By Tom Kelly
Costa
Rica has been "discovered" - several times.
First came the fishermen looking for the fighting
billfish of the blue Pacific, followed by the surfers
seeking secluded waves no longer available on the
busy southern California coast, and lastly by second-home
buyers hoping to lay claim 
to a cozy spot away from
the chaos of their work-day routine.
Despite
all the new arrivals, there's still plenty of room
to find an isolated lifestyle - and future property
appreciation.
Costa
Rica now ranks at the top of international tourism
destinations and is widely regarded as one of the
safest and most popular markets for real estate
investment in the world.
According
to The Wall Street Journal, more than 83
percent of coastal developed property is owned by
foreigners. A fair legal structure, democratic government,
favorable tax laws, anonymous protection for banking
transactions and equal rights for foreigners under
the Political Constitution (property ownership rights)
have made the country an example of success for
its Latin American neighbors.
The
Instituto Costarricense de Turismo (ICT) reported
that 1.6 million foreign tourists visited the country
in 2005, generating about $1.589 billion.
Costa
Rica, bordering both the Caribbean Sea and the Pacific
Ocean between Nicaragua and Panama, is slightly
smaller than West Virginia and, like most Central
America countries, has two basic seasons. The rainy
season runs from May to November and the dry season
runs from December to April.
Historically,
Costa Rica attracted retirees from the U.S. and
Canada, but the boomers are now arriving along with
a variety of age groups from Europe.
Bob
Davey, a long-time broker in Playa Flamingo, said
about 70 percent of his clients are North Americans
seeking single-family homes with an ocean view,
20 percent are Europeans, and the remainder come
from Central and South America. Some of the most
popular northern Guanacaste areas are Flamingo,
Playa Grande, Playa Hermosa/Ocotal, and Tamarindo.
"You
have to have an open mind to the slow pace and slow
service," Davey said. "The Costa Ricans
are not a service type of culture like the North
Americans. Manana definitely exists in Costa Rica.
Be patient and pay attention and you can adapt well."
Tom
Kelly, former real estate editor of The Seattle
Times, is a columnist and talk-show host specializing
in the second-home market. Copies of his latest
books - "Cashing In on a Second Home in Mexico"
and "Cashing In on a Second Home in Central
America," written with Mitch Creekmore, senior
vice president of Houston-based Stewart International
are available on his website, www.tomkelly.com.
