The gorgeous Bahia Pez Vela is a concession property that I visited on my scouting tour last month. The villas are lovely on this stunning beachfront locale. The black sand beach is pristine, the drinks sparkle, the food is delicious, fresh and cool, (cuz this is a #BlueZones area), and the howler monkeys spy us from the treetops.
A standout among lots of memorable moments in Ocotal, and a hop, skip, and a jump from the lovely boutique Pura Vista Hotel where guests can come for lunch or dinner, beachside yoga or massage, snorkeling or paddling in the gentle waves. You might even spot a turtle or two!
What is Concession? Most real estate ownership in Costa Rica is titled, or fee simple, much like in the US, Canada, and Europe. About 15% of property in Costa Rica is called concession property, highly desirable as they are beachfront, and obviously we all love beachfront!
A concession means the owner has a lease with the Costa Rican government for a specific period of time, usually 20 years. There are benefits and drawbacks to both types of ownership. A major benefit is that rental income potential on concession property tends to stay high since most vacationers want the best access to the beach as they can get. There are specific law governing the purchase and maintenance of concession land in Costa Rica, so be sure to engage with an experienced and reputable real estate attorney in Costa Rica to ensure your interests are covered. We can help you with all aspects of a concession purchase. Just reach out!
