By Ronan McMahon

As an investor, you may think of Costa Rica as “old news,” but two areas of that country deserve a look today as they’re well-positioned for a boom. I’ll explain why in a moment. But first, a little background.

In the early 1980s, International Living recommended buying real estate in northern Costa Rica. This part of the country became the No. 1 destination among foreign retirees and investors. Through the 1990s, the market boomed. Prices for beachfront property along the Pacific coast increased 10-fold. Today, you could pay $600,000 for a half-acre ocean-view lot.

But there are nicer parts of Costa Rica that haven’t yet been discovered—where you can buy a three-quarter-acre lot in a high-end gated community for $39,000, and build a 1,400-square-foot house on it for $100,000.

There are two areas that should be on your radar. The first is Costa Rica’s southern zone.

I believe southern Costa Rica (the area that runs south of Quepos to the border with Panama) is more beautiful than its northern counterpart. There is more land preserved in national parks and reserves in this region than in any other region in the country. Ballena National Marine Park is a hotspot for humpback whales. Corcovado National Park has one of the largest areas of primary rainforest left in the Americas and is home to a number of endangered plant and animal species. The beaches are mostly deserted.

In a country with an established property and tourism market like Costa Rica, this sounds like just the type of place that would attract a lot of fervent investors. You would expect to pay a premium to have a home here.

However, prices have stayed low here for one reason: This area has been difficult to get to. The Costanera highway is unpaved between Quepos and Dominical, and the airports are small, local affairs. For 30 years, Costa Rica’s presidents have been promising to rectify this infrastructure deficit. This time it’s really happening.

A new paved road will be in place by next year. It’s almost complete. President Oscar Arias Sanchez has personally visited the project. The new highway means that the 90-minute (or longer) trip from Quepos to Dominical will be cut to 25 minutes.

But there’s more. Costa Rica’s government has settled on Palmar Norte as the site of a new international airport, and has allocated funds for construction. The airport is planned to open in stages; the first stage, in 2011, will allow international flights with a maximum capacity of 50 passengers. The plan is to eventually have a runway capable of accommodating even the world’s largest passenger plane, the Airbus A380.

The second area that should be on your radar is Limon. The drive east from San Jose to Costa Rica’s Caribbean coast is through some of the most inspiring scenery you’ll ever see. The sand is white, the water turquoise. Back from the coast are the Talamanca mountains. The breeze is fresh and the wildlife abundant—70% of the coast is protected. Yet you are only two hours from San Jose’s international airport…with direct connections to the U.S.

A planned billion-dollar gentrification project is going to transform the forgotten port town of Limon into a major Caribbean hotspot. The president was also recently in Limon to announce an $80 million investment that will kick-start the upgrades. The cruise ship port in neighboring Moin is set for a major upgrade.