Before you know it the high season will be upon us once again so I wanted to share a general real estate market update for the Papagayo Region. A lot has changed over the past two years and our market definitely reflects that.
The COVID pandemic was a big factor in changing mindsets and lifestyles. Costa Rica became a destination for those looking for a healthier, easier, and more positive life. Those who can now work from home prefer to have a view of the ocean. Others decided to change their careers completely and start new businesses in paradise. Some realized it was time to retire and relax. Whatever the reason may be, Costa Rica became the perfect option.
Although the market has slowed down just a little bit, properties are still selling at listing price or very close to it. Inventory is low and well priced properties sell rather quickly.
If you are interested in purchasing a lot to build your dream home, options are becoming limited. In the last two years many of the available lots in the Playa Hermosa, Playas del Coco, and Playa Panama have been bought up and new homes have been built. For a decent ocean view, lot prices are starting at $150,000-$200,000 and for a spectacular view prices start at $300,000-$350,000.
Condos have also been a big hit! The ease and convenience of condo living has made available condos scarce. A 2 bedroom/1.5 bath condo, walk to the beach can start around $200,000 while an ocean view condo starts around $350,000. Those looking for a good deal or steal will realize that many of the “fixer upper” condos have been purchased and beautifully renovated.
Construction has been booming, for those who are familiar with the Playa Hermosa and Playas del Coco area, you know that homes have been popping up overnight. So many have decided to build their dream home or make some extra money by building a spec home. Homes vary in prices greatly. You can still find a nice 2 or 3 bedroom home without a view starting at $300,000 but an ocean view home will start around $700,000.
In this market update I also wanted to share another big piece of news! The Papagayo Region is getting 4 new luxury hotels. On the Cacique Peninsula (located between Playa Hermosa and Playas del Coco) land movement has already started for the Waldorf Astoria. On the other side of Playa Hermosa, next to Condovac, the Only and Only (a seven star hotel) will be constructed. Out on the Four Seasons Peninsula the Ritz Carlton and Six Senses are already in motion! This area is really starting to see a lot of action!
Don’t miss your opportunity to live and own in paradise. Please contact me if you have any questions about purchasing property or if you would like to schedule a time to chat. Just in case you missed my previous blog, financing is now available in Costa Rica to foreigners (click here to read). Hope to see you here soon!