As we lift a glass in celebration to toast Costa Pacifica LIVING magazine 10th year, personally, I get to indulge myself as well. Having arrived with my husband ten years ago this October, it will also coincide with Blue Zone Realty International celebrating their 10 years since inception.
We have all had our challenges and successes, each leading to a wonderful life lesson or experience to share with new buyers considering Costa Rica as a place to call home. The last decade has also given the real estate profession an opportunity to collect some vital current data. In any country, city or town, 10 years is a long time, for sake the of seeing how the market is doing, let’s address the past five years, let’s look at some numbers since 2018.
Time on the Market
No doubt Costa Rica has also seen the benefits most of the globe experienced from 2020-2022, and as I wrote in the previous issue, we haven’t seen a slow down yet, however good news for buyers, prices have plateaued.
That said, we are still tracking faster turnover from Launch of a new listing till receiving an offer. In just 5 years, our Days-on-Market has seen a 55% reduction.
Average Home Prices
Up 52% over 2018 on average. Does that scare some buyers away? I feel you can have some faith. Costa Rica is still less expensive than other countries. Our average sale price in 2023 YTD has been $560,000 USD for single family homes. In Toronto, Canada, the ave-rage home price in 2023 has been $867,900 CDN, or $650,925 USD. The average home price California in 2023 has been $758,600 while in the total of the US the average price has been $436,800.
Obviously, the larger cities abroad I’ve mentioned above will experience a greater difference in price to Costa Rica, but that is where we see the majority of clients coming from – larger North American and European cities.
A lot has changed since we arrived in Costa Rica 10 years ago. Development is booming, and inevitable. The reasons we had for moving here are the same for new arrivals. What unites us is what’s so special about our adopted home; let’s do everything we can to protect and nurture the coast as it continues to develop. Progress and change will happen, let’s shape that future together.
About the Writer
Ben Rutherford is a Senior Sales Associate with Blue Zone Realty International and is an accredited Realtor® with membership in CRGAR and the National Association of Realtors (NAR), and a Certified International Property Specialist (CIPS).
