The Costa Rica real estate market saw a significant turn-around in 2013 after setting a record in international arrivals in 2012 with over two million landing on its sunny shores. Development and construction picked back up in the first quarter 2013 and significantly increased throughout remainder of the year.
So far in 2014, the busiest region is the Central Valley, which makes sense as it has the highest population density in Costa Rica. Based on reports from multiple sources throughout Costa Rica, on a per capita basis, Tamarindo area on Guanacaste's Gold Coast appears to be leading the market in sales this year.
In 2014, reports from agents and agencies are highly optimist showing much stronger numbers than expected in most regions of Costa Rica. All regional reports indicate the market is getting back up to a full head of steam with activity levels returning and projections for 2015 are looking very promising. This is mostly evident in the coastal region of Guanacaste, where foreign buyers and investors have returned and seem to be ready and willing to buy.
International media is once again highlighting Costa Rica's growing real estate market as an ideal place to invest. The Central Bank has reported that Costa Rica has seen quarterly increases in real estate investment that is the highest since the year 2000 and recently International Living Magazine ranked Costa Rica as one of the best investment locations in the world.
In Guanacaste, developers especially in the heartland of the Gold Coast are working feverishly building new homes in their gated projects. Punta Playa Vista, a leading developer of residential gated communities on Guanacaste's Gold Coast shared the following:
The main group of people buying Guanacaste coastal real estate is middle class North Americans looking for a second home investment that has income potential in Guanacaste's super hot vacation rental market. They want an investment that has value, quality and ROI to augment their retirement strategy. Gated communities on Guanacaste's Gold Coast tick all these boxes for this demographic and then some - Punta Playa Vistas Tamarindo Real Estate.
North Americans make up approximately 65 percent of real estate buyers in Guanacaste. Industry experts say that because of new financing options and credit opportunity opening up for Costa Rica's growing middle class will result in more and more local buyers entering the Guanacaste market and will be a major contributor in rising prices over the coming decade.
Tamarindo, the primary coastal hub for Guanacaste's Gold Coast, has been a destination of choice among tourists and expats for more than a decade and has one of the most advanced tourist and real estate infrastructures in Costa Rica. This year the trend from 2013 is continuing with buyers looking for low to moderate priced real estate, and further, there is a preferential shift to gated communities that offer owners all the amenities as well as property management for vacation rental services. Coastal gated communities in this region continue to lead the market in 2014.