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Real Estate Growth Outlook
Although the past economic crisis has affected the Costa Rican real estate market temporarily, the market has performed suprisingly well for nearly a decade now. Prices have steadilly risen in the Central Valley and prime coastal properties have taken off again in recent years with an increase especially after Trump becoming President of the USA. Costa Rica never fell to record lows like in the United States, due mainly because of a lack of affordable financing in the past. Lots of foreigners in particular did not finance and now do not experience such downward pressures like in the USA were homeowners are bothered by high real estate taxes and insurance expenses.
Residents who have retired in Costa Rica, buying and developing properties for their use and enjoyment. Most of these retirees come from a higher socio-economic bracket and therefore are mostly very sophisticated, generating a new segment in the real estate market. The number of future retirees continues to grow because of the positive climatic, social and economic conditions Costa Rica has, and therefore this segment will continue to be a major contributor to real estate investment.
Real estate foreign investment will only continue to escalate as better conditions are given to investors and retirees, as the sector growth increases and novel prime locations arise, and as the demand for tourism related developments continues to grow.
What lies ahead for Costa Rica is based on a variety of positive factors driving the market, including: its strategic location in the center of the Americas, its educated and highly productive workforce, a continuing political, social and economic stability, preferential access to strategic markets, its international standard business infrastructure and high quality of life. There is no doubt that Costa Rica's economic future seems to be quite promising.
