Condominium Property Bill

Article written by the Real Estate and Urbanism team of ECIJA Costa Rica. The current law on condominium property in Costa Rica was enacted in 1999 and, although it has undergone several reforms over time, today the general opinion is that it is a law that does not meet the expectations of the country, where an important part of the economy revolves around the real estate impulse, both tourist and residential. In order to achieve a positive update for the real estate market, a group of law firms, including ECIJA Costa Rica, has participated in the drafting of a bill that has been submitted to the Legislative Assembly. The most relevant changes proposed are related to the form of administration and regulation of the internal affairs of condominiums, in order to favour the possibility for owners of condominium units to modify their rules of coexistence and adapt them to the specific conditions of each development. It also seeks to favour local developers in their long-term projects.