[BUYING AND SELLING REAL ESTATE IN COSTA RICA]
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Special Regime: Gulf of Papagayo Tourist Development Project Bahía Culebra was declared an area of public interest in 1979, which led to the establishment of the Papagayo Gulf Tourist Project. This initiative focused on developing tourism infrastructure, including hotels, residences, golf courses, and marinas. All projects within this special regime must adhere to the Master Plan and applicable restrictions. Concessions in this area are granted for longer terms, typically ranging from 10 to 50 years, and are renewable if the requirements are met. In this type of Special Regime, the limitation of ownership above-mentioned for concessions does not apply. Condominium Property The Condominium Property Law specifically regulates developments organized under the condominium regime. This law divides a master property into individual units, each of which is registered with an “F” designation. • Areas : Condominiums are characterized by both common areas (shared by all owners) and private areas (exclusive to each unit). • Rights : Owners hold exclusive rights over their individual unit and proportional rights over the common areas. • Governance : The Owners’ Assembly serves as the highest authority within a condominium. It appoints an administrator (who can be either an individual or a company) responsible for fee collection, maintenance, and legal representation. These functions must be clearly defined in the internal regulations. Condominiums in Concession Areas It is also possible for condominiums to be established in concession areas within the
Maritime Zone, provided the concession is validly granted and registered in accordance with applicable laws. In such cases, concession- related obligations (e.g., annual fees) are shared proportionally among the unit owners. The condominium administrator then assumes responsibility for ensuring compliance with both the concession contracts and maritime zone law.
ILN Real Estate Group – Buying and Selling Real Estate Series
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