Tips for Buyers
May 13, 2023 in Tips for Buyers, Real Estate in Costa Rica
It has been a long time since South Pacific Costa Rica has witnessed a seller’s market and it looks like we are on our way to possibly seeing one in 2021. Buyers contacting us today are more and more often finding themselves too late to capture their first love dream property. Those who are unable to get here - whether they feel unsafe to travel or simply cannot because of restrictions or otherwise - are finding that they are losing out on the properties that they have been watching this past year. Even those who finally make it here are finding that the properties they like are no longer available. These last two months in Costa Ballena real estate have clearly been about the bold buyers. These are the ones who decided not to wait out the pandemic or the ones who have bought or made offers based on their confidence in a virtual tour and many conversations with their local realtor. This is true for all types of properties in Ojochal, Uvita, Dominical, Tres Rios, and Chontales - all of which are benefitting from their spectacular coastal beauty, their proximity to important services and amenities, and, most critically this year, the relative tranquility and privacy, away from the madness of the world. For a long time, riverside properties were low on the priorities list for new buyers. People wanted ocean views because they saw this as an investment that would grow over time or make for good rental income and they weren’t wrong. But 2020 as a year changed a lot of priorities for regular people who now see the value in privacy, sustainability, and life in an environment that inspires joy. Riverside properties offer an abundance of wildlife sightings, consistent, soothing sounds, a free location to refresh yourself in natural spring water, and a source for the life-giving liquid. Osa Tropical Properties’ broker, Kevin Champagne, has recently been working with a number of clients who are looking for great river properties in and around Ojochal. What they’ve found is that all of the ones that his buyers want to look at have sold in the last few weeks. The real estate market in Costa Rica is moving and it’s moving to sustainable, ambient properties. It may seem like the worst advice in the world and honestly, we don’t feel comfortable suggesting it, either. Regardless, buyers today have such a passion for wanting to invest in Costa Rica that they are legitimately putting in offers - without actually seeing the property first hand. The reason we understand this to be happening is that people have been in lockdown for such a long, chaotic year and as their priorities have shifted, they have realized that they want to get out of where they are or to secure an investment in a safe location. And now that international tourism is slowly opening up, those who are able to get here are snagging the great properties for sale. This has left those who are unable or unwilling to travel right now to have to resort to more immediate measures. New OTP agent, Katherine Apsey, was wondering how to help her client from New York who is unable to travel for the moment. He really wants a riverside acreage property currently for sale but hot on the market. Fellow agent, Marcia Oro, suggested the option of letters of intent to purchase for some recent clients, which are conditional upon the client coming to see the property at their earliest ability. Without these letters of intent, the hopeful buyers could have lost their deals to higher offers that came afterwards. Both sets of buyers secured the properties when they were able to visit. In the meantime, they had transferred money into an escrow account that could be refunded if the conditions of the offer were not met. In both of these cases, virtual tours of the property over WhatsApp and long conversations helped these buyers get a feel for the property and gain enough confidence to place a conditional offer that the sellers would accept. Looking at the past 8 weeks compared to the same time last year (pre-pandemic border closures) and 2019, we can see that interest in Costa Ballena real estate is overwhelmingly increasing. Although it is hard to compare year-on-year in Costa Rica, which is so dependent on the state of larger economies around the world, we can still take note of the fact that even though we are in a global pandemic with many border restrictions, there are more new properties coming to the market, meaning that sellers are likely catching on to the trend of more eager buyers, and vastly more listings are being sold in this 2 month period this year as well. Real estate can be a great asset to hold, especially in a high-income rentals market. Solely judging on the amount of existing rentals and those available right now, out of hundreds of vacation home rentals in Costa Ballena, there is almost nothing that you can rent this month or next. Some might think that this is surprising but we who live here know the value of the tranquility of a private ocean view home tucked into the pristine mountainside forests that this region is known for. We’ve also witnessed a rise in Costa Rican nationals visiting this region for the first time. Because borders were closed for much of the year, city-dwelling Ticos took the opportunity to visit more remote parts of their own country - and they were pleasantly surprised when they witnessed a stunning place like they’ve never imagined in their own backyard. Marcia’s client is one of these investors who had her eye on an incredible income-potential property in Ojochal. She was not able to visit until November because of her Florida driver's license. She put in a conditional offer in September and on visiting, she knew her intuition was correct and secured her investment. She fell in love with this region and wanted to invest because she knows that it’s up-and-coming. Marcia also helped her to secure a long-term renter, which gives her added security not having to worry about vacancies. Another client working with Osa Tropical Properties has been visiting the Costa Ballena for many years. He and his wife fell in love with the area and looked at a number of properties, even going so far as to make an offer, they couldn’t quite commit and backed out at the last minute. Being from Arizona, 2020 was an especially big change to their lives and their home in the US. As the year progressed, they noticed more and more people from out of state moving over and changing the home that they were so reluctant to leave. The couple had predominantly visited Chontales when in the Southern Zone as they always felt so comfortable here. The neighbors were pleasant, nature was peaceful, the development was new. All of a sudden it clicked for them that this was where they wanted to be. They remembered a home that they saw being built on their last visit in 2019 and asked their agent if it was for sale. Lucky for them, it was just listed this year. Our office was able to show them drone videos, a 360-camera walkthrough with a voiceover, a video about the Chontales development, professional listing pictures. These assurances from Marcia plus the couple’s passion for a change in environment helped spur them to taking a leap of faith and making a big move to Costa Rica. Keith Richman’s buyer had been looking at a home all year. He had tried twice to make an offer on the property but could not come to an agreement with the seller. Together, they looked at other, similar properties (via virtual tours, photos, and more). As the year progressed, many of these properties went off the market - either because sellers decided not to sell right now or because of accepted offers. By the time Keith’s buyer was able to make it into the country, he had no other option but to return to the original listing for which he could not get an accepted offer. This time, the deal was a success, although it must be noted that the pressure of a dwindling market definitely helped. Rebecca Rowntree's sellers of a multi-home property benefitted from the thirst in the market. She received a conditional offer from a potential buyer who hesitated and pulled out to think it over. In the meantime, Rebecca's client received another offer that was accepted and the original buyer regretted their choice. There used to be time in the market to think things over but that time has passed. If you see a property you love, now's the time to make an offer. Would you like to look at homes in Costa Ballena but you are not yet ready to travel? Contact our team of expert agents who will be happy to send you a personalized walkthrough video tour of any property you are interested in the Dominical, Uvita, Ojochal, Tres Rios, and Chontales regions. Underdog properties gaining popularity
Placing offers without stepping foot in the country (yet)
Recent solds are skyrocketing
Investors looking for wealth security in Costa Rica
Speeding up the move to Costa Rica
You snooze, you lose
May 13, 2023 in Discover Costa Rica, Discover Costa Ballena, Life in Costa Rica, Tips for Buyers, Real Estate in Costa Rica
Many people dream about becoming a Costa Rica expat but they worry that they might not succeed at such a big, life-changing move. We all know that retirees and free-spirited types love Costa Rica. We frequently read about Costa Rica in retirement blogs and magazines and we hear talk about a different kind of pura vida life in festival circuits and eco-communities. This country touches those who visit in a special way and these people go on to share their experiences with those in their realm. But not every retiree is going to get along with the laid back attitude of most Costa Ricans. And not every environmentalist will love to live in a tiny, tropical nation. So, we want to take this chance to describe what we've learned to be the 6 most common personality types to fall in love with life in Costa Rica. This personality type wants to take the road less traveled. They love that this is a tiny nation on a small strip of land that is still largely inaccessible to those who need convenience. Most roads are long and winding in Costa Rica but they are powerfully scenic and around every turn is another vista that will take your breath away. Scaling mountain passes, braving volcanoes and relishing in thermal pools set amid lush, tropical forests. Cruising the coastal highways while beach hopping from popular surf beaches to hidden gems with caves, crabs, and hardly a human footprint in sight. Costa Rica is a country that provides exhilarating experiences for all levels of adventure seekers looking for refreshing and beautiful locations. Ideal activities: swimming, diving, atving, off-roading, surfing, hiking, climbing, kayaking, road tripping, learning spanish and a new culture, dance classes Perfect location: Dominical, which is a cult surfing destination for Costa Ricans from all over the country and international surfers in the know. In recent years, fashionable restaurants and a brewery have brought more traffic to this burgeoning tourism destination that is surrounded by gorgeous cliffside homes with strong rental business. Tour companies take advantage of their close proximity to mangroves on the coast and waterfalls in the mountains. Most of the Costa Ballena features these types of environments but none as impressive as Dominical. Probably more than anything, you have to be a nature lover to enjoy living in Costa Rica. You can possibly get away with not loving nature but you surely will not get away from nature. Even in the capital city, birds will wake you with the first hint of the sunrise. This cacophony is all the more powerful in our much more sparsely populated Southern Zone, where homes are enveloped by contiguous corridors of jungle passes that act as natural roadways for wildlife passing through. Even in our landscaped tropical garden properties, we can witness a substantial amount of birds, butterflies, reptiles, and the occasional tree-dwelling mammals looking to snack on our fruits. Nature lovers who move to Costa Rica will often choose to plant the species that will draw the animals they want to see. They know that some of the “least beautiful” trees are the most likely to draw in sloths, toucans, and more. Ideal activities: riding horses, nature photography, trail hiking, grounding, whale watching, gardening, fishing, napping, puzzles, photography, crafts Perfect location: Tres Rios is one of the southernmost communities in the region known as Costa Ballena. It is the least developed and therefore the most likely to see species that are more shy and less likely to be seen in some of the more populous communities. People in Tres Rios most regularly catch glimpses of elusive jaguars and other smaller cats. An unexpected side-effect of moving to Costa Rica with your partner or spouse is that you will naturally spend more time together. Couples begin to reflect more on their relationship and although some pairings unfortunately do not survive the scrutiny, those that do tend to become stronger as a result of more understanding, patience, and quality time spent together. Sharing magical experiences with your daily partner becomes the norm, like watching a colorful sunrise from bed or sitting out under the stars, sipping a nightcap. Romance is thick in this misty, tropical air like a never ending steamy holiday. Lasting partners count themselves lucky to share in this bliss with their favorite person in the world. Ideal activities: watching sunsets, fine dining in a gorgeous outdoor environment, sipping drinks under the stars all year long, cuddling up during a heavy rainfall, waking up with the sun to bird calls and light gently pouring into your bedroom, napping, puzzles, watching movies Perfect location: In the foothills above Ojochal, where you can find many secluded properties with gorgeous landscaping and scenic views. Ojochal is filled with stunning sites ideal to share with a loved one in a community that is home to a number of incredible restaurants with sumptuous foods and enlivening tropical ambiance. As one of the most environmentally-progressive nations making a number of forward thinking policies that put nature as number one, it’s no surprise that Costa Rica draws health-minded people into its midst. The variety of pristine ecosystems provide an inspiring set of locations from which to get in tune with our bodies, minds, and spirits. Eating right is easy when you have a year-round climate that makes subsistence farming possible in a sustainable way as long as you work with your environment, not against it. Working out is possible all year long, with no excuses for it being too cold to go out for a run and a vast amount of options of exercise classes, meditation groups, and environmental workshops. There are no excuses for not connecting with your environment when living in such a spectacular location that’s also filled with so many inspired people who want to share their passions. Ideal activities: shopping at farmer’s markets, cooking freshly grown foods, subsistence gardening, visiting thermal pools, herbalism, water aerobics, spending time enjoying the peace and tranquility of being in nature Perfect location: San Josecito, above Uvita is at the beginning of a mountainside corridor of farmers and people who want to create a permaculture homestead. At over 1000ft above sea level, this community is cool enough to be able to grow a larger variety of fruits and vegetables than you can along the coast. And it is not a far drive to Uvita, which is the commercial hub of the Costa Ballena and home to a diverse community with farmer’s markets and organic restaurants. Costa Rica is known all around the world for its incredible butterfly populations, especially the electric blue Morpho. But is it known for the social variety? As remote as the Southern Zone of Costa Rica may seem, there are thousands of expats and many more locals who have made this place their home. We have crafted communities that benefit small businesses and independent farmers and we are therefore home to a swath of different types of extroverts who want to leave their mark on the world. Dominical, Uvita, and Ojochal are all host to many restaurants, community retreat centers, public parks, and recreational areas that bring together many different crowds. Whether you like sports, music, literature, or drama, there is likely a place for you to fill your social calendar. Ideal activities: poker, live music, trivia, volleyball, social media engagement Perfect location: Uvita is the most populated of the Costa Ballena communities and therefore the place with the most activities for all age groups going on. Young families find Uvita to be the most fostering to their family needs. We’ve heard the idioms before: wise investors put their money into real estate. Land is a finite resource and so staking your claim on a well-positioned bit of it is a great way to ensure the growth of your financial assets. The early expat adopters of pura vida living were able to score some of the best pieces of ocean view land in Costa Rica for ridiculously low sums, especially when compared to that same piece of land selling on the market today. We realtors in Costa Ballena know that this area is still developing and there are still a few great lots for sale and many homes on fantastic lookout properties, although the prices keep going up every year (even in 2020). We can hardly believe the growing global interest in this tiny country, except that we actually do know how wonderful it is to live here and how easy it is to rent a home. Ask around the area today and you’ll quickly learn that even in a pandemic, it is nearly impossible to find a rental home right now. Ideal activities: real estate investment, development, import, tourism, investing in yourself Perfect location: anywhere with a great view in the high-growth and up-and-coming regions of Costa Ballena, Costa Rica. The Adventure Seeker
The Nature Lover
The Hopeless Romantic
The Health Buff
The Social Butterfly
Savvy Investors
May 13, 2023 in Life in Costa Rica, Tips for Buyers, Real Estate in Costa Rica
Click here to read part one of this interview that gives a general overview about construction in Costa Rica. Continuing along with last week's interview with Costa Ballena builder, Jeff Steffe, this week we take a more in-depth look into timelines, budgets, materials, and more important information about construction in Costa Rica.
Getting more into the nitty gritty details of building and renovation in Costa Ballena, what type of warranty do you as a builder offer on your projects? I offer a one year warranty on all of my builds and most of the materials I use. A lot of the time, wood doesn’t come with its own warranty because it’s such a natural product. My subcontractors typically also carry a one year warranty. But since this is such a small community and we all become friends here, it’s really hard for me to draw a line in the sand after one year and say that I can’t help anymore. If there’s something that is definitely a fault of the installation or the material we work with, I’m always open to honoring my warranty a little longer than the typical one year plan. And I feel that if it’s something that I can help with that wasn’t a fault of mine or the subcontractor’s but it’s just something that can be done in good faith, I’m always looking to help. I believe that a little bit of effort on that end goes a tremendously long way to having harmony in the community of people who live here. What is the payment schedule for how much is paid up front and how much throughout the course of the construction project? Payment schedules do change depending on the type of project. For smaller projects that are only up to a few weeks duration, there will typically be a 50% deposit upfront, which is basically what is needed to procure materials. The other 50% would be due upon completion and the approval of the client. We request the final payout once the client agrees that they are completely happy with the end result. New home builds are a little bit different. These projects come with scheduled labor payments and material purchases. We do the purchasing of materials through local hardware stores. Our clients may elect to open their own account at the hardware stores for the purchase of materials for the project. They would then pay the materials monthly or however often the hardware store requests payment be made depending on the size of their credit. Labor costs are requested to be paid by the client on a schedule that coincides with milestones of construction. This may mean that every month or so there is going to be another deposit for labor. What kind of accountability do you offer your clients in your contract? Do you address timelines, building supplies, fixtures, quality of the materials? To be accountable to my clients, I try to address each of the concerns you mentioned. We like to set up a schedule at the beginning of each project to address the two biggest questions that clients will have, which are about the cost and timeline. “How much is it going to cost and how long is this going to take?” If we can find materials in the country, timelines are much much easier to address. If the client wants to import materials, we can give them our ‘best guess’ scenario on that. We’ve been finding trends in timelines depending on which country the materials are being imported from. Although lately, that’s all been up in the air with a limited amount of shipments coming in and a lack of materials in the country. We really try to stress that during a build or renovations, there is only so much that we can do with what we have to work with. We do like to point out the differences in quality and how different materials will affect a project. If someone wants an opinion on one fixture over another or one tile surface over another, I’ll gladly give my seasoned opinion. But ultimately, the onus of choice is on the owner and what their wants and needs are. Budget and cost estimates are tracked on a daily basis per project. We give weekly budget and schedule updates as far as where we are on smaller projects. Larger projects tend to spread out a little bit due to weather or materials not showing up. But oftentimes, we can really press and bring more people on to make up time during the build. Do you cover the cost of the insurance for Caja and INS for the workers? Through Figure 8 Management, I do not cover the cost of insurance for Caja or INS for workers hired by the subcontractor. Those are provided by the subcontractors I hire. They are all individually insured as a company and they have to provide me, as the contractor, and the owner with a document from the insurance provider that shows that they have insurance for Caja and INS. If they don’t provide these documents, we typically won't allow them to work on larger projects. We definitely require this paperwork when hiring a subcontractor for a large build. Things like smaller renovations or tiny little builds don’t always necessitate insurance coverage. It depends on the needs and timeline of the project. 
Do you have your own team of workers or do you hire contract workers depending on the needs of the project? Through Figure 8 Management, I do not have my own team of workers. I have subcontractors who, over the time we’ve worked together, I have gotten to know very well. I understand the quality of their work and their specializations. I try to hire the same subcontractors as much as I can for the type of projects I know they will excel at. I maintain a good reputation with the subcontractors I hire and that maintains the quality that I expect and want. Through 9 Degrees North Collective, we have slowly started to hire our own team of workers and pay them directly. It does depend on the needs of the project. A lot of the projects around here are specialized and I like to hire people who are local, who specialize in the exact thing that’s needed. Do you as the builder apply for the permits for dirt movements or construction? As the builder, I help clients apply for permits. I do work closely with architects and engineers who have helped design the projects and are typically the ones who will apply for the permits. But I work hand in hand with them in getting all the proper information that they need and we work in tandem to provide that service. Where do you source most of your materials? Do you do any imports for clients? Depending on the type of project, most of the materials I source are integral parts of the construction and local to the hardware stores here. I also do a lot of sourcing out of San Jose and imports from the United States. Clients who want imported materials will often ship them down here on their own but I do give a lot of feedback on how to ship them the best way. I do some importing myself for clients but again, it’s all client specific and need specific. How much does your company charge per square meter or foot for a basic home build versus a luxury home build? What we charge per square meter or foot is a loaded question. We have many different types of building materials that we offer per building. We can do light-weight steel. We can do concrete block. We can do engineered steel, which is a product that we import from the States that is an engineered system that commands a little bit more design. We also do luxury builds. So you could have a price -- depending on your finishes -- with appliances and cabinetry that probably ranges between $650 per square meter all the way up to $1800 per square meter. What your style is and what your tastes are and what your need for luxury finishes are -- we have such a wide range of pricing that would truly fit anybody’s budget in the area. 
How much can someone expect to pay to renovate a kitchen with new countertops and cabinetry? The last kitchen I renovated, we did everything from countertops, painting, sinks, appliances, cabinetry. The pricing totally depends on the size of your space and the finishes you choose - whether you want to go with granite or marble or wood. On a typical kitchen you can spend between $12,000-$13,000 and upwards, again it’s all depending on the size and the type of materials and appliances that you want. How much to renovate a bathroom? For bathroom renovation, again, the last one I did was just about $5000 and that included renovating a whole bathroom. We put in a closet where there wasn’t a closet, and installed a shower where there used to be a bathtub. Again, it all depends on size, furnishings, finishings, and materials and it can go anywhere and skyrocket from there. How much to retile a pool/terrace area? Retiling a pool and terrace area is truly dependent on the type of material that one wants. A good budget is around $30-$40 per square meter of tile and that’s just to purchase the material. Then you have, depending on the type of renovation, like if we need to remove tile and dispose, the removal cost and the disposal all the labor and then the labor to install the tile. The price is largely material dependent, though. Do you charge for carpentry services or is this included in a per square meter price? I do not charge separately for carpentry services. Carpentry service is a budget that is part of my square meter price on a build unless the client wants something very outlandish or very specific. There’s an average budget that we provide and from there that seems to fit the bill for most people. Once in a while, someone will want a little bit more and at that point we kind of discuss where the budget is and above and beyond would be paid separately. But carpentry is generally included in my square meter price. Do you charge separately for building supplies and fixtures or is this included in a per square meter price? Depending on the project, building supplies can be included in the square meter price. A lot of the time on larger builds I let the clients pay for the materials directly. That way there is no handling on our end. We keep the prices lower. We fight for discounts for the clients or pass along the discounts we receive. On smaller projects, where we just have to go out and buy the materials to perform the work, that is always included in the price. You have partnered with Pura Vida Solar Installations to include solar energy packages in your home construction business. What can someone expect to pay for a solar installation for a 3 bedroom home with average electrical usage? I have recently partnered with Pura Vida Energy Systems as a solar provider. I have been doing that now for a couple of years and it’s an amazing investment that someone can make in their home. A typical size solar installation for a 3 bedroom house with an average electrical use will run around $13,000-$15,000 dollars. That’s for a grid-tied system with no battery backup. The typical payoff for that is around 6-7 years depending on your current ICE power bill and offers a tremendous return on investment -- about 20% per year after the system has paid itself off. Who do you recommend would benefit most from adding a solar installation to their home? I would recommend that anybody who uses a fair amount of electricity would benefit from having solar. The reason I say this is because when you purchase a solar package you are locking in at today’s ICE rates. Those rates are never going to be lower than they are at this moment. You will start having a return on investment on your solar purchase immediately. You will start to see your bills become lower and after 6 or 7 years, you will have the entire system paid off. At that point you will start to see 20% return on investment on a yearly basis. Nothing else that you can do to your house will start making you money quicker than solar. The fact that you have a 30 year warranty basically on panels and inverters, you never have to worry about a thing. You wake up every day and as soon as the sun starts shining you’re starting to make electricity. The more power that you use while the sun is shining -- it’s all free basically. You’re using the sun’s power to provide electricity for your house. So, I would say to anybody who uses a fair amount of electricity, I offer free estimates and a free shade analysis. At the end of my visit, I take all the information gathered during my analysis at your house. I then send it to my engineers and they will develop a size system that will fit your house and get your bill as close to zero as possible. And that’s all free. 
May 13, 2023 in Tips for Buyers, Tips for Sellers, Real Estate in Costa Rica
Osa Tropical Properties' Costa Ballena real estate market report is out now! New listings coming soon to our office from Osa Mountain Village, Playa Ballena, Ojochal, Uvita, and Dominical. It’s nearly the start of the summer season in Costa Rica and this is the time of year for new listings to be coming onto the market. But we have noticed a share decline from the same time last year, as evidenced by our last few newsletters. New luxury homes are selling prior completion in our Costa Ballena region. We are predicting a crunch in supply in this burgeoning market and a few others. Newly-remodeled homes are making their way back onto the market since many people took the opportunity presented by this year’s pause in tourism to put some work into their home for sale. And with our helpful feedback from showings in the past, our listing clients are poised to sell these homes in this coming busy season. For weeks now, buyers have been placing conditional offers on homes and properties in Costa Rica that they have only experienced via our virtual tours. They knew that the country was on the cusp of reopening and they did not want to miss out on these properties. And now that they have been allowed to travel in, these offers are finally closing to satisfied buyers. Sellers are also feeling satisfied with these offers, which are moving closer and closer to 100% of asking price. Really special listings are highly competitive right now and buyers are inclined to make a good offer so that they do not lose out on the property of their dreams. Most buyers today are looking for homes in Costa Rica with ocean views. These have always been the most popular property types, however the value of these homes is increasing every year. This is because people can expect a higher level of quality with the newer homes being built, which tend to be modern structures with high ceilings and lots of glass. Some buyers are purchasing multiple properties—one to be their main home and another to rent out. One set of clients we are working with have begun a mega project and are looking to buy a small, turnkey home to live in while they await completion. On the more affordable property side, river lots are gaining in popularity with buyers this year. Some people value the privacy and wildlife sightings afforded by big trees and the calming sounds of flowing water instead of a more expensive ocean view. We predict that homes that can be used for popular vacation rentals continue to be a big seller in Costa Rica real estate in 2021. This is because many new buyers are not yet certain that they want to live in Costa Rica full-time and want to be able to rent it out their property while they are not using it. They may not yet be ready to retire or they simply haven’t spent enough time here to know that this is where they want to live. Those of us who have spent a number of years in Costa Rica know that the longer we’re here, the less we ever want to leave. But we’re finding that there are many more buyers this year who have hardly spent any time living in Costa Rica and are buying on a recommendation, or a hunch, or because they know someone who lives here and want that same lifestyle. There is enough written and filmed about Costa Rica for people to know that there is something special about this location and they want in. In fact, our office has had over $2million in offers this week alone, and this is just the first wave of tourists who have been brave enough to travel during these cautious times. And with the huge number of inquiries we have been fielding in the last three months from eager buyers waiting to be let in, we know that this enthusiasm will only continue to grow. As of November 1, Costa Rica welcomes tourists arriving by flight or ship from anywhere in the world. This has brought confidence to an international buyer’s market for Costa Rica real estate. Most buyers who have recently contacted our office are planning their trip to Costa Rica some time after Christmas. Many want to wait and see what is happening with travel restrictions in these uncertain times. But they are adamant that they are ready to make a lifestyle change and their hearts are set on Costa Rica. Twenty-four airlines are currently flying to Costa Rica or are expected to resume operations at the start of 2021. Marriott International announced this week that it will open four of its properties—an indicator that there is confidence in the recovery of Costa Rica's tourism sector. Costa Rica has seen a slowdown in Covid-19 cases in recent weeks. Parts of the Southern Zone have almost zero risk of contagion. This has brought the country, and especially this region, up on more lists of potential travel destinations after a long year of nearly world-wide border closures. ‘Workation’ is a new term taking action in the local tourism market, which will be looking to attract employees who are able to work “from home.” This alternative work environment is expected to put Costa Rica on the map for a whole new class of buyers. There are four geographic areas to which more attention should be paid due to their high reproduction rate of the virus, which all center around the northern border with Nicaragua and the Central Valley. Travelers coming to Costa Rica no longer require a negative coronavirus test but travel insurance is necessary for the duration of the stay. According to the IMF, Costa Rica’s GDP is not expected to rebound significantly in 2021. This means that the U.S. Dollar will continue to trade at a higher rate compared to the Costa Rican Colon. Fortunately, as of this week, Costa Rica is being included in the OECD. This is slated to mark a before and after point in the standard of living with a range of new business opportunities opening in the country. Costa Rica is the 38th country to become part of this commission and the 4th in Latin America. “We see a more positive mandate from Biden for Costa Rica. We do see opportunities for the country in environmental matters and the return of supply chains for large U.S. companies, which leaves the country in a very good position to attract this foreign investment,” said Silvia Jiménez, Manager of Inversiones de Mercado de Valores. New listings for early 2021
What is selling at the close of 2020
Travel to Costa Rica in 2021
Predictions for Costa Rica’s economy