Real Estate Investment Advisory in Costa Rica: A Sustainable Approach
Costa Rica has positioned itself as a leader in sustainable practices and is recognized worldwide for its dedicated approach to preserving its natural environment. Thus, investors looking to tap into the potential of the real estate sector should consider how their decisions can align with these values.
The first step toward sustainable real estate investment in Costa Rica is selection of the right location. Expert real estate advisors guide clients to areas where development can coexist harmoniously with the natural environment.
Places like Guanacaste and Puntarenas provinces on the Pacific Coast offer a balance between accessibility, natural beauty and minimal environmental impact. That is why it is important to be informed about real estate law and how to acquire property in a suitable location.
Availability and use of water resources
When considering real estate investment in Costa Rica, the availability and management of water resources is a crucial factor that must be taken into account due to the direct relationship this has with the viability and sustainability of any real estate development project.
Water Resource Availability
Costa Rica is a country with a rich water supply. It has numerous rivers, lakes and springs. This wealth is due, in part, to its tropical climate and its conservation of its forests, which support replenishment of water sources. However, water availability may vary:
● By Region
● By Season.
● Due to Climate change.
Water Resource Utilization
When investing in real estate, it is important to consult with an experienced attorney, especially if the investment will be a major development. As such, it is important to obtain information regarding:
● Environmental Impact Assessment
● Permit processes.
● Water Treatment Systems.
● Water Conservation.
● Community Integration.
Legal Aspects
According to Costa Rican law, all water is public domain, and its use is regulated. Water rights are granted by the government and may involve the payment of a fee. Legislation is strict regarding the sustainable and fair use of water, which translates into the need to comply with a series of legal and technical obligations before water supply for new development can be obtained.
Existence of a zoning plan
When a zoning plan is in place, modifications may be occasionally made, often in response to new challenges, changes in population dynamics, development needs, and necessary updates due to climate change and environmental conservation.
Real estate attorneys advise that before investing or developing a property, it is crucial to consult the corresponding zoning plan to understand the regulations governing the specific area of interest. In addition, it is advisable to remain attentive to any future changes or revisions that may affect planning requirements in a given locality.
Setbacks that must be taken from springs and riverbanks
Costa Rican law establishes special setbacks or protection zones for springs, rivers and other bodies of water, which must be upheld in any development activity, including the construction of real estate projects. These are some of the legal setbacks established:
● Springs.
● Rivers and streams.
● Watersheds.
● Protected Areas and Water Replenishment Zones.
Compliance with these protected zones is monitored and regulated by several government institutions, such as the Ministry of Environment and Energy (MINAE), the National Groundwater, Irrigation and Drainage Service (SENARA), and the National Technical Environmental Office (SETENA).
In conclusion, real estate investments in Costa Rica, with a sustainable approach, are not only the ethical but are also a smart decision. Investors are increasingly aware of the importance of responsible approaches, and Costa Rica offers an environment that favors this type of investment. It is important to have a real estate investment attorney in Guanacaste to make sure that all environmental regulations are complied with.
|