Costa Rica’s Residential Property Market Analysis 2024
As the Costa Rican economy recovers, renewed tourism activity and foreign investment drive the demand in the country's housing market against the backdrop of lending slowdown and concerns for domestic affordability.
This extended overview from the Global Property Guide covers key aspects of the Costa Rican housing market and takes a closer look at its most recent developments and long-term trends.
Table of Contents
- Housing Market Snapshot
- Demand Highlights
- Supply Highlights
- Mortgage Market
- Rental Market
- Socio-Economic Context
Housing Market Snapshot
Prices for residential properties in Costa Rica are trending upwards, although regional performances vary. The most dynamic locations generally constitute areas around Guanacaste and Central Valley (extending from San Ramón in Alajuela in the west to the city of Paraíso in Cartago in the east), reflecting their popularity with tourists and expatriate communities.
Costa Rica's house price annual change
According to the latest data by the real estate portal encuentra24.com, as of June 2024, the highest residential property prices in Costa Rica were registered in Guanacaste province, where apartments averaged $2,896/sqm (16.35% year-on-year growth), and house prices reached $2,221/sqm (38.15% year-on-year growth). The most affordable residential properties were listed in Limón province - $1,133/sqm for apartments and $971/sqm for houses, on average.
In the capital city of San José (a part of San José province), in June 2024, apartment prices rose 12.08% year-on-year, averaging at $2,343/sqm, while house prices increased to $1,050/sqm (up 3.90% year-on-year).
The average asking price dynamic by province:
Apartments | YoY Jun 2024 vs Jun 2023 |
Houses | YoY Jun 2024 vs Jun 2023 |
|
San José | US$ 2,025 | 7.69% | US$ 1,180 | 2.70% |
Alajuela | US$ 1,286 | -0.26% | US$ 1,199 | -0.54% |
Cartago | US$ 1,326 | -3.35% | US$ 1,121 | 0.55% |
Guanacaste | US$ 2,896 | 16.35% | US$ 2,221 | 38.15% |
Heredia | US$ 1,657 | -1.10% | US$ 1,187 | 4.53% |
Limón | US$ 1,133 | n/a | US$ 971 | 19.00% |
Puntarenas | US$ 2,207 | -10.44% | US$ 2,075 | 50.18% |
Note: Prices for apartments in Limón are as of Apr 2024 (the latest period published). | ||||
Data Source: encuentra24.com. |
Reflecting the apparent decline in homeownership, rental rates reported by encuentra24.com are generally trending upwards as well, with varying performance across regions and property types. In parallel, gross rental yields for apartments in Costa Rica are slightly up from the previous year, averaging at 7.27% nationally and 8.25% in San José, according to research by the Global Property Guide conducted in July 2024.
Residential sales in the country have rebounded since the latest drop observed during the pandemic, according to Gutiérrez & Gallardo, who reported a total of 5,429 transactions (+13.41% year-on-year) in the Extended Greater Metropolitan Area of Costa Rica (GAMA) in 2023. The largest share of transactions was made up by the sales of houses (42%, 2,266 sales), followed by apartments (39%, 2,096 sales) and urbanized condominium lots (20%, 1,067 sales). Overall, the demand for residential properties in Costa Rica is driven by the country's growing middle class, as well as its popularity among foreign investors as a destination for expatriates and retirees, particularly from North America and Europe.
In contrast, with only a marginal 0.4% year-on-year growth in the number of authorized units, residential construction activity remained stable in 2023. The most recent data on started and intended housing projects, however, shows respective 18.4% and 19.7% year-on-year bumps in the first six months of 2024, allowing for a generally positive outlook for the year, despite growing concerns regarding the overall quality and affordability of the country's housing stock.
At the backdrop of the overall slowdown of the residential lending expansion, the average interest rate dynamic in the country notably differed across various types of institutions issuing residential loans within the national financial system, according to the data from the Central Bank of Costa Rica (BCCR). Interest rates on housing loans in national currency have been decreasing in parallel with cuts of the base monetary policy rate and averaged at 7.92% in June 2024 - down since June 2023, but above the comparable period of 2022, while interest rates on housing loans in foreign currency averaged 7.88% in June 2024, up from the same period in 2023 and 2022.
In general, Costa Rica's economy is in recovery, with real GDP growth reaching 5.1% in 2023 (up from 4.6% in the previous year) and a dramatic turnaround in inflation from 7.9% at end-2022 to -1.8% at end-2023. International Monetary Fund (IMF) forecasts further real GDP growth of 4.0% in 2024 and 3.5% in 2025.
Amid the macroeconomic recovery, tourism maintains its role as one of the most important economic forces driving Costa Rica. More than 1.67 million stopover tourists visited the country during the first half of 2024 (January to June), representing a 12.2% increase compared to the corresponding period of 2023, according to the data from the Costa Rican Tourism Institute (ICT).
Key countries of origin, supplying the majority of international visitors and vacation home investors are the US (58% of foreign tourists), Canada (10%), Germany, France, and the UK (3%, each).
Demand Highlights:
Growing Market Driven by Middle-Class Expansion and Foreign Investment
Demand for residential properties in Costa Rica is driven by the country's growing middle class, as well as increasing popularity among foreign investors as a destination for expatriates and retirees, particularly from North America and Europe. Foreign capital is generally concentrated in the Central Valley region, Guanacaste, and the Pacific Coast. In terms of the product type, beachfront properties and homes in gated communities with high-quality amenities and easy accessibility are usually preferred. Demand for those assets tends to be high, often outstripping supply. Acquiring real estate for investment purposes is gaining popularity among both foreigners and locals focusing on the coastal areas and properties located in proximity of tourist attractions.
Government policies and legislative landscape are generally favorable, allowing foreigners to own property outright, which is not always the case in Central American countries. However, there are still restrictions for most of the beachfront properties regulated by the Maritime Zone Law, limiting direct foreign ownership within the first 200 meters of the high tide line on beaches, and allowing for lease by way of concessions instead.
In their analysis of the residential demand dynamic within the Extended Greater Metropolitan Area of Costa Rica (Gran Área Metropolitana Ampliada - GAMA), Gutiérrez & Gallardo emphasize a rebound since the latest drop is sales envisaged during the pandemic. According to their latest report, a total of 5,429 residential sales were registered within the area in 2023, representing a 13.41% year-on-year increase. Out of the total sales, the largest share of 42% (2,266 sales) were attributed to houses, followed by apartments (39%, 2,096 sales), and urbanized condominium lots (20%, 1,067 sales). The company's analysts note that as the availability of land for new housing development lowers and land price increases, a higher proportion of residential sales is seen to be attributed to apartments in the medium term.
Gran Área Metropolitana Ampliada (GAMA) sales by property type:
Number of units sold 2023 |
Number of units sold 2022 |
YoY 2023 vs 2022 |
|
Apartments | 2,096 | 1,676 | 25.06% |
Houses | 2,266 | 2,166 | 4.62% |
Condominium lots | 1,067 | 945 | 12.91% |
Total | 5,429 | 4,787 | 13.41% |
Data Source: Gutiérrez & Gallardo. |
Supply Highlights:
Marginal Growth in New Development and Quality Concerns Over Nationwide Housing Stock
Two years ago, Census 2022 in Costa Rica reported a total housing stock of 1.8 million units, a 35% growth since the previous census in 2011. The largest increases were registered in Puntarenas (43.1%), Alajuela (40.3%), and Guanacaste (43.0%) provinces. In terms of the stock allocation, most of the housing properties were registered in San José (32%), Alajuela (19%) and Puntarenas (11%) provinces.
The overall proportion of unoccupied dwellings in the total stock has increased by 2.1 p.p. since the previous census and reached 11.7% nationwide. The share of unoccupied housing is notably above the national average in regions of high tourism attractivity: Limón (14.5%), Puntarenas (19.3%), and Guanacaste (19.4%), likely signaling heightened demand for short-term rentals and holiday housing in coastal cantons.
According to the National Institute of Statistics and Censuses of Costa Rica (INEC) preliminary data, residential construction activity in 2023 remained stable in terms of approved dwellings number: 24,525 new units were authorized, representing a marginal 0.4% growth year-on-year. At the same time, the corresponding number of permits fell by 2.9% year-on-year and the total area of approved housing fell by 2.6%, indicating a possible tilt towards smaller units and larger development projects.
More recently, during the first half of 2024, the central bank's Monthly Index of Residential Unit Starts (IMIUR) demonstrated, on average, 18.4% year-on-year growth in housing construction starts. In parallel, during the same period, more than 1.9 million square meters of intended housing projects were registered, based on data collected by the Federated College of Engineers and Architects of Costa Rica (CFIA) - a 19.7% bump compared to the corresponding period of 2023, which forms a generally positive outlook for the sector's development this year.
Data Source: INEC.
The vast majority of new dwellings authorized in Costa Rica are traditionally made up of individual houses over 80% in 2022), while apartments represent less than 1/5 of all new units (about 18% in 2022). The most common size segment for new units is 40-70 sqm (over 47% of all dwellings in 2023).
Geographically, new construction in 2023 was concentrated in the provinces of San José (21.2% of dwellings built), Alajuela (20.3%), Guanacaste (16.7%), and Puntarenas (15.3%). The most notable year-on-year growth in new authorizations both in the number of units and total area was observed in Guanacaste.
Housing construction dynamic, by province:
Dwellings authorized 2023* |
YoY 2023 vs 2022 |
SQM authorized 2023* |
YoY 2023 vs 2022 |
|
San José | 5,209 | 6.7% | 545,230 | -2.0% |
Alajuela | 4,967 | -10.2% | 418,748 | -15.4% |
Cartago | 1,940 | -11.2% | 205,458 | -8.3% |
Heredia | 2,287 | -0.8% | 213,381 | -20.5% |
Guanacaste | 4,084 | 17.3% | 544,588 | 19.6% |
Puntarenas | 3,763 | -5.6% | 380,345 | 0.6% |
Limón | 2,275 | 10.9% | 127,621 | 3.4% |
*Preliminary data. | ||||
Data Source: INEC. |
The overall housing deficit in Costa Rica, based on data from the National Household Survey (ENAHO) by INEC, has been declining since 2019 and has most recently decreased from 10.2% in 2021 to 9.5% in 2022. However, out of all occupied dwellings nationwide, less than 60% are currently reported to be in good condition, while 7.7% are qualified under poor physical conditions, which raises concerns among local experts regarding the quality of the country's housing stock.
"The housing deficit decreases in quantity, but not in quality," said Franklin Solano, research coordinator of the Housing Sector Overview and Trends annual study, which has been conducted by the Graduate School of Architecture at the University of Costa Rica, together with Gestionando Hábitat Foundation and CFIA, since 2020.
According to this research project's most recent report, more and more homes in Costa Rica require improvements, as the more detailed Alternative Qualitative Deficit indicator, suggested by the study, shows a continuous deterioration over the last decade. The report also highlights the lack of housing solutions for families of average socioeconomic level, where based on income many households don't meet the requirements to acquire a loan for their own and adequate housing, while simultaneously not qualifying for the existing government support programs.
Among other challenges currently manifesting in the Costa Rican housing sector is the increasing upward pressure that the tourism economy is putting on property and land prices as well as rents in the most popular regions. The Tico Times wrote in July 2024 about problems it poses for smaller towns in several regions: "The massive arrival of tourists and foreigners has caused rent and land prices to rise significantly, preventing locals from accessing them and forcing them to move. <…> Additionally, there is little construction for housing because it is more profitable to build tourist apartments, cabins, or hotels for tourists or digital nomads."
Mortgage Market:
Slowdown in Housing Lending Expansion and Uneven Interest Rate Dynamics
After almost two decades of rapid expansion, the residential lending market in Costa Rica appears to be slowing down, the average annual increase in the total amount of outstanding credit dropping from 16% between 2004 and 2018 to only 2% between 2019 and 2023, according to the data published by the Central Bank of Costa Rica (BCCR). At the end of 2023, the indicator actually dropped 2% year-on-year. Proportionally to the country's GDP, the value of housing credit stock has decreased from 17.3% in 2020 to 15% in 2022 and 14% in 2023.
Out of CRC 6.6 trillion (US$ 13.1 billion) in housing credit maintained by the national financial system as of April 2024, about 49% is represented by bank-issued loans in national currency, 27% by bank-issued loans in foreign currency, and 24% by loans issued by non-bank financial institutions.
Overall, 11.4% of Costa Rican households (around 200,000) have mortgage loans, according to the results of the 2022 Household Financial Survey (ENFIHO) carried out by INEC. Of those, 9.1% have a mortgage on their primary residence, and 2.7% on other real estate. The average amount of a requested home-purchase loan, based on applications received by financial institutions, is CRC 48 million (US$ 88,000), reported the Costa Rican Banking Association (ABC) in early 2024.
Data Source: BCCR.
Average interest rates on housing loans in national currency have been decreasing in parallel with cuts of the central bank's base monetary policy rate and were most recently registered at 7.92% in June 2024 - 1.61 p.p. down since June 2023, but still above the comparable period of 2022, according to BCCR data. At the same time, interest rates on housing loans in foreign currency averaged 7.88% in June 2024, up from comparable periods of 2023 and 2022. Overall, the long-term trend shows a narrowing of the gap between interest rates on loans denominated in national and foreign currencies in the last decade.
Data Source: BCCR. Note: Data on housing loan interest rates for 2007 and base rates prior to 2006 are not available.
The average interest rate dynamic also varied across different types of institutions issuing residential loans within the Costa Rican financial system. For loans in the national currency the lowest rates are currently offered by public and private banks, while for loans in foreign currency, the lowest rates are offered by non-bank institutions, such as cooperatives and mutuals.
Average interest rates on real estate activity loans (including housing), by denomination and type of financial institution:
June 2024 |
YoY | June 2023 |
YoY | June 2022 |
|
Loans in National Currency | 7.92% | ↓ | 9.53% | ↑ | 6.33% |
Public Banks | 7.58% | ↓ | 9.12% | ↑ | 5.69% |
Private Banks | 9.28% | ↓ | 10.47% | ↑ | 7.44% |
Cooperatives | 9.77% | ↓ | 8.82% | ↑ | 8.39% |
Mutuals | 8.18% | ↓ | 9.32% | ↑ | 7.46% |
Other Financial Institutions | 18.72 | ↓ | 19.19% | ↑ | 15.53% |
Loans in Foreign Currency | 7.88% | ↑ | 7.03% | ↑ | 6.99% |
Public Banks | 7.23% | ↓ | 5.43% | ↓ | 6.68% |
Private Banks | 7.95% | ↑ | 7.68% | ↑ | 6.90% |
Cooperatives | 6.75% | ↓ | 8.12% | ↓ | 7.90% |
Mutuals | 6.71% | ↓ | 7.44% | ↓ | 7.75% |
Other Financial Institutions | 8.95% | ↓ | 9.01% | ↑ | 8.11% |
Data Source: BCCR. |
Rental Market:
Increase in Rents and Relevance of Rental Properties
Gross rental yields for apartments in Costa Rica averaged 7.27%, according to research by the Global Property Guide conducted in July 2024, slightly up from 7.18% previously reported as of the end of 2022. The highest gross rental yields were recorded in San José at 8.25%, followed by Heredia at 7.67%, and Santa Ana at 7.01%.
Average gross rental yields by selected cities and apartment types:
1-bedroom apartment |
2-bedroom apartment |
3-bedroom apartment |
Submarket average |
|
San José | 8.16% | 7.65% | 8.95% | 8.25% |
Heredia | 7.20% | 8.14% | n/a | 7.67% |
Santa Ana | 6.62% | 8.91% | 5.49% | 7.01% |
Escazú | 6.63% | 7.03% | 7.23% | 6.74% |
Curridabat | 6.52% | 6.94% | 6.59% | 6.68% |
The Household Financial Survey (ENFIHO), carried out by INEC in 2022, revealed that 32% of Costa Rican households rented their primary residence, and the figure appears to have only grown since. Based on the latest report by the Center for Studies of the Financial and Real Estate Business (CENFI), quoted by La Nacion, in 2023 the number of rentals in Costa Rica increased by 8.8%, compared to July 2022, equivalent to 27,568 additional rental homes. The largest percentage increases were attributed to the renters in the lowest (+25.9% year-on-year) and the highest (+13.2% year-on-year) income groups.
Melizandro Quirós, executive director of CENFI, refers to the lack of supply of affordable housing, as well as high interest rates or total exclusion from the financial system due to informal employment as the main factors contributing to the fall in home ownership amongst the lower income group. Conversely, for higher-income families, the rise in renting is linked to the increasing trend of purchasing properties as investments, with the extra income being used to cover rent, amidst a limited supply of for-sale properties in central areas.
Reflecting these developments, rental rates, as reported by encuentra24.com are generally trending upwards, although performance varies across regions and property types. The largest year-on-year increases are observed in the segment of furnished properties in San José province. For some of the provinces, there is not enough data available to run the analysis.
Average rent per square meter by selected provinces:
Apartments | YoY Jun 2024 vs Jun 2023 |
Houses | YoY Jun 2024 vs Jun 2023 |
Furnished apartments and houses | YoY Jun 2024 vs Jun 2023 |
|
San José | $14.26 | 11.76% | $8.50 | 8.01% | $15.08 | 5.09% |
Alajuela | $8.41 | -7.89% | $7.87 | 11.16% | $10.22 | 18.84% |
Cartago | $9.80 | 5.15% | $7.42 | 10.09% | $8.08 | n/a |
Heredia | $11.21 | 7.27% | $7.83 | 2.35% | $12.98 | 4.26% |
Note: Prices for furnished apartments and houses in Cartago are as of Apr 2024 (the latest period published) | ||||||
Data Source: encuentra24.com |
The regulation of residential rental agreements in Costa Rica falls under the General Law of Urban and Suburban Rentals. Landlords have the authority to set rental prices for their properties, but rental increases are governed by legal regulations. The regulations differ based on the currency used in the lease agreement.
For leases denominated in foreign currencies, such as US dollars, the rental price remains fixed for the duration of the contract, with no provision for increases. Conversely, for leases in Costa Rican colons, annual adjustments may be made based on the accumulated inflation rate over the preceding 12 months. If the inflation rate is 10% or less, the landlord may increase the rent by a corresponding percentage, using the Consumer Price Index published by INEC. Should the accumulated inflation exceed 10%, the Ministry of Housing and Urban Settlements (MIVAH) will set the allowable increase, ensuring it is neither below 10% nor exceeds the annual inflation rate.
Socio-Economic Context:
Tourism Resurgence and Proactive Monetary Policy Support Economic Recovery
Costa Rica's economy continues to demonstrate a strong recovery after a significant drop during the pandemic. According to IMF data, in 2023, real GDP growth reached 5.1%, up from 4.6% in 2022, with substantial contributions from private consumption, investment, and economic activity outside the free trade zones. IMF forecasts growth of 4.0% in 2024 and 3.5% in 2025 as Costa Rica stands to benefit from the global "near-shoring" trend, especially in the healthcare and service-related export sectors. Additional support to higher potential growth is seen to come from strong FDI inflows.
The country has experienced the region's most dramatic turnaround in inflation, which fell from 7.9% at end-2022 to -1.8% at end-2023. BCCR has adapted monetary policies proactively, being the first in the region to reduce its policy rate in March 2023 and delivering 325 bp since then, to 5.75%. Annual change of consumer prices averaged 0.5% in 2023. IMF anticipates the indicator to land at 0.3% in 2024 and 2.9% in 2025. The main upside risks involve higher commodity prices, including from geopolitical developments. The overall risk, however, is tilted to the downside as a prolonged period of low inflation may de-anchor inflation expectations downwards.
Data Source: IMF.
The exchange rate seemed to have stabilized after a significant drop, when the US dollar fell 24% against the Costa Rican colon between June 2022 and December 2023. According to BCCR data, as of the end of June 2024, the sell rate was recorded at 548.81 CRC for 1 USD, compared to the peak of 698.44 CRC per USD registered in June 2022. President Rodrigo Chaves, quoted by El Pais, points to the local currency appreciation as a sign of the strong economy. On the other hand, export-oriented industry groups express concerns related to competitiveness and value generation, pressuring the central bank for a reaction, possible within the current floating rate regime.
Data Source: BCCR.
As the revival of the sector brings investments and translates into jobs across the nation, tourism maintains its role as one of the most important economic forces driving Costa Rica. According to the estimates from the Costa Rican Tourism Institute (ICT), direct and indirect impacts from tourism activities together represent around 8.2% of the country's GDP with the sector being one of the largest sources of foreign exchange.
Based on ICT data, during the first half of 2024 (January to June) more than 1.67 million stopover tourists visited Costa Rica, representing a 12.2% increase compared to the corresponding period of 2023. The dynamic indicates the country has fully rebounded from the sectoral crisis caused by the pandemic. The institute forecasts a total of more than 2.8 stopover tourist arrivals in Costa Rica in 2024, the flow supported by the expansion of routes and incorporation of new airlines such as GOL from Brazil.
Data Source: ICT
The cruise industry is also on the rise with 407 cruises registered in Costa Rica in the 2022-2023 season bringing a total of 352,093 cruise passengers - a 220% increase compared to season 2021-2022.
Data Source: ICT
The Costa Rican labor market is tightening with the unemployment rate reported by INEC at 7.82% as of Q1 2024. The drop is partially driven by declining labor force participation due to the aging population and early retirements ahead of stricter retirement rules introduced in January 2024. In addition, for women, family care responsibilities are increasingly cited as reasons for not participating.
Data Source: IMF.
Ongoing commitment to the fiscal rule anchoring continued structural improvement in Costa Rica's fiscal position, as well as robust economic growth and an improved external liquidity position resulted in an upward revision of sovereign ratings of Costa Rica by the main agencies which currently stand as follows:
Standard & Poor's | Moody's | Fitch |
BB- | B1 | BB |
Stable | Positive | Stable |
Source: Standard&Poor's, Moody's, Fitch. |
At the same time, according to the World Bank overview, the major risks facing Costa Rica include its high susceptibility to external shocks such as global inflationary pressures, dampened global growth, and tightening financial conditions. Climate vulnerabilities, exacerbated by phenomena like El Niño, further compound these uncertainties. Additionally, recent surges in migration and perceived criminality may increase expenditure demands, potentially impeding the pace of fiscal consolidation.
Sources
- National Institute of Statistics and Censuses of Costa Rica (INEC)
- Construction Statistics 2023: Preliminary Annual Results (ES): https://inec.cr/
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- Credit Information: https://www.sugef.fi.cr/
- Federated College of Engineers and Architects of Costa Rica (CFIA)
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- Law on the Maritime-Terrestrial Zone No. 6043 (ES): https://pgrweb.go.cr/
- General Law on Urban and Suburban Leases (Tenancy) No. 7527: https://pgrweb.go.cr/
- Fitch Ratings
- Fitch Ratings: Costa Rica: https://www.fitchratings.com/
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- Costa Rica Long-Term Ratings Raised To 'BB-' On Stronger Financial Performance Amid Solid Growth; Outlook Stable: https://disclosure.spglobal.com/
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- Revista GAMA Inmobiliaria (ES): https://gyg.cr/
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- Property Price Trends: https://www.encuentra24.com/
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- Growing Phenomenon of Vacant Housing is Taking Hold in Coastal Cantons (ES): https://www.nacion.com/
- Housing rentals among lower-income households skyrocketed last year (ES): https://www.nacion.com/
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- The Number of Homes in Need of Improvements is Growing in Costa Rica <…> (ES): https://observador.cr/
- The Tico Times
- Record Tourism Numbers Challenge Costa Rica's Local Housing Market: https://ticotimes.net/