Broker Message by Scott Cutter
The phrase “Pura Vida” has always meant a great deal to anyone who has experienced the lifestyle, peace, beauty and warm-hearted people of Costa Rica. In the midst of a world overrun with fear, division, and uncertainty living the pure life, or Pura vida, has taken on an entirely new meaning. Todd and I are truly honored to be able to share some insight with each of you as to how Costa Rica is doing in the midst of this global pandemic, along with our professional opinions as to how we will emerge as economies began reactivation and where opportunities will be found for our valued clients.
Costa Rica has been on the forefront of management of the CoVid Crisis from the onset and while certainly not immune from the impacts both in public health and financial strain, the nations ability to work PROACTIVELY instead of REACTIVELY has truly been amazing to watch. The national Social Security health care system, CCSS, along with the government have done an amazing job preparing specialized hospitals, setting protocol and most importantly INFORMING the populace in a transparent fashion as to daily cases, personal protection guidelines and national rules designed to mitigate the expansion of the virus. Extensive work is being put forth towards supporting the families and economy which, due to the extended border closure, have felt a very real impact, one that is even greater in the coastal markets where tourism makes up such and important part of the economy. While the short term impact has exerted very real social and economic pressure, there are signs for optimism, hope and opportunity.
The volume of interest in Costa Rica, for both vacations in the future and for investment has GROWN. While it will take time for airlines and tourism to fully rebound, our rental markets, affiliate hotels and travel industry experts are overwhelmed with interest as the extended quarantine globally has people from around the world dreaming and longing for time in nature, more space and security. Costa Rica’s eco-tourism, lower density travel and focus on wellness, peace and happiness has perhaps never resonated as much as in the CoVid world we are experiencing today. We expect a robust tourism recovery due to the convenient location, value, space and kind of destination which Costa Rica has established in the travel world. In addition to touristic interest, even with the border closures, we are seeing a very marketable uptick in investment inquiries at all levels. Sales volume in total has yet to spike as many buyers are waiting to get down to physically review properties but ALL of our offices are seeing both site unseen closings, using the video and virtual tour technology to give investors the confidence to close purchases even with the border closures, and more contracts which are pending closure upon the aperture of the borders.
For Buyers, the tourism slowdown, global economic recessionary trends, and existing inventory in virtually all of the markets in Costa Rica are combining to create some of the most competitive pricing we have seen in a decade. Tremendous values can be found in nearly all of the markets and investors with the interest and capital who can move in these times of crisis are going to be reaping the benefits of equity in the mid to long term. They say in real estate you make money when you BUY not when you sell… While there is still some challenging days ahead, there is little doubt that Costa Rica’s global reputation, brand of tourism, lifestyle, natural beauty and value propositions are going to propel this country to a robust recovery. Investors with the ability and vision to take advantage of the opportunities this temporary crisis has created will be smiling from their piece of paradise sooner than many think.
Remember, while small in size, Costa Rica is incredibly diverse and we encourage you to reach out to one of our professional agents to ask questions about the country in general, the pros and cons of each areas and your own vision and goals for investing. Our PROCESS based approached, focusing on GUIDING our clients vs selling them is at the core of who we are as a firm, and we look forward to having the opportunity to help you realize an investment here in paradise.