Have you ever thought to yourself, “if only I had seen that trend coming.” Whether it was back when the internet launched, perhaps a particular stock you pondered, or an up and coming neighborhood you sought to buy real estate in. Some people made the leap of faith and jumped on an opportunity only to prosper, while others just watched from the sidelines. Indeed, good investments can often be the ones we don’t see coming.
Fortunately, in Costa Rica hindsight is a thing of the past. Trends in the real estate market can be spotted with some effort and expertise, and forecasts based on the impact of the US economy are easily inferred.
With so many foreigners calling Costa Rica home, 379,000 with permanent residency as per the Department of immigration statistics reports, the demand for a safe investment in a democratic country keeps the prices stable. The real benefit is that for those seeking property in a foreign country the cost of living is lower here than what would be back home.
Currently, prices are stable in Costa Rica, partly because home owners generally don’t have mortgages. They have paid cash for their paradise getaway. With no need to sell in tougher economic times the market has been maintained. Interest in the lifestyle Costa Rica offers has started to create demand that is quickly becoming greater than supply, which in turn tends to increase market prices.
With airports open again the real estate market is experiencing the initial rush while prices are still pre-boom. With additional travel requirements like health insurance, buyers are making more of an investment getting here, thus converting to a higher ratio of signed contracts moving to closing.
When searching online listings, it may seem there is so much for sale, but when you have a good market specialist working for you, one that takes time to listen to your goals and what your version of paradise will be the guess work is removed. Once the budget is set and the preferred area chosen, the list of available homes can be narrowed to just a handful.
The free-spirited adventurer demographic that Costa Rica attracts is growing rapidly. 2020 changed many people’s outlook on what was really important to them vs. what we were told we should do with life. What job we should keep, working for stability or venturing out on our own, what car we should buy and what neighbourhood we should aspire to live in. The pendulum is swinging now, and buyers are arriving. It’s a good time to invest and jump in. That is before prices start going up and inventory disappears. The train is leaving the station – all aboard!