The luxury real estate market in Costa Rica’s North Pacific, specifically in Guanacaste, is booming. Driven mainly by hotel, residential, and mixed-use projects, this expansion phase could extend over the next five years.
Guanacaste has several luxury hotels and residential areas that total an estimated $400 million. The gradual recovery of tourism in Guanacaste, thanks to the return of the main airlines and the frequency of routes from our main markets after the pandemic, has motivated the reactivation of hotel and mixed-use projects executed by local and foreign investors.
Among the drivers of this real estate expansion in Guanacaste are “branded residences,” which consist of luxury residential complexes developed with the backing of an internationally prestigious hotel brand. These types of projects are particularly attractive to foreign investors, who are looking for a safe and secure investment with the added benefit of having access to world-class amenities.
Another factor that has contributed to the growth of the luxury real estate market in Guanacaste is the arrival of digital nomads, North American retirees, and the strengthening of Costa Rica’s international image as a natural tourist destination. The efforts of the Costa Rican Tourism Board (ICT) to position Costa Rica globally as a destination to connect with the essence of life, as well as new working trends such as remote work, have increased demand for long-term hospitality in beach hotels.
Here are some additional details about the luxury real estate market in Guanacaste:
- The average price of a luxury home in Guanacaste is around $1 million.
- The most popular areas for luxury real estate in Guanacaste include Tamarindo, Playas del Coco, and Nosara.
- The main drivers of the luxury real estate market in Guanacaste are tourism, investment, and retirement.
Real Estate in Costa Rica
Costa Rica has managed to position itself as a top destination for nature, wellness, culture, and adventure. This has also resulted in many tourists with a high-income profile choosing the country as their preferred destination.
“The unmatched combination of its rich biodiversity, developing infrastructure, and focus on sustainable tourism make Costa Rica an unparalleled destination for those seeking a balance between investment and connection to nature,” said Danny Quiros, Director of Market Research at Newmark Central America.
As the luxury real estate market in Guanacaste continues to grow, it is clear that Costa Rica is becoming a hot spot for investors and discerning travelers alike. With its stunning natural beauty, world-class amenities, and focus on sustainability, Costa Rica is the perfect place to invest in luxury real estate.
Source : Ticotimes
