Guanacaste Real Estate
What Makes Guanacaste Such a Desirable Place to Live?
For many years in the past Guanacaste was an inaccessible, wild woolly territory, mainly appreciated by backpackers who would traverse the landscape along with surfers who flocked to the beaches, but aside from that, there was not much opportunity in the area.
Fast forward to 2020 and Guanacaste is one of the most popular provinces in Costa Rica filled with locals, tourists and ex-pats from around the world. It’s no secret that Guanacaste is now a beautiful place to live with its many bespoke geographical features. When coupled with the real estate opportunities available it is hard to see why anyone who can afford to would not want to relocate. If total relocation is not possible for you, at the very least purchase a holiday home that you can retreat to whenever you feel the desire to do so.
Activities available in Guanacaste
Guanacaste is most well known for its many beautiful beaches and diverse parkland. The province features a huge national park which is home to a super rare dry tropical forest, unspoiled sandy beaches with crystal clear blue waters. Tourists return to Guanacaste year on year to experience the diverse culture and many fun, affordable activities available all year round. Making memories with someone special has never been easier than it is now in Guanacaste, largely due to huge levels of investment on a government, boosting the economy and improving the infrastructure of Costa Rica.
Demand for Real Estate in Guanacaste
As with most other provinces in Costa Rica, Guanacaste has seen a huge demand for all kinds of real estate opportunities, both commercial and residential properties are well sought after, which surprisingly has not led to an increase in the housing prices in the location. Year on year it seems both residential and commercial properties are decreasing in cost at a rate of 2.8%. The average price for a property in Guanacaste is now as little as $1,158 per square meter, These statistics buck the trend of Costa Rica on average where properties saw as much as a 5.5% increase on average, taking the cost per square meter of property owned up to $1,181.
Condo’s in the area have indeed seen a huge overall price increase, which makes the overall market landscape in Guanacaste look very unfavourable at the minute, but this is to be expected as with an increase in demand becomes an increase in price, not just in Guanacaste but all across the world.
Ideally, to get the most value for money in the province, you should be looking to purchase a house rather than looking to buy a condo at this time, unless you are looking to purchase in the region on Tamarindo, where the overall cost of a property is significantly reduced.
Average Residential Property Purchase Price
In today’s market, the average price of residential property in Guanacaste is between $100,00 – $700,000 depending on your location in the province, however, to secure a top-quality property in the area, $400,000 is more than sufficient. Of course, you can choose to spend more and live in unrivalled luxury should you have the means to do so, however for the average person this may be a stretch too far. Instead, we find it best to look at the average price.
Whether you are looking to rent a selection of beachfront homes, condos, luxury apartments or hotels, Guanacaste offers all of these real estate properties.
Rental Costs in Guanacaste
The cost of renting in Guanacaste is significantly higher than it is in other locations in Costa Rica. We found that the overall cost of renting residential property for 1 month is on average 44% higher than it is in Tamarindo, Guanacaste region.
Tamarindo is also in Guanacaste, Costa Rica and offers similar amenities and features, so we will include a price comparison in both locations for your perusal.
A one-bedroom apartment in Guanacaste city centre can be rented for one month for a cost of $1,200, whereas in Tamarindo you can get the same property for $467 per calendar month.
A one-bedroom apartment in Guanacaste, not in the city centre can be rented for $800 per calendar month, as opposed to $530.70 in Tamarindo.
A 3-bedroom apartment within the city centre in Guanacaste will set you back $1,900 per calendar month, as opposed to $1768 in Tamarindo.
A 3-bedroom apartment, not in the city centre of Guanacaste will cost up to $1,500 per calendar month, compared to $972 in Tamarindo.
In Guanacaste it is indeed possible to make a profit of between 1-8% on your rental property, however, this largely depends on the location in which your real estate property resides in. In Guanacaste outer city, you can look to make between a 1-3% income profit per calendar month, however in Tamarindo, Guanacaste you are looking at bigger profit margins of between 5-8% per calendar month.
Clearly, in today’s market, it is a viable option to look elsewhere for real estate, rather than in Guanacaste main areas, However, if you are willing to front the added cost for a little more luxury, you can do so. Our purpose is to provide you with all the relevant facts and figures to best aid your decision.
Lifestyle Costs in Guanacaste
For ex-pats in Guanacaste who have purchased or are renting real estate, it is believed that a monthly salary or income of $2,000 is more than enough to comfortably live in the region. Many in the area find ways to reduce this cost however so if you are on a lower budget, there is still hope for you. Locals reduce their overall costs by having fewer bedrooms inside their property, spending less on leisure or minimizing their overall costs on food and other bills.
Things to do in Guanacaste
With a huge range of amenities and services available to the public in Guanacaste, it is not difficult to fathom why one would decide to live or relocate to the area. Guanacaste boasts many useful services to pass the time.
The top 5 most popular things to do in the region are:
Surfing – Many surfers flock to the region year-round to enjoy the huge surf and picturesque golden sandy beaches.
National Parks – Similarly with the surfing industry, many tourists visit Guanacaste to explore the region and its many geographical features. Man-made features in the region consist of huge national parks sporting all types of wildlife, including but not limited to species such as alligators and monkeys.
Water Sports – In Guanacaste, there is an abundance of different water sport opportunities to occupy your time. The main water sports in the region are surfing and fishing with many international competitions bringing tourists from around the world to the area. This is not just good news for avid water sports fans but those who have a share in real estate too, with the demand for somewhere to sleep, you can rent out your property during these periods and amass some a steady stream of income by doing so.
Opportunities for Profitable Real Estate Investment in Guanacaste
In Guanacaste, Costa Rica there are many opportunities to make smart investments and increase both your portfolio or properties and your overall income level. No matter which type of property you are looking to buy/rent, or the budget you have (within reason) you can make a tidy profit by doing your research. With a huge range of hotels, commercial properties, development projects and bars/clubs available to buy or rent, there truly is something for everyone here. Take your time to look online and shop around, different estate agents will offer you different prices, sometimes for the same type of property.
Although some areas of Guanacaste do indeed have quite a hefty price tag attached to real estate, not all areas share this theme, the most noteworthy of these areas being in Tamarindo, where property prices are at a low point. If you are looking to buy a property in the Guanacaste region, now is a better time than ever. The market is in free fall due to the global pandemic that is Coronavirus (Covid 19) and the housing prices are low as a result, so purchasing a property in the area now is a smart investment, when this all blows over you can be certain that once again, housing prices in the whole region will begin to rise. Now is the time for investment in real estate in Guanacaste. Use this information that we have provided when making your decision on where to buy, how to buy and when to buy real estate in Costa Rica’s province of Guanacaste.