careful.
If you haven’t decided yet whether or not Belize is for you, don’t worry–there are thousands of other islands for sale to tempt you throughout tropical Latin America.
And if you do end up buying an island in Belize, you’ll be in good company. Leonardo DiCaprio purchased 104-acre Blackadore Caye nearly ten years ago for the surprisingly low price of under two million dollars. He’s working with a well-known hotel chain to turn his island into an eco-resort to rival anywhere else on earth, which shouldn’t be difficult given the stunning scenery and balmy year-round climate of beautiful Belize.
Los Suenos, Costa Rica has become the premier destination in the Central Pacific region. Combining the top-rated marina in Costa Rica with quality resort living and amenities, Los Suenos is the epitome of what Pura Vida (pure life) truly is all about.
B. Burns
Building a Dream – The History of Los Suenos, Costa Rica
In 1991, developer William Royster purchased 1,100 acres of land overlooking Herradura Bay that ultimately would become the Resort and Marina at Los Suenos. Like many potential investors and expats, Royster envisioned the economic potential of real estate in Costa Rica.
After six years of planning, construction began in 1997 with the hotel, golf course, and the first of 800 planned residences that opened just before 2000. The Marina was opened to the public in 2001 with the completion of 200 slips and 80 dry units finished in 2003.
Marina at Los Suenos, Costa Rica
Marina at Los Suenos
Marina at Los Suenos
The Marina at Los Suenos – One of a Kind
The Marina at Los Suenos, Costa Rica has become known for its world-class facilities and ready access to some of the best deep sea fishing grounds in the world. The Marina Village commercial center and the 450 residence units make the Marina a must-see destination for hard core sport fishers and tourists alike.
Living and Playing at the Resort at Los Suenos, Costa Rica
Los Suenos provides a lifestyle second to none. Accommodations with stunning ocean, jungle and golf course views, shops, bars and restaurants, and the two acre, three million dollar beach club, take luxury resort living to the next level.
Los Suenos Residences
Los Suenos Natural Tunnel
Championship Golf with a Natural Twist
The 18 hole championship caliber La Iguana Eco Golf Course is a unique blend of sport and nature. Designed by Ted Robinson, Jr. this par 72 course will prove a challenge for beginners and experts alike.
The 6,700 yard course plays into the lush tropical rainforest and back to Herradura Bay. The “gallery” of howler monkeys, sloths, and scarlet macaws transform a round of golf from a game to an adventure.
Los Suenos Golf
Los Suenos Marriott Ocean & Golf Resort – Luxury and Relaxation
Opened in 1999 with 191 rooms and 10 suites, this fully-appointed luxury hotel is a central part of the Los Suenos Costa Rica resort experience. The top shelf amenities, including the casino, bars, and the Sibo Rainforest Spa and Retreat are available to all resort guests.
The Marriott Resort
Experience Costa Rica at Los Suenos Resort
There are numerous tours and adventures that can be arranged from the resort to satisfy every taste. For those who hear the call of the sea, there are many deep sea fishing charters and whale watching tours (in season) available at the Marina that can give you the chance to hook “the big one.”
If nature and birdwatching is your cup of tea, tours of the nearby Carara National Park and Manuel Antonio National Park are just a short car ride away. To get up close and personal, the Mangrove Monkey Tour will let you visit the playful whiteface monkeys on their turf and terms.
Mangrove Monkey Tour
Partying at the Beach
Jaco, Costa Rica, long a favorite spot for surfers and beach lovers is just a 10 minute drive from Los Suenos, Costa Rica. This funky beach town is truly a blend of “Key West meets Pura Vida” with bars, restaurants, gift shops, stores, and great places to people watch.
Playa Hermosa, roughly five minutes from Jaco, hosts surfing competitions almost every weekend. For something different, this is a great place to watch the competitors “hang ten” while sipping your favorite beverage at one of the many bars along the beach.
Getting There Is Easier Than Ever
In 2010 the long awaited National Highway CR-27, known as the Carretera Prospero Fernandez from San Jose to Caldera opened, reducing the drive from San Jose to Los Suenos to a very manageable one hour. Taxis, shuttles, limos, and rental cars provide a variety of options to transport you to this luxurious tropical oasis.
Los Suenos-Herradura Bay
Renting, Buying and Living in Los Suenos, Costa Rica
Los Suenos, Costa Rica and the surrounding area has many options for investors or expats who are looking to buy or rent a piece of tropical paradise. The Resort proper is a gated community that does have a constant flow of hotel guests and day trippers coming to the marina, to play golf, or to enjoy the many options that are available.
Most of the residential units at the resort or in the immediate vicinity start in the $150,000 range but can go into the millions. While much of the area is developed, there are still lots available near the resort proper and in the surrounding communities.
What Does It Cost to Live in Los Suenos, Costa Rica?
The cost of living in the Los Suenos, Costa Rica area largely depends on how upscale you wish to go. Rentals can average from $350 to $1,115 per month depending on number of bedrooms and proximity to central locations. On the resort property itself, rents routinely run between $2,000 to $3,000 per month.
Utilities (electric, water, internet, telephone, cable) can be as low as $49 per month to as much as $350 per month. Again, this depends on your usage (think running a/c constantly) and choice of packages.
There are some items, such as computers or other high-end electronics that aren’t as easy to come by in Costa Rica. However the greater San Jose area has many “Americanized” stores, such as Walmart, that are only an hour away.
Buying a Residence in Los Suenos, Costa Rica
The residential units in the Los Suenos resort proper are condominiums and are generally priced per square meter. Prices routinely run in the $400,000 range although prices but can go much higher depending on number of bedrooms, furnishings, and size.
The units are part of individual gated communities that share the common roadways with the Marriott Hotel and Resort. There is ample security and landscaping throughout the property
Los Suenos May Not Fit Everyone’s Tropical Dream
For all of its features, Los Suenos may not fit the ideal of your rustic tropical escape. With its modern amenities, Los Suenos is definitely mainstream Central America and not a secluded paradise.
For the budget conscious, Los Suenos is definitely a more expensive option than other areas of Costa Rica.
Many people enjoy the “resort experience” and Los Suenos and the Marriott certainly deliver it. However, if the allure of a small Costa Rican village or town is what you desire, Los Suenos is probably not for you.
Lastly, Los Suenos is a gated community. For those seeking to immerse themselves in local lifestyle and culture, this atmosphere may seem constricting.
What Does an Expat Need to Know About Living in Costa Rica?
Whether you are retiring, investing, or deciding to see what Costa Rica has to offer, there are some basics that every expat needs to keep in mind. First, and foremost, things move more casually here than in the U.S.; the phrase “tico time” is important to remember when making any schedules.
Unless you are planning on applying for residency under one of the categories, you will be required to leave Costa Rica every ninety days for at least 24 hours. Keep that timeframe in mind as you pursue your tropical dream.
Learning the language, while not essential, is something every expat should try and accomplish. Being able to understand what is being said on a daily basis will make your Pura Vida experience that much more enjoyable.
Los Suenos, Costa Rica – A Model Investment
The success of the Los Suenos Resort and Marina complex is a prime example of the potential of real estate investment in Costa Rica and Central America as a whole. The undeveloped land that William Royster purchased in 1991 has increased in value many times over and will continue to do so into the future.
The key to succeeding in this kind of venture is to develop a cohesive plan and partner with individuals who have both the knowledge and expertise to bring those plans to fruition. Identifying the paths to progress, such as finding the location best suited to enhance the project, is crucial to making your concept the success you envision.
A True Return on Investment
The increase in property values in Costa Rica has soared over time. A recent listing for a 200 hectare (494 acres) parcel with views of the bay at Los Suenos had a sale price of $13,000,000. If Royster were trying to purchase his 1100 undeveloped acres today, it would cost just under $30,000,000 dollars.
This kind of investment potential, along with the many other attractive features of Costa Rica (business friendly environment, low taxes, good infrastructure) cannot be ignored. If the prospect of owning and developing your own piece of “pura vida” is exciting, there’s no time like the present to begin your search.
Building Your Own Investment Plan
William Royster discovered the location for what would ultimately become the Resort at Los Suenos, Costa Rica while sailing the Pacific. The lesson here is to explore areas that appeal to you and see if there is one where you can envision your project coming to life.
Deciding what kind of investment you want to make is just as important as the location. Are you thinking of building a Costa Rican hideaway, a small development, or a major commercial enterprise? Framing your intentions is an essential step in bringing your plan to life.
Doing your research also means establishing a realistic budget and time frame. Rome wasn’t built in a day and making your Costa Rican dream a reality should be a long-term goal rather than a short-term sprint.
So When Is the Best Time to Build Your Dream?
Costa Rica continues to be a prime location for expats, investors, tourists, and business. So when is the best time to build your Pura Vida dream? The answer is simple: Now!!
Map of Los Suenos, Costa Rica
Los Suenos, Costa Rica Fast Facts
- Population: Approximately 10,000 when including local villages
- Typical temperature: average maximum temperature is 32℃ / 90℉
- Nearest airport with U.S. flights: San Jose, Costa Rica
- Nearest U.S. consulate: San Jose, Costa Rica
Golfito, Costa Rica, in the rapidly growing Southern Zone, promises to be an area where undiscovered opportunities await both expats and investors. Golfito’s future and potential hold a promise far different from the days when it was a “company town” known as “Banana City”.
Golfito at Sunset
Costa Rica has become known for the many diverse lifestyle choices and living options available. From high-end luxury resorts to rustic rain forest lots, expats and investors have a vast selection to consider for the perfect location of their tropical paradise.
Often referred to as the “final frontier” in Costa Rica, life in Golfito is undergoing a transformation. With a new infusion of investment dollars and development, Golfito, Costa Rica is poised to be a major expat hub both for visiting and long-term investors.
The Colorful History of Golfito
The Southern Zone and the area in and around the Osa Peninsula and Drake Bay have played an often overlooked role in the country’s growth. Golfito is an essential part of this story. Golfito’s history is intertwined with that of Costa Rica.
Home to the indigenous Boruca people, it was here in 1519 that Spaniards entered from Panama to begin the conquest of the country. During the Colonial era, Golfito was a quiet fishing village and remained so until late in the 19th century.
An American exporter, Minor Keith, formed United Fruit Company in 1899. Keith had a special relationship with Costa Rica having married the daughter of the former president, Jose Maria Castro.
United Fruit Company (later United Brands) had established a strong presence in Costa Rica and, in 1938, moved its headquarters and banana export operations to Golfito. The closeness to Panama’s banana plantations and the natural harbor made Golfito a logical and profitable choice.
Golfito
A Color-Coded Community
In order to house the thousands of workers who poured into Golfito, United Fruit constructed a classic “company town” similar to those found in the United States at the same time.
Stores, schools, even a hospital were built for the workers and run by United Fruit. Even municipal services, such as water, electricity and other utilities were provided for. The three sections of Golfito were actually identifiable by the color of the homes and structures.
The Zona Americana was known as the “white zone”. It was here that the professionals and senior executives lived in well appointed homes, built in the British Colonial style, with walls painted white. The best amenities in Golfito were found here.
Zona Amarilla, or Yellow Zone, was home to middle management, foremen and supervisors. The yellow walls and tropical designs, while not as luxurious as those in the white zone, were still comfortable and well made. Access to both white and yellow zones was strictly controlled by guardhouses and security.
Zona Gris, the Gray Zone, was home to the plantation laborers and dock workers. The gray coloring of the small, cramped structures seemed quite appropriate given the dramatic difference between these homes and those of the other two zones. The gray zone had far fewer amenities beyond the basic necessities needed for living and the crowded conditions frequently made for unrest between workers and management.
End of One Era, Beginning of Another
The years of prosperity in Golfito came to an abrupt end in 1985. Labor unrest and rising export taxes caused United Fruit to close its banana operation and leave Golfito.
The resulting upheaval left Golfito in a state of poverty and general collapse. After five years of decline and decay, the Costa Rican government decided to try and reinvigorate the area by establishing the Deposito Libre Comercial de Golfito (Duty Free Zone) to attract shoppers and visitors from other parts of the country.
The large collection of stores offers electronics, appliances, and house wares at much lower prices than elsewhere in Costa Rica. This marked the gradual start of Golfito’s rebirth as a vibrant community filled with untapped potential.
Golfito, Costa Rica – Moving Ahead in the 21st Century
Golfito’s revival from the collapse of the banana import business is a great model for potential investors and expats seeking an exciting challenge. The start made by the Costa Rican government has opened the door for other projects and a different prospective on Golfito’s future growth. Building on this beginning, the region has the opportunity to flourish once more
Getting There by Land, Sea or Air
The completion of the Caldera Pacific Highway in 2010 has opened the Southern Pacific zone to a new group of expats and adventures seeking to follow the road less traveled. There are a variety of ways to access the Golfo Dulce region.
Regional airlines Sansa and Nature Air fly regularly scheduled flights to and from San Jose to Golfito Airport. Once there, bus service and rental cars make an easy access to Pavones, a popular surfing location. Bus service from San Jose and other parts of Costa Rica has become more accessible with the opening of the new highway.
Rental cars are also readily available; selecting a 4×4 wheel drive vehicle is highly recommended. For visitors to the Corcovado National Park on the Osa Peninsula, a ferry from Puerto Jimenez runs twice daily to Golfito.
Cruise Lines Discover Golfito and Add Ocean Access
One of the major enhancements to Golfito is that cruise lines have now added this location as a stop for unique, one-of-a-kind experiences. Major lines such as Paul Gaugin, Windstar, and Azamara Club Cruises now make Golfito a port of call and add access by sea to the ways to visit this former banana exporting center.
Scarlet Macaw
Golfito As an Eco-Tourism Hub
As the largest town in the Golfo Dulce region, Golfito has become a jumping off point for individuals seeking to explore Costa Rica’s rich biodiversity in a more primal setting.
The Corcovado National Park on the Osa Peninsula is a short ferry ride from Golfito’s docks. As the habitat conserving the largest primary forest on the Pacific coastline, Corcovado also has one of the remaining sizable stands of lowland tropical rainforest. National Geographic magazine refers to Corcovado as “ the most biologically intense place on Earth in terms of biodiversity”.
North of the town, the Piedras Blancas National Park has seen the establishment of a number of Eco-lodges. These rustic camps provide the ideal environment for those seeking to get up close and personal with the natural setting around them.
Surfing and Sport Fishing Continue to Thrive
The area in and around Golfito has long been known for its aquatic offerings. World-class sport fishing and surfing beckon followers of both sports to the Southern zone to try their hands against the elements.
Pavone and Zancudo are two of the most prominent surf breaks in Costa Rica and are only a short bus ride from the Golfito airport. Pavones has the second-longest left hand surf break in the world and is a must for any hardcore seeker of that “endless summer”.
With numerous fishing charters available, avid deep sea anglers visit the area in search of landing “the big one”. Marlin (Blue and Black), Yellowfin Tuna, Sailfish and Dorado all can be found in around the Golfo Dulce and Drake Bay areas in season.
Location, Location, Location
Golfito’s proximity to Panama provides a potential market as tourism and development begin to grow in the region. Much like Golfito’s early days when the Spanish migrated from Panama and began to colonize the land of Pura Vida, a new wave of visitors and investors from the South may bring a new wave of economic growth to the region.
Golfito’s Marina Project – Progress and Growth a Decade in the Making
Since the early 1990s, plans for a new and vibrant marina at Golfito had been in the works. In 2010, an order from CIMAT, the regulatory body for all marinas in Costa Rica, to the Golfito Municipality withdrawing all permits appeared to doom the project.
The key concern was the environmental impact to this important ecological area. However, a new group, Hacienda El Dorado, presented a revamped proposal on November 21, 2013.
With a proven track record of successful developments in Costa Rica, approval was granted and, on June 28, 2014, ground was finally broken for the new marina and village. This ambitious project will, in many ways, resemble other high end properties such as Los Suenos Marina.
When completed, the Marina will have 130 slips, including those suitable for super yachts and a special section for private super yachts. Access for cruise ships is also planned.
The luxury accommodations will include bungalows, guest residences and villas. All properties will be furnished with the kind of amenities that one would expect from a world class resort community.
Importantly, this ambitious design also includes the infrastructure of Golfito itself. Plans call for a renovation of the main street that connects Golfito to the regional airport, a new central city plaza, artisans and craft boutiques, a museum and other tourist friendly services and businesses.
Some Things to Consider About Moving to Golfito, Costa Rica
Golfito is definitely an “adventure camp” type of town with lots of potential but very rustic in setting and infrastructure. Those seeking a more modernized setting probably would not find this the most desirable location in Costa Rica.
There is an abundance of “fixer-upper” type properties in what remains of the old company town. However the infrastructure issues could make any serious rehabbing work difficult and expensive.
Aside from the Duty Free Zone, there isn’t much in the way of shopping and entertainment options in terms of grocery stores, restaurants, etc. While this adds an element of primitive charm, not having ready access to the same variety of commercial establishments as more developed areas could make living here a challenge.
While the property values remain lower than other parts of Costa Rica, the anticipated growth from the Marina and other projects may soon cause a rise in prices. This is a great time for investors; expats with budget constraints should look carefully before committing their resources on a long term project.
In a real sense, the revitalization of Golfito’s life as a port city and destination will also bring a renewed sense of growth to the region. With this kind of economic commitment, Golfito can look forward to a bright and prosperous future.
Many expats and investors are looking at Latin America with renewed interest as the potential for finding available land at reasonable prices has returned. Finding different and exciting options, like the Ecuador Islands, can provide unique opportunities to truly build a custom-made paradise.
Michel Isabela Blue Beach
While there are not many, the Ecuador Islands offer potential for those seeking to walk the proverbial less-traveled road. Finding one of these Pacific jewels can be a rewarding and exciting task.
Where to Find Island Properties in Ecuador
Isla Puna Palms
Ecuador does have a number of island properties available. While there are some that have been developed to varying degrees, many are still untouched, waiting for the right buyer to expand and grow the potential that is waiting there. Below are several island locations that expats or investors may wish to explore.
Puna Island, just a three hour ferry ride from Guayaquil, is a prime example of the potential of island property in Ecuador. Although only having modest development and infrastructure, Puna’s location makes it prime territory for a variety of investment projects ranging from eco-lodges, resort development, and residential building.
It can be anticipated that the revived market will spur interest by developers looking at the offshore potential of Ecuador Islands. Better infrastructure and increased efforts will enhance the region as a desirable “landing spot” for visitors and expats alike.
In the Footsteps of Darwin – The Galapagos Archipelago
New government rules have now made it possible to purchase island property in the Galapagos Archipelago. Up to 3% of the 60 islands in the archipelago are available for private ownership. Of the 60, there are 18 major islands with a total population of between 25,000 and 40,000.
The archipelago does have two small airports. Baltra (also known as South Seymour) has the major airfield; all private planes flying to the archipelago must land there as it is the only one with overnight facilities. However both Baltra’s airport and a newer one built on San Cristobal, home of the archipelago’s capital, receive flights from the continent.
Isla Isabella, geologically the youngest island of the Galapagos, has a village, Puerto Villamil, which is the third largest settlement in the island complex. With infrastructure improvement during the last few years, the available undeveloped acreage is becoming a desirable location for growth potential.
Buying Real Estate in Ecuador Is Much Different Than in the U.S., Canada or Europe
The real estate market in Ecuador is vastly different than its counterparts in North America or Europe. To begin with, there are no licensing requirements for real estate agents; as a result care should be taken as to selecting someone to represent your interests. Word of mouth from other expats and online communities are good places to begin the research.
A second major difference is that, like most of Central America, there is no multi-list system. It is possible to see the same property listed several places for different prices. Again, the time honored warning “caveat emptor” (let the buyer beware) should be taken to heart.
Foreigners have the same property rights as native Ecuadorians; in fact, residency is not a requirement to property ownership. The only restrictions are those pertaining to the National Security Areas within 50km of the borders or coastline; again an experienced real estate attorney can provide the correct information.
Keep in mind that all transactions will be done in Spanish. If you are not fluent in the language, it is strongly recommended that all documents be translated into English (or whatever your native tongue might be) so that all details are clear.
What Will It Cost?
Cash transactions are the preferred method of buying and selling real estate in Ecuador as in most of Central America. An all-cash transaction can result in substantial savings off the asking price; often as much as 30-40%.
It is possible to purchase with a mortgage requiring a substantial down payment with the rest deferred over a period running between 1 and 7 years. Finding a bank that will work with foreigners, while not difficult, can be a challenge.
Closing Fees and Costs
Most closing costs are borne by the buyer and are based on a percentage of the sale price. The chart below provides an idea of the typical fees involved and the percentage range for each:
| Sample Ecuador Real Estate Transaction Costs | Amount | Who Pays |
| Transfer Tax | 1.00% | buyer |
| Provincial Transfer Tax | 0.11% | buyer |
| Notary Fee | 0.10% | buyer |
| Legal Fees | 1.00%-3.00% | buyer |
| Agent’s Fee | 4.00%-6.00% | buyer |
| Costs paid by buyer | 2.22%-4.22% | buyer |
| Costs paid by seller | 4.00%=6.00% | seller |
| Total Transaction Costs | 6.22%-10.22% |
(source: Global Property Guide)
Is Island Ownership for You – Some Things to Consider
Buying an island may seem, at first blush, to be a romantic and exciting choice to make for an expat getaway. It is important, however, to consider a number of factors before deciding that island life is the path to follow.
What Is the Long-Term Goal?
There is a vast difference in buying property, island or otherwise, for a personal residence as opposed to an investment opportunity. Deciding exactly what the “big picture” truly is can often determine whether island ownership is the best way of fulfilling that dream.
It IS about the Money
Island ownership is definitely for the fiercely independent types who want to carve out their own image of what paradise should be. That being said, unless money truly isn’t an object, going it alone could turn into a budget-busting proposition.
Paradise Is a Work in Progress
Many island properties will be undeveloped and will require basic infrastructure work such as drinkable water, a septic system, electricity, etc. Having the resources (or skill) to install these items is another consideration of island ownership. Keep in mind that materials and laborers will have to be brought in from the mainland requiring transportation and the associated costs.
Obtaining the proper permits from the government can also be a tricky course to navigate. As is the case with many transactions in foreign countries, language barriers and different legal systems can make the process challenging and frustrating.
Amenities and Isolation – It Can Get Lonely Out There
After settling into an island life, it can become quickly apparent that such matters as going shopping, visiting a doctor (if one is needed), even communications such as cable/satellite, internet, and telephone service are not things that can be taken for granted. Usually the only ways of transportation to larger cities and towns are by boat or plane. Both of those methods can be impacted by the weather; after all, you are out in the ocean.
While this sense of “getting away from it all” may suit some, there are others who may find the lack of ready access to modern amenities a true drawback. Careful thought should be given to what the “Robinson Crusoe” lifestyle will involve before making a commitment.
Blue Zones, those special places on earth where people live longer and healthier lives, first came to prominence in the ground-breaking book by Dan Buettner, Blue Zones.
Nicoya, Costa Rica is one of those unique locations where lifestyle, diet, and low stress have dramatically bettered the lives of Ticos and expats alike. Truly, Nicoya embodies the essence of the Costa Rica mantra “pura vida”– pure life.
Nicoya, Costa Rica
As a result of the publicity generated by Buettner’s book, towns in the Nicoya Peninsula, such as Nosara, are experiencing a new level of growth. Expats seeking a less frenzied existence have discovered what native Costa Ricans have known for years – that Nicoya is a special place to live, explore, and experience.
Nicoya, Costa Rica Has Been a Desirable Location from the Beginning
Even from its earliest days, the Nicoya Peninsula has been a valued location. In the pre-Colombian era, the peninsula was occupied by two groups: the Churusteca and the Nicoya. However, after a visit by the Spanish conquistador Gil Gonzalez Davila in 1523, Nicoya’s colonial era began in earnest.
From Spain to Nicaragua to Costa Rica, Nicoya Followed Its Own Course
The first chapel in Nicoya was erected in 1544 and is considered to be the oldest parish in Costa Rica. Ten years later, Pedro Ordonez was appointed magistrate of Nicoya as the whole Guanacaste region became part of what was known then as Nicaragua.
Natives of the area, called Gunacastecos, had a strong independent spirit and on July 25th, 1824 voted to secede from Nicaragua and join Costa Rica. Later, on December 7th, 1848 Guanacaste and the Nicoya Peninsula formally became a Costa Rican province.
Even today this spirit can be found throughout the peninsula. The flag of Guanacaste is still flown although the principles of “pura vida” temper this desire of a separate destiny from the rest of the country.
What Makes Nicoya a “Blue Zone”?
The term “blue zone” is defined as a region or group where the residents live longer, healthier lives. Originally used in studies done by demographers Gianni Pes and Michel Poulain of Sardina’s Nuoro County, the term was popularized by Dan Buettner in his book of the same name.
Buettner identified the Nicoya Peninsula as an area meeting the criteria for a “blue zone”. In 2007, Nicoya was the subject of a Quest Network expedition examining these findings.
Nicoya Peninsula from the air
What Expats Can Expect Living in Nicoya
Perhaps the key feature of moving to the Nicoya Peninsula is the pleasant discovery that the pace of life is slower. Three of the most popular towns on the peninsula – Nicoya, Nosara and Samara – are all small communities with a true Costa Rican “vibe” attractive to visitors, expats and locals. Amenities are basic and are continuing to be improved to provide service to the new arrivals from the U.S., Europe, and Canada.
The cost of living, while not the most inexpensive in the country, is far more affordable for those on a budget than other expat destinations such as Escazu, Tamarindo, or the Central Valley. The types of properties available for sale or rent is broad and can range from a small “tico” house to a modern residence with landscaping and pool; again, price can vary on what a particular individual is seeking as their ideal tropical escape.
Higher-end items like vehicles, appliances, and electronics are higher priced (as is the case throughout Costa Rica) since they have to be imported and are subject to import taxes. Most big ticket items would require a trip to the San Jose area since that is where the vendors who sell them are located.
Getting There and Back Again
International flights into Daniel Oduber Quiros airport in Liberia make travel from outside the country to the Nicoya region a convenient task. With the number of daily flights increasing, flight options will increase in the future.
There is a small airport at Tambor that does have scheduled flights with domestic carriers Sansa and Nature Air. There is a second airport located in Samara that does not have regularly scheduled flights. However, it is possible to arrange for private charter flights from San Jose.
There are a number of transportation options to get to the Nicoya Peninsula proper. The first option is to drive; while there are some paved roads, the number of gravel and dirt roads in the area make having a 4×4 vehicle the most desirable choice. Rental cars are available in Liberia or San Jose (if that is your initial point of arrival.)
There are buses that connect the communities in the Nicoya region with both Liberia and San Jose. This is part of the excellent public transportation system in Costa Rica and is an economical way to get where you are going and to actually have the time and freedom to enjoy the ride.
Lastly, for those seeking a different approach, the ferry from Puntarenas travels to both Naranjo (for the area around Nicoya and Nosara) and Paquera (for Tambor, Montezuma, and Santa Teresa). The roughly hour-long ride can give passengers a great opportunity to see the Gulf of Nicoya and views of the peninsula from a new perspective.
Things to See, Things to Do
The Nicoya Peninsula has a large collection of activities to go with its stunning beaches, natural preserves, and colorful villages. Whether your tastes run to pulse-pounding adventure or quiet contemplation, there is something here for everyone.
Adrenaline and Meditation – the Surf/Yoga Blend
As part of the lifestyle options available in Nicoya, there are many yoga, spa, and meditation retreats that have become world renown. Contemporaneously, surfing has become a major draw for those seeking the adrenaline rush of riding the challenging waves. In a uniquely “pura vida” approach, there are a growing number of ocean side establishments that offer both yoga and surfing in a merger of activities that challenge both participants’ bodies and minds.
Explore Natural Beauty
The Casa Blanca Absolute Wildlife Reserve, with its 3000 acres, has been rightly called one of the most scenic spots on the Pacific Coast. The Reserva Biologica Nosara is a 35 hectare reserve with trails that lead through a mangrove wetland. Well known as a great place for bird-watching, visitors can arrange for self-guided tours through the park.
One of the most ecologically important and profound experiences on the peninsula can be found at the Ostional Wildlife Reserve. It is here, during the months of August through November, where the giant leatherback and green sea turtles come ashore to nest.
These mass inland migrations, called arribadas, occur at night (usually between 8 p.m. and 4 a.m.) just prior to the new moon. Watching these special creatures heed this primal instinct is something that can truly be said to be a once-in-a-lifetime event.
Celebrations and Festivals
The Nicoya region has a number of special festivals that can allow visitors and expats to immerse themselves in the rich cultural heritage of this land. Perhaps one of the most important celebrations is the Fiestas Civicas.
Occurring in mid-January, this is a celebration of the life and culture of the sabaneros – the Costa Rican cowboys who are an essential part of Guanacastan and Nicoyan heritage. Much like their North American counterparts, this festival is a chance to demonstrate the skills of the sabanero in the form of contests and rodeos.
The week of July 20-25th celebrates the entire province of Guanacaste, including the Nicoya Peninsula, leaving Nicaragua and becoming part of Costa Rica. It is one of the major holidays of the year.
Pica de Leña, the festival of wood cutting, is held on November 12th, celebrated with music, food, and drink. A month later, on December 12th, the wood that was gathered is used for the communal cooking in the celebration of Yeguita – when the image of the dark Madonna is paraded through the streets of Nicoya and then returned to the main church where food and drink are once again served.
A Celebration of the Spirit
Nicoya is a special place where expats can spread their wings and explore what a life less encumbered may offer. Truly, this is the essence of what “pura vida” – the pure life – is all about.
Map of Nicoya, Costa Rica
Nicoya, Costa Rica Fast Facts
- Population: About 14,000
- Typical temperature: Mid 80’s
- Nearest airport with U.S. flights: Liberia, Costa Rica
- Nearest U.S. consulate: San Jose