2024 Costa Rica Real Estate Investment Recap

Growth Trends in Tourism and Property Investment

The Costa Rican real estate market demonstrated robust growth throughout 2024, with significant increases across vacation rentals, tourism arrivals, and property transactions. Our comprehensive analysis reveals record-breaking tourism numbers and evolving investment patterns in key regions, particularly in Guanacaste.

 

Vacation Rental Market Performance

Record Growth in Listings

The vacation rental sector experienced substantial expansion in 2024, with total listings reaching 36,422 by October—a 13.96% increase (+4,462 listings) from January. March proved particularly strong, showing:

• 4.61% month-over-month growth from February
• 23.53% year-over-year increase from March 2023

Average Daily Rates (ADR) Trends in Costa Rica

Private residence rates showed interesting seasonal patterns:

• Peak Season (January-April): ADR ranged between $276.38-$282.61
• Off-Peak Season (May-October): Higher ADR compared to 2023
• Notable shift: While peak season rates decreased slightly from 2023, off-season rates strengthened

Occupancy Patterns

Occupancy rates revealed distinct seasonal trends:

• Strongest Performance: January-March (peak season)
• Most Significant Change: April showed a 10% decrease from 2023
• Largest Monthly Shift: 21% decline between March and April 2024

Costa Rica Tourism Growth Analysis

Record-Breaking Arrivals

Tourism showed remarkable growth in 2024:

• Overall Increase: 10.34% year-over-year growth
• Historic Peak: March recorded 322,400 arrivals—the highest ever
• Consistent Growth: Year-over-year increases in all months except September and October

Regional Distribution Shifts

Guanacaste’s Growing Importance:

• Liberia Airport Share: 31.74% of total arrivals (2024)
• Significant Growth: Up from 23.66% in 2019
• Strategic Implications: Indicates growing preference for Guanacaste region

Real Estate Market Dynamics

MLS Transaction Growth

While not comprehensive of total market activity, MLS data shows strong growth:

• Residential Sales: 242 properties (163 more than 2023)
• Land Sales: 94 plots (78 more than 2023)
• Market Evolution: Increasing adoption of MLS platform

Market Transparency

Important Context:

• Alternative Channels: Significant activity through Facebook Marketplace and Encuentra24
• Market Maturation: Growing trend toward formal listing services
• Investment Implications: Improved data availability for market analysis

Costa Rica Investment Outlook for 2025

Market Opportunities

The convergence of these trends suggests:

• Growing Tourism Infrastructure: Supporting vacation rental investments
• Regional Development: Particularly strong in Guanacaste
• Market Modernization: Improving transparency and accessibility

Strategic Considerations

For investors considering Costa Rica:

• Regional Focus: Consider Guanacaste’s growing prominence
• Rental Market: Strong growth in both peak and off-peak seasons
• Market Access: Multiple channels for property acquisition

Market Dynamics Perspective

“The 2024 data reveals three crucial trends that investors should monitor: First, the democratization of the real estate market through digital platforms is accelerating transparency and accessibility. Second, the strengthening of off-peak season ADRs suggests a maturing market less dependent on seasonal tourism. Third, the growing prominence of Guanacaste indicates a shift in investment patterns that could reshape Costa Rica’s real estate landscape for years to come.”

Richard Bexon, InvestingCostaRica.com Founder

Methodology Note on 2024 Costa Rica Real Estate Investment Recap

Data sources include:

• Vacation rental market statistics
• Official tourism arrival data
• MLS transaction records
• Regional airport statistics

This analysis covers January through October 2024, with year-over-year comparisons to 2023 and pre-pandemic 2019 data where relevant.