To understand today’s complex Costa Rica real estate market, it is critical to have a local, trusted advisor on your side – for more reasons than you may think.
In the Costa Rica real estate market today, there are essentially three different price points in the market: the low-end home market, the middle-home market, and the premium or luxury market. Each one is unique, and depending on the location, the price point in these categories will vary. For example, a low-end home in San Jose, Costa Rica is much more expensive than almost any other part of the country. Let’s explore what you need to know about each of these tiers.
Low-end Costa Rica Real Estate Market: The Costa Rica real estate market varies by price, and these homes are typically purchased by first-time home buyers, second home buyers or investors looking for a profit. Across the country, homes in this space currently have a low inventory for sale. That means there aren’t enough homes on the lower end of the market for the number of people who want to buy them. A low supply like this generally increases competition, and drives prices up.
“The desire for affordability continues to push down the inventory for homes listed for less than $200,000.00.”
Middle-Home Costa Rica Real Estate Market: This segment is often thought of as the move-up market. Typically, the buyer in this niche market is moving up to a larger, more custom home with more features, all coming at a higher price. Across the country, this market is looking more balanced than the lower end of the market. This market is more neutral, but leaning towards a foreigner’s market, except in the Central Valley, where more affluent nationals want this type of homes.
Luxury Home Costa Rica Real Estate Market: This is the top end of the market with larger homes that have even more custom features and upgrades. In Costa Rica, this market is growing in the number of homes for sale. We can see that year-over-year inventory of homes in this tier continues to grow. Today, there are more homes available in the premium and luxury space, leading to more of a buyer’s market at this end.
Depending on the segment of the market and the price point you’re looking at, you’re going to need the advice of a true local market expert. Let’s get together to help you navigate the home-buying or selling process in Costa Rica.