July 26, 2024
The Costa Rican real estate market is buzzing with activity, and we’ve got the inside scoop! Our comprehensive Mid-Year 2024 Market Report is almost ready, and we’re excited to share a sneak peek with you. This report is packed with valuable insights and data, crucial for both buyers and sellers in Costa Ballena.
Here’s a taste of what you’ll find inside:
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Market Overview and Trends
- Total Listings Sold: In the first half of 2024, 105 properties were sold, totaling $53 million in sales. This is slightly down from 115 properties sold for $55 million in the same period in 2023. However, this means that the average price per listing has gone up in the last year!
- Commercial Property Surge: Sales in commercial properties saw a significant jump by 235% in 2024, reflecting a growing interest in business investments in the region compared to 2023.
- Luxury Properties: Homes listed over $1 million have increased their market share to show that luxury homes represent 51% of total sales in Costa Ballena, up from 43% last year, highlighting the rising demand for high-end properties in Dominical, Uvita, and Ojochal.
Regional Insights
- Dominical: Dominical saw an average home value of $1,160,461 since the start of 2024 (an increase of 15% over last year at the same time) making it a hot spot for high-end real estate.
- Uvita: Listings that sold in the first half of 2024 showed that the average price per acre in Uvita is around $320,000. This is significantly higher than Dominical and Ojochal, highlighting Uvita's popularity for new developments.
- Ojochal: Leading the market with 65 properties sold in the first 6 months of 2024, Ojochal offers more affordable options with an average home value of $679,295 and numerous amenities attracting families and retirees.
List-to-Sold Price Ratios
- 2024 Trends: The overall list-to-sold price ratio has decreased to 91.1% from 94.2% in 2023, indicating a slight buyer’s market, but with a higher average listing value across the board. Dominical properties lead in popularity with the market, receiving the closest offers to the list price, showcasing its desirability.
Time on Market
- Faster Sales: Properties in 2024 are selling faster, with an average time on market of 238 days, down from 310 days in 2023. Dominical, in particular, saw a significant reduction to 229 days from 350 days last year.
Building Permits and Construction Costs
- Building Permits: There were 297 building permits issued in the first half of 2024, showing a slight decrease from previous years but indicating sustained development interest in the coastal mountain regions of the South Pacific.
- Construction Costs: Building costs vary, with entry-level homes costing between $140 to $170 per square foot, and high-end homes exceeding $300 per square foot.
Tourism and Investment Insights
- Tourism Boom: With a record number of 2.47 million tourists arriving by air in 2023, tourism is a significant driver of the real estate market. Increased tourist spending and higher numbers of visitors from the US, Canada, and Mexico bolster the local economy and real estate market.
Hear from our Expert Realtors
"Over the past six months, the Costa Rica real estate market has demonstrated remarkable resilience and growth. We've observed a steady increase in international interest to invest in properties."
— Tonya Kershner
"Looking ahead to the next 6-12 months, predicting the market trends remains challenging, especially with the potential impact of the upcoming US election."
— Rebecca Rowntree
"If the interest rates drop, I am hopeful that our market here in Costa Rica will return to where it was during 2022 and the beginning of 2023.”
— Felicia Clarke
Don’t Miss Out! Want to dive deeper into the Costa Rican real estate market? Our full Mid-Year 2024 Market Report is coming next week, packed with even more detailed analysis, regional breakdowns, and expert insights.
Sign up now to get the complete market report delivered straight to your inbox! Stay informed and make the best real estate decisions with the most up-to-date data.
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Join our growing community of informed buyers and sellers. Sign up today and get ready to explore the full report next week!