Costa Rica once again is in a real estate boom, this time due to the explosive conjunction of COVID-19, the creation of new laws for Digital Nomads and a thriving offer of re-open the economy and outdoor leisure, until the point that recreational home sales are showing a steady increase in the past months.
COVID-19, An Accelerator Of The Real Estate Market
COVID-19 has acted as an «accelerator» with a visible «trend» that was reinforced with incentives such as the Digital Nomad Law, an ideal environment to live and buy a house and the winks of the authorities to technology companies for establishing themselves in the country.
A high demand for properties that is specially observed in seaside localities, with a rise of 12.3%. The inventory is widely available say real estate experts, and predicted that “prices will continue to be stable for single-family homes, townhouses and condominiums.
Luxury Real Estate Sector: The Other Winner Of The Crisis
The luxury real estate sector is another of the big winners of this Coronavirus crisis. Transactions have soared. “We see that the buyer with high purchasing power comes to Costa Rica not only for reasons of savings, but to acquire a bigger and better home for less money than in other Tourist-oriented economies,” say Tico Real Estate specialists.
Also for the high-end national buyer who is looking for a residence space that is as pleasant as possible, aware that a new confinement (which has left undoubted consequences on society) may be possible in the future. “Right now, the majority of buyers have a certain profile: “They are mainly looking for space, both inside and outside the house, gyms, gourmet restaurants and green enclaves” add the consulted experts.
Remote Working, Cultural Diversity And Climate
In addition, since the outbreak of the Pandemic and the introduction of remote working in many sectors, many of the potential buyers continue to work from home totally or partially, a factor that weighs on the decision to move to Costa Rica.
For specialists in the sector, the reasons that Costa Rica continue to be a destination of reference for buyers and investors in real estate are many: “We are a country where it is very easy to start a business, so many move here to invest. And we have first-rate hospitals and a very attractive cultural diversity”.
Costa Rica has been one of the Latin American countries in which more people from the United States and Canada established their residence, according to various internatinal reports.