The ongoing economic recovery of the United States is having a positive impact on select housing markets in Costa Rica.

 

Whereas real estate development was particularly strong last year in the province of Guanacaste, analysts are seeing greater construction activity in the province of Puntarenas, particularly in the Central and Southern Pacific Coasts. According to a feature report by Fred Blaser of business daily La Republica, the majority of the buyers from Canada and the United States are looking for vacation homes.

 

In 2013, the province of Guanacaste completed 453 construction projects. That figure decreased to 390 last year. In the province of Puntarenas, 394 projects were delivered in 2013; that figure increased to 424 in 2014.

 

It is important to note that the current strength of real estate sales in Costa Rica is concentrated among the housing markets along the coast, all the way from Guanacaste to Dominical. The current situation cannot be called a boom; it is actually a modest upward trend. Still, real estate brokers interviewed by La Republica are upbeat about the current state of affairs.

 

An agent from a RE/MAX franchise in Jaco commented that buyers these days are more careful in their choice of vacation homes in Costa Rica. There is a tendency among buyers towards being analytical, critical and finicky. The range of properties in demand starts with small condos priced at $70,000, all the way to grandiose estates worth more than a million dollars.

 

An agent from a Coldwell Banker franchise in Guanacaste explained that Playas del Coco is a good market now due to an increase in commercial development. Condominium units tend to be more expensive here; they start around $200,000. A Coldwell Banker agent in Dominical commented on the renewed interest in this housing market, where the more affluent expats typically negotiate villas and homes priced around one million dollars.