What is the vision for Peninsula Papagayo? Is there an active social community? Who is the developer? What residential offerings are currently available? How long is the design-build process? Welcome to our FAQ! This page contains answers to these and other common questions about Peninsula Papagayo real estate.
Long recognized as a treasure of unsurpassed grandeur … a virgin land, pure and primeval ... these 1,400 acres on Costa Rica’s north Pacific Coast were set aside as the proper place to introduce the country’s rare beauty and culture to an upscale, international audience. Today, Peninsula Papagayo is widely recognized as the preeminent environmentally-focused five-star resort and residential community in Costa Rica, created for a discerning clientele who want it all: luxury, security, privacy, unlimited sporting options, a slice of protected wilderness, and an exceptional sensitivity to the ecosystem that makes all this beauty possible.
While the closeness to nature and quality of views are unrivalled, so too are the residential amenities and social opportunities—the heart of which is the Peninsula Papagayo Club. Members place tremendous value on our cohesive community and take great pleasure in new friendships, shared experiences and the boundless opportunities for adventure and exploration.
» Tell us about the master plan and what's still to come...
Peninsula Papagayo's master plan encompasses luxury hotels, condominiums, custom estate lots and world-class amenities—including a deep sea marina, waterfront village, yacht club, beach club, two signature golf courses and ancillary commercial and club facilities. Development completed to date includes: the Four Seasons Resort Costa Rica; Andaz Papagayo; Arnold Palmer Signature golf course; golf clubhouse; tennis complex; Prieta Beach Club; and the first phase of Marina Papagayo, encompassing 180-slips, crew quarters, a ship store and restaurant. Existing infrastructure and underground utilities include fiber optic cable for telephone and high speed internet access, electricity by ICE, cable by Cabletica, dual water systems for potable and landscape irrigation, and tertiary wastewater treatment. Key components of the master plan yet to come include the waterfront village, second golf course and additional luxury boutique hotels. Seventy percent of the peninsula’s total land area will remain as existing forest, undisturbed.
» What residential offerings are currently available?
Active listings include a limited number of whole ownership Four Seasons Private Residences, custom single family estate homes and Las Terrazas townhomes...as well as an exclusive collection of sublime beachfront, oceanfront and oceanview estate homesites offering endless design and lifestyle possibilities. For more information on exclusive ownership opportunities at Peninsula Papagayo, please email email@example.com or call +506 2696-2126.
» We would like to build... how much are construction costs and how long will the process take?
Construction costs naturally fluctuate depending on site conditions, building materials and specifications. That said, most of our owners have been able to achieve the quality they desire for about $200 per square foot of total construction area, which on the peninsula is typically the air-conditioned area multiplied by a factor of two, more or less. The entire development process typically takes 24-30 months. This includes 10-12 months for design and approvals and another 14-18 months for construction.
» How much are common assessments and property taxes?
Master HOA dues are very low thanks to significant civic assessments paid by Four Seasons and Andaz, which contribute to an operating surplus. The amount of the Common Assessment charged per Assessment Unit is based on the annual budget of the Master Association. Since inception, this amount has been $3,000 per Assessment Unit, but it is subject to change based on the approved budget each year. Single family residences are assessed one Assessment Unit; however, residences that are part of a condominium may be assessed more than one Assessment Unit if the property is made available for rental through an established rental program for a minimum of 255 days per calendar year. In that case, the property will be assessed as a Condominium Hotel Unit, with an assessment of one-half Assessment Unit per bedroom.
Property taxes in Costa Rica are also relatively low, amounting to less than $5,000 per annum for most estate homes and under $2,000 for most villas and condominiums.
Please note that separate homeowner association fees apply to condominium lots (e.g. Four Seasons, Las Terrazas and Prieta Estates).
» Are rentals allowed?
Absolutely—a number of homeowners rent their properties when they are not here. Please note though: i) if a property is available for rent for more than 255 nights per year it will be assessed as a Condominium Hotel Unit for the purposes of the Common Assessment; ii) a Civic Assessment of three percent is payable on gross rental income; and iii) homeowners desiring beach club access for their renters are required to purchase a Golf Membership.
» Who is the developer?
The developer of Peninsula Papagayo is Ecodesarrollo Papagayo Limitada—a Costa Rica company controlled by affiliates of Gencom, a leading U.S.-based international luxury hospitality and residential real estate investment and development firm. For more information about Gencom, please visit http://www.gencomgrp.com
» Are foreigners permitted to own real estate in Costa Rica?
Yes, in fact most Papagayo owners are US, Canadian and European nationals. In Costa Rica, private property rights are protected at the constitutional level and the country benefits from a secure and efficient property registry system.
» Are there restrictions on ownership of beachfront or coastal land?
Yes—throughout most of Costa Rica, the local municipality owns coastal land 200 meters inland from the average high tide, often referred to as the maritime zone. The 50 meters closest to the ocean are reserved for public use while the next 150 meters (called the “concessionable” area) may be leased to private parties. Maritime zone concession agreements are used by municipalities throughout the country to promote tourism development. A significant advantage of Peninsula Papagayo’s concession is that it is held directly by the Costa Rican Tourism Institute (“ICT”).
» Are foreigners permitted to own concessions on Peninsula Papagayo?
Yes, concessions on Peninsula Papagayo may be acquired by foreigners. Since the concession is held in a convenient special purpose entity, title may be conveyed or assigned at any time.
» How long is the concession and can it be renewed?
Peninsula Papagayo’s concession expires in approximately 75 years, on January 15, 2091. The concession provides for automatic 49-year renewal terms, in perpetuity.