Photo Credit: Blue Zone Realty International
Blue Zone Realty International, a member of Leading Real Estate Companies of the World, is a full service, boutique real estate agency, located in Costa Rica. Our award-winning firm offers professional real estate services, custom-tailored to each of our discerning clients. Our concierge-style service ensures that each of our property seekers is presented with the options that best fit their needs and their lifestyle. Haute Residence caught up with Blue Zone to discuss what we can expect from Costa Rica's real estate market in 2020.
How was the luxury market in 2019 compared to 2018 in Costa Rica? Did it increase or decrease?
2019 was a strong year for luxury home sales in Costa Rica, with slight gains over 2018 which was a record-breaking year. The reason for the continued growth in the luxury market includes many factors, such as an increase in direct flights from many North American and European airports, increased awareness of the incredible benefits of owning a luxury property in Costa Rica, and the country's world-wide recognition as a champion for environmentalism. Costa Rica offers the most discerning buyers an unparalleled opportunity to experience a luxurious lifestyle in a responsible way. We love the phrase "responsible luxury", which explains the pristine beaches, the large estate lots, and the stunning vistas that exceed the expectations of everyone who visits us for the first time.
What are your projections for the value of properties and market conditions in Costa Rica?
In 2020, we are anticipating a sustainable growth of approximately 4-6%% in the luxury market in the northern region, and a robust 15-20% growth rate in the luxury market in the Southern Pacific region. The reason for the stong forecast in the south is that unlike the north which developed early, the South Pacific region of Costa Rica is still virtually untouched and underdeveloped, yet it is one of the most biodiverse areas on the entire planet. Luxury home buyers will be able to experience a lifestyle that is in tune with nature, balanced, and more relaxed than they ever thought possible. Haute life in the Southern Pacific region is like living at a tropical spa, and the topography is breathtaking. Unlike the flatter lands in the north, the south is where the mountains meet the warm waters of the Pacific, so the added elevation provides perfect temperatures and heart-pounding sunsets.
Are there any new condos or developments in Costa Rica that have gone up recently or will be completed soon?
Unlike other tropical destinations, Costa Rica is the perfect place to unwind and relax. The luxury homes that are in the highest demand are single-family homes, with sprawling botanical grounds, and tons of privacy.
Are there any new restaurants or shopping centers in Costa Rica that have recently opened that you recommend?
The Central Valley and the capital city of San Jose is a booming metropolis, with shopping centers and several options for entertainment, but the 'real' Costa Rica is walking along an unspoiled beach and buying handmade crafts from local artisans. Costa Rica is not a shopping destination.
What is your take on the current mortgage rates? Do you project these rates to go up or down in 2020 and why do you think this?
Mortgage rates in Costa Rica are staggering, and mortgages are available to citizens only. The real estate market in Costa Rica, whether it be the residential, vacation home, or luxury market is a cash market, but believe me when I tell you that there is no better way to invest your money than in a luxury home in Costa Rica. The dividends are not measured in dollars but in life-changing experiences and memories.
Is there anything else you would like us to know about Costa Rica for 2020?
2020 may be the last year for the discerning buyer to acquire a privileged home in Costa Rica for the current low prices (ranges from $300-$800 per square foot)!. As awareness spreads, and Costa Rica becomes more popular, these low prices are sure to skyrocket. Now is the time for those looking for a second or third home to take advantage of this unmatched lifestyle, and to be the envy of all those who invest later.