Central Valley Real Estate 2026 Guide by Pilar Vargas
Central Valley real estate has become one of the most common topics we hear about from buyers looking beyond Costa Rica’s beaches. In episode 303 of the Costa Rica Real Estate and Investments Podcast, host Richard Bexon sits down with relocation and real estate specialist Pilar Vargas to break down exactly how Atenas, San Ramón, Grecia, and San Mateo compare on price, lifestyle, rental returns, and long-term investment potential.
Pilar has spent years working as a buyer’s representative in Costa Rica, helping families, retirees, and investors find the right fit in a market that looks very different from the beach towns most buyers start out considering. Below is the full conversation, along with an update from Richard on two of the company’s active development projects.
Manuel Antonio Sells Out — And Arenal Is Already Outperforming It
Richard Bexon
Good afternoon, guys, and welcome to episode 303 of Costa Rica Real Estate and Investments with me, your host, Richard Bexon. Today we’re going to be talking with Pilar Vargas. She’s a relocation, investment, and real estate specialist here in Costa Rica with Costa Rica Investments, which is us.
Of course, guys, as you know, she’s been helping people basically as a buyer’s rep and relocation expert in Costa Rica for many, many years, and today we’re going to be talking to her about investing and relocating to the Central Valley of Costa Rica, more specifically areas like Atenas, San Mateo, Grecia, San Ramón, where a lot of stuff is moving right now, guys. You know, an hour — well, 45 minutes to an hour — from the airport, and an hour to an hour and a half from the beaches, and just where all the infrastructure is kind of going at the moment, as they’re building a huge free trade zone out there, which means a lot of people are moving out there. It’s got great hospitals out there in Grecia and also in San Ramón, and just a little bit more of a local feeling out there for the moment as well.
I think it won’t be long before, you know, PriceSmart and Auto Mercado are out there too — I actually think Auto Mercado already is out there at the moment. So I always say, buy where Auto Mercado is going, or go buy where PriceSmart or Pequeño Mundo is going, because those guys know what it is that they’re talking about.
So remember, guys, Manuel Antonio is now completely finished, completely funded. So thank you very much to everyone — that was a huge part of it — and to all the investors. We’re actually cutting them dividend checks at the moment, which will be sent out this week. So that’s very, very interesting.
Also in Arenal — I don’t know whether you guys remember, we did the Xanadu Villa. So we had 11 shareholders of $100,000 in that one up in Arenal. That’s actually outperforming Manuel Antonio, which is absolutely nuts. And that’s why we’re continuing to double down in Arenal, just because of the demand — it’s the strongest destination in the country, guys. You know, people are like, “Rich, how can it be the strongest destination?” I’m like, I think 60 or 70% of everyone that comes across Costa Rica goes to Arenal. There are tons of beach locations, but there’s only one volcano with hot springs, waterfalls, whitewater rafting, and the wildlife as well.
So we have the Arenal Ridge project, guys, where we’re again taking all of our knowledge and putting it together, building a boutique development of villas across a ridgeline — anywhere from 15 to 20 villas, you know, on 30 acres, with hiking trails, waterfalls. We’re about to redo the common areas as well, guys, to have a private on-site restaurant, café, pool, gym, and spa area with all these villas. So it’s kind of villas with hotel amenities, really pushing the envelope of what we did in Manuel Antonio and getting to the next level.
But anyway, enough about that. If you are interested, guys, info@investingcostarica.com — that’s info@investingcostarica.com — or in the description down below, we’ll also put all the details.
But anyway, let’s get straight into the podcast with Pili. Good afternoon, Pilar. How are you doing?
Pilar Vargas
Great, I’m doing amazing. How are you?
How 2026’s Volatile Market Changed the Way Buyers Shop
Richard Bexon
Good, good. Thanks very much for joining us here on the podcast. I know last time we talked it was a little bit more focused on the San Jose area, and today we’ll probably go out — not probably, we will — we’ll hit the areas of San Ramón, Grecia, San Mateo, Atenas, kind of those areas. But the question I love to ask first is — 2026 is volatile and will definitely stay that way, I’m almost sure — how has that impacted the demand for Costa Rica, from what you’ve seen?
Pilar Vargas
You know what, it’s been working a little different. I think the clients are a little more careful — they’re doing their homework, doing the research before they contact me. They know what they’re looking for. So I think it’s a different kind of client than before — before it used to be more emotional, more like, “I want to live in Costa Rica,” and, “show me whatever it is.” And now they know, like, “okay, I think the city is moving this way,” so they’re doing their research. That’s my feeling.
Richard Bexon
Yeah, I mean, look — you mentioned that the city’s kind of moving there. We talked about San Jose in our last podcast, but we didn’t touch much on areas like Grecia, San Ramón, Atenas. What’s happening in these areas, and why is it happening?
Pilar Vargas
You know, Atenas is really famous because it has amazing weather, but there are areas around there that are close to the airport, that have hospitals and universities. So there are other areas that people might want to keep an eye on, like San Mateo, like San Ramón — it’s kind of the same weather, the same feeling, more Tico, more Costa Rica, that kind of lifestyle, but the prices are good. So you’re getting a bigger piece of land for less money than you’re paying in Escazú and Santa Ana. So people are starting to have the idea that maybe 20 minutes, 30 minutes — it’s not that much. So they’re starting to look at that, and now they even have residential communities, condominiums out there. They have different kinds of options for every kind of customer.
Central Valley Real Estate: Why Atenas, San Ramón and Grecia Are the Ones to Watch
Richard Bexon
Yeah, it’s funny, because over the past 15, 20 years or whatever, a lot of stuff moved west — Santa Ana, Ciudad Colón — but that’s kind of slowed down a little bit. There’s still stuff happening, but it doesn’t seem to be moving at the pace it was. It seems to have, as you mentioned, moved more toward Grecia and San Ramón. There’s talk — well, not just talk, they’re actually going to be improving that road infrastructure there. That’s probably going to be the big next project, and that Free Trade Zone revolution out there in Grecia is having its effect. And as you mentioned, San Ramón has its own hospital, and Atenas, I think, has a great community, but it’s kind of older, if that makes sense. There are a lot of retirees; it’s not as young and hip; there aren’t really any shopping centers — whereas San Ramón and Grecia do have that, and they have their own hospitals as well.
Pilar Vargas
Exactly, exactly. Atenas has a big expat community already. So if you want to be part of an expat community, that’s a place you should take a look at. If you want more of that Tico, Costa Rican lifestyle — the typical restaurant, the store, all of that — there are many other places, and prices are even lower than Atenas. So that might be a good thing to look at.
Richard Bexon
Yeah, I agree, I agree. I’ve always liked San Ramón — it’s kind of country-city living. I mean, there’s a McDonald’s there, so — but then again, where isn’t there a McDonald’s? But from what you’re seeing, are investors primarily buying in those areas to retire, relocate, develop, or for rental income? What have you seen the demand be, basically?
Pilar Vargas
You know what, it depends on your goal. There’s a market for every need. So if you want to retire, there’s Atenas, which we were talking about — there are little farms with your pool, your beautiful view of Costa Rica, and everything. And in other projects, there are developments — there are gated communities. So it depends on your goal. I think there’s something for every need.
Retirees, Families or Investors: Who’s Actually Buying Here?
This is where the Central Valley real estate market splits by buyer type — and Pilar breaks down exactly who’s landing where.
Richard Bexon
Yeah, but have you seen more people looking to relocate — let’s just accept that Atenas is basically retirees, I think. I don’t think people are investing there as much — or maybe they are, but I think it’s a lot of retirees. If you walk around Atenas, you’ll see that; walk around San Ramón and Grecia, you don’t see that as much. It’s a lot more local, which is kind of nice. So with your clients that you’re helping — are you dealing more with families, relocating individuals, people looking to invest? What are you seeing on your end?
Pilar Vargas
If people want to live day by day, they prefer San Ramón. There are many good schools, there are shopping malls — it’s easy for day-to-day life. If you have kids, if you have retirees, look more at Atenas. San Mateo is very nice, and it’s close. And they’re all close to the airport, so it’s a good location if you’re looking for a more traditional Costa Rica style, and it’s close to the beach too, because it’s kind of in the middle between the Central Pacific and San Jose. So you’re right in the middle. I have a client right now who works in Escazú — he has to go to the office maybe one day every 15 days. Something like that, and he’s looking into Atenas. He’s like, “I don’t want to be in the city, I want to be halfway,” and we’re looking over there. So I think that’s a good option too.
Beach vs. Central Valley: Which Rental Market Really Pays
Richard Bexon
Yeah, I agree, I agree. We see a lot of investors come down to Costa Rica, and a lot of people ask me about the city because I think at the beach — in some areas — there’s just too much product now, especially in Guanacaste. The rental returns really aren’t there anymore, and I’ve seen it with some of my clients who invested before, where the rental returns were good and now they’ve kind of flattened out a little bit, and they’re not doing so well. They’re looking to sell, and they’re like, “Well, Rich, where else should I look in the country?” And that’s what we spend our time doing. But in those areas — is there a strong long-term rental market? And what would the returns be?
Pilar Vargas
Yes, I want to say that’s the difference between having a property at the beach and having a property in the places we’re talking about — Atenas and those areas. The beach is more seasonal — high season, low season, you get that. In the other areas — Atenas, San Mateo, all those places — it’s more long-term.
Richard Bexon
Yep.
Pilar Vargas
So I think it’s a different kind of market if you look at it that way, and the return could be between 4% and 6%, maybe 4% and 7%. If someone’s telling you 10%, take a good look — it might be good, but be careful.
Richard Bexon
Yep.
Pilar Vargas
But yeah, I think that’s my opinion.
Richard Bexon
If you were investing in those areas, what would you personally be looking at, Pili?
Pilar Vargas
I’d say I would be looking at a property that could give me something I could rent and get money out of immediately. But also that it’s a property in a growing area, that it’s something I’ll put money into, but with an eye that it’ll be worth more in years to come — something where I could get a return right away.
Richard Bexon
But would you be looking at, I don’t know, would you buy in a condominium complex? Would you buy an apartment in El Canal by Grecia? What would you invest your money in, so that you’d know it’s safe rather than, say, a random piece of land in the middle of nowhere, if that makes sense — you mentioned wanting an immediate return.
Pilar Vargas
So land doesn’t give you that, but I’d say San Ramón would be a good option that I’d pick right now.
Richard Bexon
Yeah, and gated community, non-gated community — what do you like?
Pilar Vargas
Gated community — I like it because it’s the thing that makes people feel safer, and people feel like it’s being taken care of. So I’d say a gated community, a house between $300,000 and $350,000 that I could put some money into, do some renovations, and everything. I would think about that.
Richard Bexon
Okay, okay. What trends do you think are going to shape the market over the next five years, Pili? And I was mentioning the Central Valley area a little bit.
Pilar Vargas
Yeah, I think the city is moving. We started in Escazú, Santa Ana was way too far, and then people moved to Santa Ana. Then San Rafael de Alajuela, which is next, along with Route 27. I think the city is moving — things are growing in Costa Rica, it’s getting on the eye of the world. So I think if you don’t want to be at the beach, and you don’t want to be too far away, I think the city is moving, so I think it’ll be a good option to put some money there.
The Hidden Gem Even Locals Haven’t Caught Onto Yet
Richard Bexon
Okay, okay. Which areas of Costa Rica — maybe it’s what we’ve discussed, but other neighborhoods or communities that you still like, that are still under the radar, you think?
Pilar Vargas
San Mateo, it’s beautiful. I’ll say, in my opinion, it’s beautiful. It’s close to Atenas, and it’s an area where you can find really good prices for land.
Richard Bexon
It’s amazing how many families have moved to San Mateo, if that makes sense. Atenas is kind of more retirees, but it seems families have moved to San Mateo, and they kind of leverage the infrastructure that’s been built in Atenas. But yeah — so, well, look, Pili, this is a new thing I’ve started to do now in Season 3, which is a quick-fire round of questions here.
Pilar’s Rapid-Fire Verdict: Best Value, Best Retirement, Best Weather
Richard Bexon
So my first question to you, again just quick-fire: best value market — would you say San Ramón, Grecia, or Atenas for the best value?
Pilar Vargas
San Ramón.
Richard Bexon
Okay. Best place to retire?
Pilar Vargas
Atenas.
Richard Bexon
Okay. Best investment over the next 10 years?
Pilar Vargas
I’ll say San Ramón too.
Richard Bexon
Okay. Best weather?
Pilar Vargas
Atenas.
Richard Bexon
You think Atenas has better weather?
Pilar Vargas
I like Atenas’ weather. If you Google it, it’s known all over the world.
Richard Bexon
I’ve always wondered if that’s just a marketing gimmick though, Pili — because Grecia’s weather isn’t that different, I mean, maybe they get a little more rain there. San Ramón always has been kind of the cloudy city, but it doesn’t always have clouds anymore. So, yeah.
Pilar Vargas
Costa Rica has amazing weather. If you compare it to places like Canada, when it’s winter there, we have amazing weather all over here. So maybe Atenas is a little bit better, but San Jose, I’m right here, and it’s amazing. It’s a sunny day, and we’re in rainy season, and we have so many sunny days. So, amazing weather.
Richard Bexon
If someone’s looking to invest in these markets — because again, it’s very underdeveloped when it comes to realtors, if that makes sense. There aren’t that many in these areas, and a lot of them don’t speak English. If someone’s considering investing in these markets, what do you think their first step should be?
Pilar Vargas
Okay, so the first step should be to have an idea of what you want to do. Do you want a rental place? Do you want your own property? So you have to be clear on your goals. That’s why I love helping families — I love helping people — because I need to put them in the scenario of what they want from Costa Rica. So once you know — okay, I want a place here that I can come to twice a year and get a return out of it — okay, that’s Plan A. If you want to retire, it depends on what people are looking for, but the first thing is being clear on what you’re looking for. After that, start looking for properties, and we’re here to help you, because depending on your goal, there’s a market for every need here in Costa Rica. So depending on what you want, we’ll help you and guide you to your best investment here.
Richard Bexon
Look, Pili, we work together, but I think you’re a great buyer’s rep, if that makes sense. I used to think I had a great network until I met you, and your network is even better than mine. So, yeah — I think people need a buyer’s rep to really understand and look out for themselves, especially here in Costa Rica, and someone they trust, just because you can’t jump from realtor to realtor to realtor. It’s just too inconsistent. I just had a conversation with a guy a minute ago who’s like, “Rich, I’ve owned a piece of land for seven years, and every time I ask someone I get a different answer on what I can do with my land.” He’s like, “Can you just tell me exactly what I can do with it?” So I was like, dude, this is what you can do with your land. He was like, “Well, okay, that’s not what I wanted to hear,” and I’m like, “Well, that’s probably why you haven’t heard it yet,” if that makes sense. So you might not always hear the options you want, but I think it’s important to have that buyer’s representation here in Costa Rica.
Pilar Vargas
It makes a huge difference. It’s a totally different experience having someone you can trust, and having someone who is honest with you — because most of the realtors, most of the ones I know, are amazing people, but they want you to buy. So that makes a difference. If I don’t see that something is going to work for you, I tell you, “no, no, no, no, no — let’s look for other properties, let’s look for other projects.” But it’s better to be honest, because as we always say, we want people to have a really good experience of Costa Rica. The Pura Vida kind of lifestyle isn’t something that’s just there when you enter the airport — it’s something we want you to feel.
If She Had $500K to Invest in Costa Rica Right Now
Richard Bexon
Yeah. So Pili, my last question for you: if you inherited $500,000 and had to invest it into a business or real estate in Costa Rica, what would you invest it in, and why?
Pilar Vargas
Yes, I would look — we were talking about San Ramón, Atenas, and all those places.
Richard Bexon
Yeah, let’s talk about that area, why not — yeah, let’s talk about that area.
Pilar Vargas
Yeah, I would look in San Ramón — a nice house, between the $300,000 I told you before, to put some money into renovations and everything, something that would give me a return right away. And I know that property is going to be worth it — eventually I’d get more money out of it.
Richard Bexon
I think that’s a good answer, Pili, that’s a good answer. So, well, Pilar, thank you very much for your time. Anyone who wants to get in contact with Pilar, all of her contact details are down in the description. And again, I think it’s an area that anyone who wants to invest and diversify a little bit outside of their home markets — I think it’s a great place. It’s steady, if that makes sense, as you said — it’s not seasonal like the beaches, it has very steady, long-term renters. But anyway, Pili, thank you very much for your time today.
Pilar Vargas
Thank you. I’m always here to help.
Richard Bexon
No worries, have a great day. Guys, I hope you enjoyed that podcast with Pilar. I gave a bit of a summary there before ending. But again, Pili’s network is insane, guys — even better than mine. She’s introducing me to people — she has an amazing Rolodex and just great representation. I think for anyone looking to buy, invest, or relocate here, just have a conversation with her — again, her details are in the description down below. You can find a link there and have a 30-minute conversation with her. She’s very smart and, as I said, knows exactly where to invest money. Her husband is actually a builder as well, and has built some of the — I would say — most iconic buildings here in Costa Rica. Or again, feel free to email us, info@investingcostarica.com, info@investingcostarica.com.
But I do love that area of Grecia, San Ramón, guys. I think that’s where the future of the Central Valley lies. So I think anyone looking to invest in a 5-to-10-year window — I think that’s a great place to invest — and I’d probably buy two or three, you know, condos in a gated community out there, guys, and just rent them long-term. I think you’d probably be doing anywhere from 5 to 8 percent returns on it, and there are some great condominiums out there — El Canal is a great one, but there are so many popping up as well. You just need to go out there and take a look, and Pili is a great person to do it with.
But anyway, guys, if you need any help in Costa Rica, we’re always here to help and share our Rolodex. We’re suckers for helping people, as many of you know. But again, info@investingcostarica.com. We’ll catch you in the next podcast. Bye.
For anyone weighing Central Valley real estate against a beach purchase, this episode is a good starting point — Atenas, San Ramón, Grecia, and San Mateo each serve a different kind of buyer, and Pilar’s breakdown above should help narrow down which one fits your goals.
