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We went to CR last automn and crossed the country from south east to north west. We loved it and we’d like to live there within the next 19 months. We made some ticos friends. We still communicate with them.
In our communications we can feel their frustrations seing foreigners coming in their country and rising the prices of the properties to a range that is impossible to them to get one. Yesterday I was telling to one of them from San Pedro that we’re looking for a property in a range between 100K to 200K. He told me that I was a millionaire. He told me that is people like me making that he’ll never be able to buy a decent property in his own country. He’s 28 years old making 600$ per month and said: “how do you think with this salary I’ll be abble to buy one one of these days?” For him 100K or a million of dollars is so much money that he almost can’t see the difference.
Another one from El Castillo who have a little business doesn’t like to see so much strangers buying the country. He said: ” When I was younger I was dreaming to get a little piece of land. I worked hard and save money all my life but now with these gringos buying everything it seems to be an impossible dream to realize”.
Another friend, a Policeman from Arenal said: “If I’m lucky, maybe one of these days I’ll have the chance to live in a gringo dog’s house!!!
All of my tico’s friends would like to see less gringos in the country to see the prices going down to give them an opportunity to buy a property.
What do you think about these toughts?
It’s a love/hate relationship sometimes. Many of the same Ticos being impacted by rising prices that are unable to buy a home are the same ones that are making more money then they ever did because they’re employed in construction and related fields. And remember, it’s their fellow countrymen selling their property at these inflated prices that are enjoying the financial gain, and yet pricing the market out of the reach of their neighbors. With the slow down in real estate worldwide (and a likely drop here) I guess many of the Tico buyers will have a chance to jump in with the money they’ve made fueling this market.
I’ve had the same conversation with some of my Tico friends… from all walks of life. Most see the big picture and see both sides of the argument. And it seems there is (and hopefully will always be) an “alternate” real estate market for Ticos selling to Ticos. There’s the Gringo price, and the Tico price… just as there is with cars and many other things you’ll see the “SE VENDE” sign on!!
Edited on Jan 31, 2009 19:14
The biggest factor that divides people is the economic division. The introduction of foreign held wealth into a community shouldn’t be too big of a problem as long as it doesn’t displace too many locals but there is always the danger of perception becoming the reality rather than the reverse.
I have no way of knowing if “gringo” wealth is displacing Ticos to a degree which would warrant concern. But I am watching to see if Costa Rican politics move against us. The recent push for increasing the residency requirements was a sign that this might be taking place.
Neither do I have a finger on the pulse of the average Tico. But my sense is that the Costa Rican society is still more eglatarian than many other Latin cultures. As long as that is the case, Costa Rica may avoid class war which would necessarily involve gringos on the wrong side.
There are many rich Ticos! If you look at the cars they are driving, and the majority of the very large homes, are owned by Ticos, not ‘immigrants’. There is a actually a very small percentage of ex-pats/foreigners living here, with Nicaraguans making up the largest immigrant ‘group’. And an even smaller percentage of ‘non-Ticos’ actually owns land.
The folk who currently earn $600 will be looking for a piece of land, very different from what an ex-pat will be looking for.
There is still lots of land that locals can buy, ‘thousands’ of $$$$ less then we can.Edited on Feb 01, 2009 09:35
I agree with Sprite; it is the preception that is damaging, partly because many Americans are loud, obnoxious and flaunt their success. The American expat population is less than 2% and I would guess that American real estate ownership is less than 5%. The Nicas are by far the largest class of immigrants, just as Guatemalans are to Mexico and Mexicans are to the US. In some parts of the country, such as the southern Nicoya Peninisula, the largest expat population is Italian. Around Arenal, I understand it is Swiss and Germans.
grb1063, I had read ‘somewhere’ that the American ex-pats were even less than 2%, but this was a while ago, and I can’t remember the ‘facts’.
When we first moved here, Costa Rica had the largest of American ex-pats, in the world. But, that changed…The largest amount of ex pats per capita in CR< perhaps…but the certainly not THE largest amount of expats anywhere. Mexico must have always had more expats than CR.
The 28 year-old Tico making $600 p/month wouldn’t have the opportunity to make that salary if it weren’t for foreigners being attracted to Costa Rica’s resources including the emerging economy that is consistently providing new job opportunities for the locals.
There are more Ticos now than ever who are able to purchase housing here with the growth of the financial services industry which provides housing mortgages to those with full time employment and the salaries to support the payments.
Once you’ve been able to spend more time on the tierra firma in Costa Rica, you’ll begin to understand the realities of this emerging economy.
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