Editor's Note: Tim Fenton of Blue Zone Realty International joins Haute Residence for this Q&A about the new "Hot Spot" and development in Costa Rica.
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
