As a Realtor, I’m always trying to imagine the future of Real Estate and how current trends might evolve. The pandemic has changed the psychology of buying Real Estate and what is important to buyers in these unprecedented times.
The biggest trend we are seeing in Costa Rica, which is also a global trend, is that buyers are now more interested in buying in suburbia and vacation destinations as opposed to buying and living in dense city areas. The feedback I’m receiving from Brokers in other beach towns and even mountain area resorts is that all of them are seeing record sales this year. A big reason for this new trend is that buyers are realizing they can now work from home and don’t need to be in the office 5 days a week. The “Work from Home” movement combined with more home school virtual learning is a trend that is putting a premium on homes with nice office space, technology, and other amenities that owners will enjoy as they are now spending more time at home. I believe as technology evolves people will continue to learn and work from home. Real Estate buyers are also demanding more virtual tours during the buying process as opposed to in-person showings or open houses. In addition, today’s buyers are placing more value to invest in areas with an appealing “lifestyle” as opposed to making a decision based solely on financial return on investment. This increased value on lifestyle is creating a major demand for homes in beach towns and other lifestyle-oriented areas.
The Los Suenos Resort and Marina & Jaco Beach market are prime examples of these new trends as we are now seeing an uptick in sales compared to this period in 2019. The buyers in the past were always interested in ocean views and the convenience of Beachfront Condominiums. I believe buyers will always put a premium on being “beachfront” but we are definitely seeing more activity now on properties that are more spread out with sprawling green areas and golf courses such as Los Suenos Resort and Marina.
Perhaps the Silver Lining in 2020 is that society has realized “You Only Live Once” and how important it is to live where you can enjoy a lifestyle that makes you happy.