Sunday 22 May 2022

“Paradise” on the rise due to great interest from foreigners to live in Costa Rica after Covid -19

Real estate market reports price increase of 20% in the last two years. Green image of the country attracts large number investors, pensioners and digital nomads from the US, Canada, England and Germany, among other countries

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21 May 2022 - At The Banks - BCCR

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QCOSTARICA – Living without major complications in a tropical paradise, where the sense of fulfillment and satisfaction with oneself converge when reconnecting with nature after two years of concerns about Covid-19, has seen foreign investors, pensioners and digital nomads turn their eyes towards Costa Rica.

With this, the real estate market in Guanacaste has experienced an increase in the value of its properties of up to 20% and with a great possibility of further growth when the interest of Asians in Costa Rica explodes.

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Santa Teresa, Nosara, Santa Elena, Bejuco and other destinations near the Pacific coast are the places where foreigners are setting their sights.

The international prestige of being a country of peace, rights, stability, an environmental benchmark full of natural beauties, and with a series of facilities, are also taken into account by foreigners when looking for a place to invest or settle.

That is why it is no coincidence that two large construction projects were announced in recent weeks for Guanacaste: a seven-star hotel, “One&Only Papagayo”, proposed in the Gulf of Papagayo by Investment Corporation of Dubai, the leading investment fund in the United Arab Emirates, and the “Nya” real estate development in Liberia.

For Randall Fernández, CEO and founder of the consulting firm Ranfer – Networking, the green image, environmental awards, and the country brand have boosted the sale of properties on the coast of Guanacaste.

“What is happening is real, there is a demand to have land, to have my house in this paradise, to have my hotel here and Costa Rica is in fashion for Canadians, Germans, British, Americans, and that the market has not burst the oriental market,” Fernandez said.

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The topography, the location, accesses, and having an airport that allows them to travel in and out to other destinations on the planet, are the strong points that Fernández highlights so that foreigners, especially Americans and Canadians, decide to settle in the province.

“The pandemic is conjunctural, structural is a beautiful country, spectacular beaches, that is structural, that is not taken away from Costa Rica, two hours from the United States, an airport next to the beaches, what we are seeing is the beginning of a cluster of what Guanacaste is,” Fernández added.

But not only the sale of properties will continue to increase, but also their prices, due to the high demand from investors to acquire land in Guanacaste.

“It is very likely that prices will continue to rise as the Costa Rica phenomenon consolidates. Due to its many advantages, Costa Rica has proven to be an alternative with almost no direct competition for luxury tourism and for retired residents from Canada and the United States,” said Allan Rodríguez, president of FCS Capital.

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Rodríguez believes that this accelerated phenomenon will generate a positive effect on the local and national economy.

“The impact on the distribution of wealth and the development of the necessary infrastructure to achieve this consolidation will raise the standard of living of all Costa Ricans, especially those whose skills allow them to offer services to tourists and residents in the coastal areas of the country,” Rodriguez added.

Another trigger for the rental and sale of properties will be the legalization of digital nomads in the country, since many foreigners are waiting for the regulation to be issued that will allow them to settle for long stays in Costa Rica, to work remotely.

Hot market

Several real estate experts point out the opportunity that Guanacaste has as a real estate destination today.

Allan Rodriguez, President FCS Capital: “Strict control must be maintained over the environmental impact of tourist and residential developments in such a way that this is the source of exclusivity. An adequate amount of public and private resources must be allocated for the development of infrastructure that is consistent with the luxury market.”

Randall Fernandez, CEO and Founder, Ranfer-Networking Consultants: “It is necessary to value the norms established by the municipalities, water management, urban and tourist planning of the Government Plans, that referential framework is established by the municipalities and the government.”

 

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