Now that Summer is close to ending, what do you see as the takeaways from the last six months?

The past six months have taught us that even during the pandemic, pent-up desire for property in Costa Rica continued to grow month after month. In fact, it is evident that this demand has grown exponentially as people in North America and Europe have re-evaluated their primary homes and surroundings, and have reconsidered the ideal location for their second and third homes. The vast, lush, large estate size properties in Costa Rica offer a unique living experience, and Costa Rica is known as the "safest" country in Central America, as well as the “most bio-diverse country on the planet”. These facts, coupled with the relatively low acquisition costs, have piqued the interest and increased the demand for luxury homes in Costa Rica.

Photo Credit: Blue Zone Realty International

Is there an area from which buyers are relocating to Costa Rica? Which part of Costa Rica is the new ‘‘hot spot”?

Still today, the vast majority of visitors and foreign buyers in Costa Rica are from the United States.  Of the 3,139,008 international visitors to Costa Rica in 2019, more than half (1,666,571) came from North America. Of those, the vast majority originated in the United States. The largest number of home buyers who came from the United States came from Southern California, Texas, Southern Florida, and New York.

Photo Credit: Blue Zone Realty International

Although the areas in the Northern Pacific region of Costa Rica, in the Guanacaste area, which developed early and are home to high-end developments like the Four Seasons continue to be the most popular destination for luxury home buyers, we are very excited about the Southern Pacific region known locally as the Costa Ballena, or Whales Coast. This region of Costa Rica is lush and green all year round and is far less crowded than the central and northern regions.  Here in the south, properties are predominantly larger and offer more privacy.  In fact, the topography in the Costa Ballena region is akin to the Hawaiian Islands, with mountain ranges of varying heights right along the coastline.  This dramatic landscape makes for outstanding ocean views, nice breezes, and stunning sunsets.  There are numerous pristine beaches along the Costa Ballena as well, which offer an unblemished experience like no other. We are confident that those who visit this region of Costa Rica will instantly feel a strong connection.

Photo Credit: Blue Zone Realty International

How has your market been doing so far this year compared to this time last year?

The volume of sales in 2020 YTD are less than they were in 2019, yet the response to our email and marketing campaigns are way higher. Our client inquiries have never been higher, and once our borders open to international travelers, things will be HOT.

Photo Credit: Blue Zone Realty International

What is the outlook of developments in Costa Rica for the next year?

We are predicting continued growth in 2020, with unprecedented new development and new luxury home sales over the next 12 months. For those who may be looking for a great deal, now is definitely the time to start looking. We expect upward pressure on prices once the borders reopen completely.

Photo Credit: Blue Zone Realty International

The post Blue Zone Realty International Talks About The New ‘‘Hot Spot” And Development In Costa Rica appeared first on Haute Residence by Haute Living.

The second quarter of 2020 was, to the surprise of many, fairly strong in real estate sales. The Costa Ballena (Whale’s Coast) is a majestic region along the Southern Pacific coast of Costa Rica, and our offices there performed quite well during this quarter with a number of sales in the entry level market for first-time second home buyers. The majority of the sales were below $500,000USD with the highest sale price during this period being $3,125,000USD. Several of our recent sales were accomplished with live virtual video tours, as the borders of Costa Rica remain closed to international travelers.

Photo Credit: Blue Zone Realty International

The properties which are currently in highest demand are newly built vacation homes and luxury homes. Home prices at this time range between $215 per square foot, to $300 per square foot depending on the size of the lot, and the quality of the view. Stunning ocean view homes on 1.5 – 3 acres are still relatively available, most featuring 3 bedrooms, panoramic ocean views, large inviting pools, and incredible indoor and outdoor entertaining spaces and reliable internet. It should be noted that there was a popular trend in the second quarter of 2020 of people looking for larger spaces, with lots of privacy, and access to outdoor activities such as walking and hiking, waterfalls, easy access to some of the spectacular beaches in this area, and abundant wildlife. Larger estate size properties have been receiving a measurable increase in web traffic and inquiries. We expect this trend to continue into 2021.

Photo Credit: Blue Zone Realty International

The pent-up desire for homes with the ambiance of a retreat, and the modern conveniences of a luxury home continues to grow, and we are anticipating that as more countries start to loosen restrictions on social activities and travel, the demand for these properties will strengthen. Costa Rica has announced that it will gradually allow international travel beginning on August 1 2020, but it is not yet known which countries will be the first to be granted entry. Most are speculating that Canada and some countries in the European Union will resume flights in August, but it is unclear whether or not the United States will be amongst the first countries who will be able to travel to Costa Rica.

Photo Credit: Blue Zone Realty International

We are often asked if it is a buyer’s market or a seller’s market. The answer is that it is definitely a buyer’s market, however the inventory level in certain home categories is fragile, and prices have remained steady throughout the pandemic. Over the past 4 months, we have received low offers from ‘bargain hunters’ on certain high-end properties which have been outright declined or signed back at a price much closer to the asking price. For the patient investor, however, there are deals to be had in each of the price ranges and in each of the price classifications of homes.
Some may be wondering “what makes the Costa Ballena regions of Costa Rica haute?” Costa Rica is, in our opinion, the most idyllic country in Latin America. The government is stable and democratic, the people are known as the ‘happiest people on earth’, and the climate is wonderful. Approximately 25% of the land is protected, and there is a strong emphasis on environmentalism.

Photo Credit: Blue Zone Realty International

Property is not only affordable, but foreigners are free to purchase property with all of the same ownership rights as citizens, and residency is fairly simple to obtain. The Costa Ballena region of Costa Rica is lush, tropical, and tranquil. The weather is steady at around 85F, and the topography is breathtaking. The terrain along the Costa Ballena is known for its iconic ocean vistas, its dramatic mountains, and its uncrowded beaches. This is where the mountains rise from the sea, and the sunsets are moving. There is not a lot of ‘night life’ in this region of Costa Rica, but here in the Osa Peninsula, we are known as the most bio-diverse area on the entire planet. Tropical birds, monkeys, and even sloths are common place and often seen from the comfort of your own terrace or while you sit poolside with a refreshing drink. What I love most about this market is the unblemished wildlife, the vast rainforests, and the pristine, uncrowded beaches. Daily life in Costa Rica, and in particular along the Costa Ballena, is better than most vacations. We invite you to come and experience if for yourself.

Photo Credit: Blue Zone Realty International

Tim Fenton,
President, Blue Zone Realty International.

The post Costa Rica Real Estate During Second Quarter Of 2020, By Blue Zone Realty International appeared first on Haute Residence by Haute Living.