Costa Rica Luxury Real Estate During and After the Pandemic

During the COVID-19 pandemic, people sought refuge in secluded and secure locations. The pandemic prompted individuals and families to reassess their lifestyles and prioritize their quality of life.

The desire for safe and secure locations, the rise of remote work, and attractive investment opportunities have driven the demand for luxury properties. Costa Rica has had a hot and trending luxury real estate market during and after the pandemic, but why?

Costa Rica is known for its natural beauty — housing 5% of the world's biodiversity — as well as its welcoming environment, and stable economy and politics. Not surprisingly, the country has experienced a surge in demand for luxury real estate since the pandemic began.

Most luxury properties in Costa Rica feature eco-friendly designs, expansive outdoor spaces, and access to nature. They offer a desirable living experience and, at the same time, cater to remote professionals by offering home office spaces, high-speed internet connectivity, modern amenities, time zone compatibility with major cities, and an excellent standard of living. Costa Rica approved favorable legislation to attract digital nomads and tax benefits for people who apply for CR residency as annuitants (fixed income), investors, or retirees (lifetime pension).

by Ivan Granados

Costa Rica's long-standing political stability, with no army since 1949, along with a robust economy and attractive investment climate, have made it a favored destination for real estate investments.

Costa Rica has been considered for many years as the country with the world’s highest happiness ranking, according to the Happy Planet Index, and has devoted substantial resources to investment in health and education.

Luxury properties in Costa Rica offer the potential for capital appreciation and rental income, making them an appealing investment option.

Costa Rica's pura vida lifestyle emphasizes and aligns with the growing focus on a sustainable and healthy lifestyle, well-being and opportunities for outdoor activities to contribute to a harmonious blend of work and leisure.

High-net-worth (HNW) and ultra-highnet-worth (UHNW) individuals seek a new future for their families in a secure, convenient and beautiful destination. They have increased their interest in owning a luxury property in Costa Rica, either already built or on estate lots to build their bespoke luxury homes. The luxury niche is generally less affected by uncertainty.

Our firm, GM Attorneys at Law, has provided boutique and premier legal services in Costa Rica since 1978. We focus on attending to the needs of our clients in an integral and personalized manner while promptly and effectively satisfying all their legal requirements. Our mission is to become another one of your business allies by offering the best legal advice with the highest ethical and professional quality standards.

In 2023 we are celebrating two significant milestones and achievements: our 45th anniversary since inception in San José and the 20th anniversary of our opening in Guanacaste. Our four offices, one in San José and three in Guanacaste — Flamingo, Tamarindo and Nosara — allow us prompt and direct responses to our client's legal needs, prioritizing a comprehensive analysis of each situation.

From our Guanacaste offices, we provide practical and expert legal advice on the due diligence and the conveyancing process for clients that have already purchased or will purchase in high-end resorts. These include Andaz Residences, Four Seasons Private Residences, and Nekajui — a RitzCarlton Reserve Residence — at Peninsula Papagayo; as well as in Hacienda Pinilla; Reserva Conchal; Las Catalinas; Zapotal, a Discovery Land development; Waldorf Astoria Private Residences; and Nosara.

We at GM Attorneys will be pleased to help you with your legal matters in Costa Rica! Please feel free to contact us at info@ gmattorneyscr.com or visit our blog section at https://www.gmattorneyscr.com/gm_ website/html/blog.php