Now is a good time to negotiate a property purchase in Costa Rica, in light of the slow market, according to Gary Sheriff of property agency C.R.UK. Global.

Fuelled by rising tourism and retirees from North America, Costa Rica’s property market has boomed over the past decade, with prices recording up to 300% growth over the past decade across some parts of the country.

However, with a number of new-build residential developments nearing completion, coinciding with a significant fall in demand, in light of the economic woes experienced in nearby America, the country’s property market has come to a shuddering halt.

With no direct flights operating from the UK, Brits have often overlooked Costa Rica as a holiday home and retirement destination. However, Sheriff, a Brit who now lives in Costa Rica, says that Brits are missing out on a better way of life.

“Costa Rica offers fantastic year-round good weather, a stable government, wonderful food, and low cost of living – not to mention excellent education and healthcare.

“There are a number of new high-end housing developments coming onto the market across Costa Rica, and yet there is now a lack of buyers. This presents potential purchasers with a great opportunity to negotiate a discount on a Costa Rican home bought now.”

Sheriff highlights the San José, the Guancaste province and Central Valley as great places to buy a holiday or retirement home. However, he warns people to steer clear of the North Pacific, where there is now “an oversupply of properties.”

Mortgages in Costa Rica are currently available to foreigners at a maximum 70% loan-to-value.