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Costa Rica's Charming Village of
Nuevo Arenal Offers a Casual Tropical Lifestyle, a Pretty, Unspoiled
Locale and a Low Cost Retirement
Cost of Living: Below the U.S. National
Average (All Prices are in U.S. Dollars)
| Thick rainforests, clean air, sunsets
that seemingly last forever and a beckoning blue body of
water named Lake Arenal are reasons that the village of
Nuevo Arenal in northwestern Costa Rica (Guanacaste
Province) casts a spell over all who come to visit,
including expatriate retirees. Far from the
stresses of modern life and situated in the shadow of
imposing Arenal Volcano, this quiet community is
attracting those in search of an affordable cost of
living and a leisurely retirement in a pretty, unspoiled
tropical location. Costa Rica is a stable,
democratic country, and the expatriate population here
is growing rapidly.
Seventeen small communities are located along the
shores of 40-square mile Lake Arenal. Nuevo Arenal,
on the north eastern shore, is one of the most charming
and also one of the newest (it came into being in 1973
when a dam was built and the old town of Arenal
disappeared under water). Exact numbers are
hard to come by, but estimates are that 800 families are
in and around town, and more North Americans make their
home here than anywhere else along the lake.
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One reason is that while winds can gust mightily along
the southern edge of the lake, but they are much quieter
in Nuevo Arenal. Basic services are
available in town and include a number of banking
services, a health clinic, grocery stores, mini-markets,
a gas station, a boat launch, restaurants, hotels, bars
and plenty of souvenir shops. There is also a delicious
German bakery!
The nightlife in Nuevo Arenal is quite active as
well, and tourists do make their way here to partake in
excellent water recreation such as fishing (bass),
boating and world-class windsurfing (in fact,
windsurfers come here from around the world). Banana
trees, lemon trees, papaya trees, monkeys, sloths,
toucans, hummingbirds, orchids and waterfalls are in
abundance. The cost of living is very low, and it
is possible to live in Nuevo Arenal on less than $350 a
month, excluding real estate costs.
When it comes to purchasing real estate,
foreigners have the same rights as Ticos (Costa Rica
citizens). The buying process is fairly easy and
similar to buying property in the U.S. (although there
are restrictions on buying waterfront property).
Real estate agents do not have to be licensed, but the
Costa Rica Chamber of Real Estate Brokers and other
groups are working to bring standards and an ethical
code of conduct to the industry. A certified escritura
(title) and plano (survey) are required for
most transactions. Title insurance is available.
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This is an
interactive map. Click on the arrows in the upper left hand
corner to move the map to the East, West, North or South, and click on the +/- signs
(more than once if necessary) to zoom in
and out.
Homes in this area come in all shapes and sizes. Generally,
the further from the lake, the less expensive the real estate.
Outside of Nuevo Arenal, very (very) modest homes start for sale in
the $30,000s, but choices open up in the $100,000s and $200,000s.
Some current examples of properties for sale include a farmhouse with
three bedrooms, one bath, an overflowing garden and an acre of land
for $50,000. There is a furnished town house with three
bedrooms, two baths, a quarter-acre lot and a shared pool for $135,000
USD. A beautiful five bedroom, two bath home with amazing
lake views and an outdoor Jacuzzi is for sale for $219,000.
In the new gated residential development of Turtle Cove Lake and Yacht
Club, custom homes are for sale starting at around $325,000, and
amenities are plenty. While some great deals can be found,
million dollar properties are also easy to find. To get a good
idea of properties in the Lake Arenal vicinity, go here.
Many residences have volcano and/or lake views.
Foreigners that plan to retire in Costa Rica will want to apply for
pensionado status, which gives retirees perks that include 50%
discounts on movies and sporting events, 30% discounts on
transportation and 25% discounts on restaurant meals.
These benefits should not change, but income requirements for expat
retirees will change in early 2010. Until then, expats can
retire with proof of just $600 of income per month. Once
February rolls around, that amount will be $1,000 a month (including
spouse). This income must come from a qualified pension,
retirement account or Social Security. Expat retirees must also
change at least $1,000 per month from dollars into the local currency
(colones) and live in Costa Rica for at least four months out
of the year.
Health care in Costa Rica is quite good, and foreigners who are
residents are covered under the Caja Costarricense de Seguro
Social (or CAJA), the socialized medical plan of Costa Rica (Medicare
is not accepted in Costa Rica). There are ten major
public hospitals in the country affiliated with the CAJA, including
four in the capital of San Jose. Although the care is good
(and very inexpensive), public hospitals are usually crowded, have
long waits, and it is not always easy to find someone who speaks
English. Most expats tend to pay (cash) and go to a private
hospital, where costs are still a fraction of those in the U.S.
A positive recent development is that insurance companies are now
starting to offer private health care insurance for $50 to $100 a
month (depending on health status, etc.) to cover costs at private
hospitals. For non-emergencies, the clinic in Nuevo Arenal
is adequate and for more serious illnesses, a private,
state-of-the-art hospital is planned for Liberia, an hour and a half
away by car.
Many expats, too, maintain U.S. health insurance
and evacuation coverage in case of a major medical emergency.
Lake Arenal is at an altitude of 1,700 feet above sea level so the
weather is cool and fresh all year long. Average
temperatures range between 68 and 88 degrees Fahrenheit.
The rainy season runs from May to November, and the winds kick up from
December to April. Oh, and Arenal Volcano is active,
often putting on magnificent, fiery displays for tourists and locals
alike (Nuevo Arenal is not in the volcano's lava path).
Thinking about retiring here? Of course! To
reach this charming spot, fly into Liberia International Airport,
about 90 minutes west, on American, Continental or United (just a few
of the airlines flying into LIA), and follow the Inter-American
Highway (Route 1 on most maps) south to Highway 142. Go east to
the lake region and follow the road around to the charming little
village of Nuevo Arenal where an affordable, relaxed and tropical
retirement awaits.
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Nuevo Arenal Costa Rica Real Estate
Active Adult Developments in Nuevo Arenal Costa Rica Retirement Communities
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