Czech development group UDI Group has launched the sale of its residential project in Costa Rica. The group is planning the construction to start at the beginning of next year, investing almost CZK 500 million (€20 million) in the project.
Costa Rica belongs, like Panama, to the most stable countries in the region and has also been called an interesting destination in the world for spending retirement. Both Costa Rica and Panama are safe democratic states, the most stable in the region and also among the countries with the fastest economic growth. The real estate market here is also growing and has a fast return. The rental income in both countries is at the level of 6.5 per cent, which is almost twice as much as in Prague. There is a favorable tax policy, in Panama, for example, real estate is exempt from real estate tax for the first ten years. In both countries, it is possible to obtain a long-term residence permit for a certain investment in real estate. Both countries are among the best-rated destinations for spending your retirement.
UDI Group will build a 23-floor residential building with 136 apartments in the Barrio Escalante neighbourhood near the centre of the Costa Rican capital San José. The project includes a rooftop pool with a bar, hot tub and sun deck, a private gym, a barbecue area, an outdoor cinema and a private park for pets. 392 sqm will also be available for retail and services. The author of the design of all UDI Group projects in Latin America is the Danish architect Morten Schmidt.
In the capital of neighbouring Panama, the developer is already preparing the construction of its first Square 72 project. It will offer 72 apartments on 15 floors. Another project is planned by a developer in the coastal area of Coco Del Mar overlooking the Pacific. The Zitá project in the second line by the ocean with 24 floors will offer 112 apartments. UDI Group is also active in the Czech Republic, where the group was founded 30 years ago, but also in other European countries such as Poland, Hungary and Serbia.
