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Banco Banex Costa Rica this month announced that, in partnership with Stewart Title Mortgage, they would be providing finance to foreigners wishing to buy property in Costa Rica. Amazingly finance will even be available on land plots over 10 years at 60% LTV with a 40% down payment. Condos, apartments and houses can be financed over 20 years, with a 25% down payment from income earners who get a 75% LTV loan, self-employed and non-income earners get 70% LTV with a 30% down payment. All loans are subject to status.

Liam Bailey, head of international research for DSR told us why this is such a big event:

"Foreigners wishing to buy Costa Rica property previously had to either have the cash lying around, or to refinance an asset or otherwise find the finance in their home country. The fact that they can now obtain a mortgage in Costa Rica will do no end of good to the already booming Costa Rican property market.

"Finance makes an incredibly big difference to the number of foreigners who consider purchasing and purchase property in a country, with many ignoring countries where finance is unavailable. The fact that Costa Rica was doing well before finance, means that the new availability of finance is likely to cause a major explosion in the popularity of Costa Rica property and will generate great demand from foreigners within the market, which will push prices up for a sustained period of time."

Costa Rica has long been popular with tourists and investors from around the world, with its beautiful tropical climate and wildlife, low living costs, glorious beaches, low crime rate, advanced health service and secure environment making it popular with the former, and all the above plus growing, strong and resilient economy, high and rising tourism, and comparatively low prices making it popular with the latter.

In fact the only thing holding the Costa Rica property market back was the lack of available financing for foreigners, now there is nothing to stop it from becoming one of the most profitable property markets in the world.

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