Southern Nicoya Peninsula News
June 27, 2019:
Sales continue to slowly improve year after year in the area, but are nothing like the buying frenzy that was happening before the financial crash in 2008. Prices are slowly rising, but most of the best 180-degree ocean view lots seem to be sold, so it can be difficult for people to find their dream property for a reasonable price. New restaurants and hotels continue to open up in Santa Teresa, on an almost daily basis, as well as many more rental houses, with AirBnB now dominating the market, especially for lower-priced rentals.
Hot areas are North Santa Teresa, Playa Hermosa, and Delicias. Small houses under $250,000 are very popular. Luxury villas in the $500K-$1mil range have started to sell again.
The municipality released the Plano Regulador for the beachfront of Montezuma and Cabuya, and concessions have been applied for. Soon, we may finally see some beachfront sales or development after around 15 years without any.
Santa Teresa’s water project was finally turned on, with water being brought from the Rio Bongo in the north. The municipality has become far more strict with giving building permits and is now following federal law. This requires a property to have a “legal” water source, and the list of options no longer includes things like getting water from trucks, or sharing a neighbor’s well. If a well is used by multiple properties, each must apply for and receive its own concession, which is now taking four years or so. Because of this, it’s extremely important that when you are looking at properties, that you understand what water rights each property has.
Santa Teresa written up in the NY Times – The Next Tulum: Santa Teresa, Costa Rica – http://www.nytimes.com/2016/05/17/t-magazine/travel/santa-teresa-costa-rica-travel.html
Costa Rica Wins #1 for World’s Best Travel Destination – http://www.dailymail.co.uk/travel/article-2654050/Most-recommended-travel-destinations-Costa-Rica-Austria-list-Indonesia-China-bottom.html
Micro Brew Alert! – Two different micro brewers in the Montezuma/Delicious area are in the process of getting their legal papers, and are meanwhile producing as fast as they can and unable to keep up with demand. These are very high quality beers, and are offered in a few local restaurants already. Check them out on this facebook group: https://www.facebook.com/groups/243370535849598/