2020 has proven to be a year of change worldwide. The measures to stop the spread of Covid have changed many industries and real estate is perhaps one of the ones who have seen the most changes.
How has Covid affected the Guanacaste real estate market?
Within the first 2 months of pandemic it would be fair to say that the market stopped. Very few transactions of people that had been engaged in the sales process for a while, but they were a minority.
Over time, inquiries began rising and buyers began to make a move in properties that fit their criteria. The area in general has seen movement in the past 3 months. Sales have been increasing primarily in price ranges under $500k.
Homesites have also seen movement since building a home may be the most viable alternative particularly from a price range point of view. Many people are buying homesites even though they are not planning to build right away. They buy the land in response to the actual need of having something to secure the promise of a better lifestyle in the future or in case Covid extends or a different pandemic strikes again.
Although certain sales have been happened above the $500k range, they are not the majority. These sales have been triggered more so by the fact that the seller was in some distressed situation and willing to negotiate. It is fair to say that these properties were seen more as a “COVID-19 opportunity” and that without it, they could have had a better price.
Reserva Conchal Real Estate during Covid.
Within Reserva Conchal, prices have held steady. Most sales have happened in the sale of the lots in Llama del Bosque now sold out, all of them under $400k. There have been very few sales of built product and it is also true that the sales that have happened were worth more. Once again, Conchal has proven to have a strong demographic that understands the personal enjoyment of the asset is still a strong reason in their objective. Few are the sellers that have decided to undermine the value of their properties. If you take in consideration the amenities, infrastructure, security and the quality of life the resort offers, then Conchal now has even more value. It is a resort that offers an environment that has allowed, even during lockdown, families to enjoy themselves in a safe ambiance; walking on nature trails, the golf course, the nature and all the openness that Reserva Conchal offers.
Reserva Conchal offers privacy, ocean views, and safety for any family that is interested in investing in upscale real estate during lockdown times which have made many people realize the importance of living in areas that offer quality of life.
Nowadays, people are looking for wide, green spaces that have proven to be a necessity rather than a perk. Having access to recreation has turned into something most families require. They now know staying at home almost 24/7 is not an easy task. What used to be the benefit of living in an area with closer proximity to work, is now substituted with the desire to have a home in a place that can provide quality of life along with a bigger living space.
Working from home has also proven to be a change. Trying to focus on work in a family environment could be beneficial for some, but really challenging for others. This is also an area that Reserva Conchal covers as it offers different areas with Wifi access that can allow work outside from home yet still in a beautiful natural environment.
It is fair to say that Costa Rica is seeing the same trend that the United States is. Costa Rican people have been wanting to reach out to rural areas, wanting to get away from the chaotic cities and bet on the quiet and peace that beaches and the countryside offer. This popularity indicates that these days, people are looking for larger spaces, with lots of privacy and access to outdoor activities, along with the desire for houses with modern and vacation home ambiance.
Larger estate sized properties have been receiving a measurable increase in web traffic and inquiries. We expect this trend to continue into 2021.
Despite COVID-19, we are glad to announce that Costa Rica is now allowing travelers from the United States to come into the country without proof of a negative COVID-19 test result, nor do they need to quarantine. However, international arrivals will still need to show proof of international health insurance coverage.
Contact me today so that I can begin helping you achieve your dreamed property in Costa Rica!