Many of us who visited Costa Rica before, like most travelers, just went straight for the crowded Pacific coast skipping Caribbean side.
“There's nothing over there…no infrastructure…bad roads...it takes too long to get there.” Those were the Caribbean stereotypes of the time. But as any successful overseas investor knows, negative stereotypes are the property-buyer's best friend.
How come?
Because the stereotypes can be slow to die despite the changing times, holding the prices down until word gets out to the mainstream that things are different.
This is the case with the Costa Rican Caribbean. The truth is that it's now less than 2.5 hours from the capital of San José on a new, modern highway. The international airport re-opened in 2006. Serious investors are buying coastal land, and the first luxury resorts and residential developments are springing up.
The Caribbean town of Limón is fast becoming a boomtown. Take a look at some of what's happening: In January 2007, the Costa Rica Tourism Institute decided to invest $5.7 million in the local tourist infrastructure. A short time later, the Construction Chamber of Commerce announced that there was a staggering 122% increase in new construction in Limón. But the big news came just a few weeks ago when the World Bank agreed to extend a huge $72.5 million loan for the purpose of revitalizing this port city. The government claims that the 250 cruise ships that now arrive annually will double over the next five years. No doubt about it, the “Caribbean side” is on the move.
And this is only the beginning. Two multimillion–dollar marina projects for Isla Moin and Puerto Viejo are currently going through approval process. Developers of Isla Moin, the $500 million, 208 acre marina with approximately 850 residences and space for 500 yachts and mega-yachts could break ground within coming months. This marina could produce 3,000 to 5,000 jobs, either directly or through industries spun off to cater to the incoming luxury crowd. Beyond an injection of jobs, Isla Moin could also fatten public coffers. According to mayor of Limon the income would be used to develop the province of Limon through road improvements and trash pick-up among other services.
Moin was not developer’s first choice for developing multimillion-dollar marina. The developer originally was looking to the Pacific coast, but changed his mind after talking to a friend in Miami about the Caribbean coast’s potential. With 84 percent of yachts traveling in the Atlantic Ocean and Costa Rica being in Hurricane Free Zone, Southern Caribbean was an obvious choice for new marinas. Isla Moin will feature more than 600 low-rise condos, 100 beach and waterfront villas, and 110 waterfront estate homes Residences for a presale price of anywhere from $175,000 to $2 million. According to developer, these are selling rapidly and 70 percent of Isla Moin Phase 1 residences have been reserved, but exact number would not be released.
Before the first brick is laid, the marina project must pass a few legal hurdles. The Inter-Institutional Commission on Marinas and Tourist Dock (CIMAT) and the local municipality have to give their approval. The commission, formed of five government institutions, has two months to pour over the developer’s proposal and make another site visit to Moin. Once all requirements are met, developer must request a construction permit form the local government.
Interest in Southern Caribbean is running high, as more and more people discover the values on this side of Costa Rica.
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