Update Housing Prices In Guanacaste
In Guanacaste, Costa Rica, the trend in real estate prices over the past few years has been generally moving up.
Guanacaste coastal property prices increased by 400% between 2020 and 2023, as shown by the Observatory of Tourism, Migrations, and Sustainable Development of the Chorotega Region of the National University (OBTUR-UNA).
This growth has risen due to several factors, including the region's increasing popularity as a tourist destination, the natural beauty of the country and the steady rise of foreign investors, mainly those seeking vacation homes or retirement properties.
Santa Cruz, Nicoya, Liberia, and Carrillo have the largest number of housing and commercial construction projects. Meanwhile, Nosara registered 131,000 m2, Tamarindo 128,000 m2, Sardinal 117,000 m2, Cabo Velas with 98,000 m2, Samara a total of 28,000 m2, and Nacascolo 24,000 m2, plus the central district of Liberia with 83,000 m2.
Looking at how real estate prices have reacted to past economic crises or booms, it's evident that Guanacaste, like many tourist-dependent regions, can be sensitive to global economic shifts.
During times of economic prosperity, there's typically an influx of investment in real estate, leading to price increases.
The real problem is that this phenomenon brings real estate inflation, which affects thousands of people, especially locals. For instance, if a property was worth $100,000 four years ago, today it costs around $400,000 or $500,000.
However, Guanacaste's real estate market has shown massive growth, bouncing back after declines, partly due to Costa Rica's overall political and economic stability.
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Comparing current real estate prices to those a decade ago, there has been a noticeable increase. This rise in prices reflects not only the region's growing popularity but also the general trend of real estate growth in Guanacaste.
Currently, in Guanacaste, the prices of homes are either stable or on the rise, depending on the type of property and location.
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Different types of properties are experiencing the highest growth in prices, but mainly beachfront properties, luxury villas, and eco-friendly homes are the most popular. The demand for beachfront properties are higher demand but there is limited availability and a higher interest to both tourists and expats.
The population in Guanacaste has also changed recently, seeing a gradual increase. This change is largely driven by the region's growing popularity among retirees and expats.
These demographic shifts contribute to the real estate market's dynamics, influencing both the demand and the types of properties being developed.
Investors are buying properties that can be rented out to tourists, such as beachfront condos or homes near tourist attractions.
Current trends are the investment in eco-friendly and sustainable properties. With increasing awareness about environmental issues, there's a growing market for homes that offer sustainable features like solar power, water conservation systems, and natural building materials.
Growing emphasis on sustainability and wellness, are also impacting the housing market. Properties that offer a blend of comfort, environmental
consciousness and access to natural settings are increasingly in demand.
These trends favor eco-friendly homes, properties with organic gardens, or homes in locations that offer outdoor activities and a connection to nature.
