What does “Concession Property” mean?

A concession property in Costa Rica is essentially a lease from the government and local municipality, rather than outright ownership. These concessions, which allow for land use in designated areas (mainly within the Maritime Zone), must be approved by the Costa Rican Tourism Institute (I.C.T.) and typically last for 20 years. When a concession period expires, it can usually be renewed for another similar term, provided all requirements are met.