Recent numbers indicate the Costa Rica real estate market is picking up steam as global investors seek stable economies
Online PR News – 13-March-2013 – Tamarindo Costa Rica – Experts predict a rise in sales that Costa Rica realtors are starting to experience first-hand as what has been a sluggish real estate market sees a flurry of sales.
“After a successful close in 2012, this year (2013) appears to be off to a great start with Costa Rica homes for sale within the price points $200,000-$450,000 drawing attention to real estate websites throughout the country,” reports The Tico Times, a Costa Rican English-language newspaper.
“The market is definitely gaining steam,” observes Chris Simmons, Broker/Owner of Remax Ocean Surf Realty in Tamarindo. “Sales in the last year are higher than in the prior 3 years combined. Properties that have been sitting for 2 years without any offers are selling and there is a growing urgency in the market.”
Tamarindo is located on what is often referred to as Costa Rica’s “Gold Coast,” situated in the northwest province of Guanacaste. Tamarindo real estate prices peaked in 2008, but then experienced a downturn as the market reflected the struggles of other economies worldwide.
The upside was that most foreign investors own their real estate outright, so the country did not see the same disastrous foreclosure situation experienced in the U.S. and other global markets where properties were heavily mortgaged. As a result, recovery has been less complicated than in housing economies burdened by high debt.
The increase in sales appears to be related to several factors. The stabilization of the U.S. housing market is having a positive impact on Costa Rica home and condo sales as more Americans buy property. As well, tourist arrivals have steadily risen in Costa Rica since 2010 so more potential buyers are having the opportunity to experience Costa Rica firsthand.
Good reports from respected sources like CNN are also fueling sales. CNN’s most recent article about Costa Rica made positive mention of the Tamarindo real estate market, noting that "Costa Rica's most famous beach town is growing up" as the vibrant town’s surf shops and eclectic beach bars are now complemented by upscale restaurants and luxury residences. CNN confirms that "Tamarindo's top-end options are well-established."
According to the Tico Times, “People from all over the world want to buy property in Costa Rica. North Americans, who come for a visit and fall in love with the country, and South Americans trying to protect their fortunes from questionable government policies in their own countries are the most common foreign real estate investors. To these groups we can now add a newly empowered and ambitious class of young Tico professionals, and emerging European and Russian investors. Together, these groups form a changing demand for Costa Rica’s real estate market.”
Chris Simmons, who relocated from Canada with his family more than 17 years ago agrees. “Global buyers are looking for a safe, stable place to invest. Costa Rica has everything they are looking for - foreigner-friendly property laws, a democratic political system, welcoming locals, exceptional schools, top-quality healthcare and a wonderful climate. Costa Rica ticks all the boxes.”
About Remax Ocean Surf Realty
Remax Ocean Surf Realty has been in the Costa Rica real estate market since 1992. The business enjoys a leading position in the industry and agents use their local knowledge to help new investors and retirees to find the best value for money. Remax Ocean Surf issues periodic press releases related to changes in Costa Rica real estate market conditions.