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Real Estate Market Report - Costa Rica October 2020

Graphic with Market Report October 2020Costa Rica will officially reopen its borders to all American visitors starting from November 1st. To bypass the 14-day quarantine, visitors must present a negative Covid test taken no more than 48 hours prior to their arrival in the country. Meanwhile, Canadians have been permitted to enter Costa Rica since August 1st. However, due to the current lack of direct flights from Canadian airlines, they need to transit through the United States to reach Costa Rica.

As the pandemic continues to shape the world, it appears that we are gradually adapting to this altered reality, with all its pros and cons. With the passage of time, it's undeniable that our daily habits have undergone significant transformations, and a return to what we once knew as "normal" seems increasingly remote, if not impossible. Having just returned from a two-month trip to Canada, I find that life feels more "normal" here in Costa Rica. This is probably due to our outdoor lifestyle and the lower population density, which means we don't feel the need to wear masks when we're enjoying a beach walk.
We frequently get asked, "What has been the impact, if any, of the coronavirus pandemic on your real estate market?" The response is straightforward: it varies by location. In areas such as Tamarindo and Langosta, for example, we didn't experience a significant decline in prices nor a substantial reduction in sales. While inquiries certainly dwindled in April and May, they began to rise again in June. Given the enduring popularity of these two towns, the resurgence of emails and phone calls did not surprise us. Conversely, while the real estate market within town boundaries remained stable, properties like homes, condos, and lots located away from beach areas have sold for considerably less than the asking price. These less tourist-frequented locations are perfect for those seeking advantageous deals amidst the pandemic, especially as they're not within "walking distance to the beach."
Before the pandemic, many people harbored dreams of living in Costa Rica while managing their businesses remotely. The pandemic has undoubtedly shifted home preferences and their desired locations. In the Guanacaste coast area, we're noticing an uptick in interest for single-family homes compared to condos. Moreover, sales have risen for remote locations with high-speed internet connectivity since Covid. This trend signifies a high demand in the market, reinforcing the idea that the pre-pandemic dream of remote working while living in Costa Rica is quite achievable.
Currently, due to the active real estate market in Playa Tamarindo and Playa Langosta, there is a shortage of properties available for sale. Given the dynamics of supply and demand, this shortage is beneficial for sellers and potential sellers. On the other hand, the strong desire for property, coupled with all-time low-interest rates in North America, favors buyers.
In summary, as of October 2020, the real estate market in Costa Rica is flourishing, and we anticipate further sales in the near future. With its stunning beaches, ideal climate, abundant nature, wildlife, and delicious cuisine, Costa Rica offers an exceptional living experience. So, why not consider relocating?
~ Isabelle Emond, Owner/Broker