Richard Bexon
Good morning, guys, and welcome to episode 291 of Costa Rica Real Estate and Investments with me, your host, Richard Bexon. Today we’re joined by Ben Rutherford, associate broker at Blue Zone Realty in Costa Rica’s Southern Pacific region — so that’s the Dominical, Uvita, Ojochal, and Tres Ríos area.
We’re going to be getting a market update, understanding where Ben thinks the opportunities lie, and really getting an idea of the lay of the land in that part of the country, because it saw explosive growth post-pandemic around 2020. I think things are slowing down a little bit, so we’ll be discussing that with him today.
I actually just bought a hotel in Arenal — I closed on it last week — and we’re working on master plans and building villas. I know some of you listening are actually investing in that new project with me. We have a five-bedroom villa up there that’s doing exceedingly well, and it’s doing a lot better than I thought it would, which is saying something because I knew it would do well.
We’re also building another project — three yurts — and that’s now fully funded. And we’re about to start what I’d call the major project: anywhere from 20 to 30 villas along a whole ridgeline in Arenal. We have about 11 hectares — nearly 30 acres — with a river, waterfalls, and natural pools. It’s absolutely stunning.
If anyone’s interested in investing in Costa Rica or just having a chat, I’m more than happy to talk. Nobody loses money on our watch. You can email us at info@investingcostarica.com. All the contacts are in the description below. But let’s get straight into the podcast.
Good morning, Ben. How are you doing?
Ben Rutherford
I’m very good, Richard. How are you?
Richard Bexon
Very, very good, man. Running around like a headless chicken as normal, but all is good. I appreciate you taking the time to join us and give a bit of an update. I don’t think we’ve spoken to anyone from the Southern Pacific in quite a while, so it’s great to have you on.
I mean, look — I’ve been saying 2025 was a volatile year and 2026 is looking even more volatile. How would you describe the impact that’s had on Costa Rica and on real estate in your area?
Economic Outlook for 2026
Ben Rutherford
Well, it’s interesting — things can change daily when you look at what’s going on in the news. But we just finished our first quarter for 2026 and we’ve had some remarkable results. The unit price is a bit lower — we’ve done more units than normal, but at slightly lower prices. That could be a reaction to the broader environment. The general feeling is that people — primarily from the US — are looking to come down here and relocate. We’re able to fill that need. A really hot market right now is under $600,000 for a three-bedroom house. Yeah, it’s been good.
Richard Bexon
Would you say it’s a buyer’s market at the moment? When I speak to people in real estate — especially in Guanacaste, and also in Jacó — everything’s feeling more like a buyer’s market. Prices are coming down a little bit. There are opportunities out there if you can find them.
Ben Rutherford
There has been a price correction in the last 12 to 18 months, absolutely. That helps buyers. And in any market, if you’re priced properly, it’s all about price, price, price. People ask, “Why isn’t my home selling?” — and often it’s because they haven’t taken the agent’s recommendation.
Is it a buyer’s market? It is. But there is also motivation on the seller side. Even in a seller’s market, you’ll always get someone who says, “I need to go — I miss my grandchildren,” or “I want to go home for medical reasons.” There will always be those motivated sellers who shake up the mix. Just this past Monday I launched a fire sale — a stunning three-bedroom ocean-view home for just $899,000. We’re expecting a full-price offer within days because it’s a $1.1 to $1.2 million house. The seller’s circumstances drove that price, not the market.
Why the Southern Pacific Is Worth the Drive
Richard Bexon
When I talk to a lot of people, the Southern Pacific is sometimes seen as a little too far. They fly into San José, drive down, and most tourists seem to stop at Manuel Antonio. Do you think that’s a mistake?
Ben Rutherford
Absolutely. My second vacation to Costa Rica was to Manuel Antonio. My husband and I brought my sister and nephew down for a week, and we really enjoyed the convenience of everything there. But for us, we were looking for more green and less development. So we took an extra six days, drove down the coast, and that’s where we were just blown away. The mountains rise right out of the ocean. You can reach a thousand feet of elevation in minutes and have incredible views with a cooler climate.
I definitely think it’s worthwhile. In 2021 and 2022 — in the heat or the aftermath of the pandemic — people needed distance. Those luxury buyers who were maybe in Malibu, looking out at the ocean with a neighbor five feet away — well, that’s kind of what you get in Tamarindo or Guanacaste. But suddenly they were looking for space and privacy. We saw people come down and just be in awe of what was available to them on a two-acre property.
And there’s this misconception that maintaining two acres is a burden. Not when it’s jungle. The jungle takes care of itself.
Richard Bexon
Or if you try to maintain it, the jungle is just going to take it back anyway — so you might as well let it.
Ben Rutherford
Exactly. We’re seeing a lot of people who bought in the northern areas — Nosara, Sámara, up in Guanacaste — and lived there for two to five years. They came in 2021 or 2022, saw the boom, and just said, “This is too much for me now.” We all come to Costa Rica and fall in love with what it is in that particular window of time.
Richard Bexon
Correct.
Ben Rutherford
But in a growing, developing country like this, that can change. You hear it from the old-timers all the time — “You should have seen it when I got here.” I’ve been here 12 and a half years and that sentiment keeps shifting. You change with it — that’s what we’re seeing.
Richard Bexon
It’s like — the people who were originally in Manuel Antonio ended up heading south to Dominical. Then Dominical got too busy, so they went to Uvita, then Ojochal, now Tres Ríos. Everyone just keeps rolling further south trying to find what they originally had. When people tell me they want jungle, cooler climates, a good community, and good schools — the stretch from Dominical all the way down to Ojochal, even Tres Ríos, really delivers that. Manuel Antonio is a tourist destination. You could live there, but it functions as a tourist destination.
Ben Rutherford
Yes. And what’s interesting with Manuel Antonio is that now that I live in nature here, going to Manuel Antonio National Park feels like the Disney World of nature parks — 300,000 to 400,000 visitors a year. But when I want a quick trip to a completely different environment, I head to the marina and have a fantastic lunch at one of the restaurants overlooking it. It feels like I’ve teleported to a big city and gotten a fine dining experience — and I’m only 40 minutes away. It has a lot to offer, but I chose not to live up there, and I find my area very attractive.
Richard Bexon
That stretch from Dominical down to Ojochal has really developed. There are great restaurants, everything you need to live there. When you arrived 12 years ago, it was probably quite tough.
Ben Rutherford
Oh, yes. One bank, one pharmacy, no doctors. Now there are massive private medical clinics, medical tourism — everything is here.
Who Is Buying in the Southern Pacific Right Now
Richard Bexon
Most buyers are coming from the US at the moment? Canadians, Europeans, or primarily the US?
Ben Rutherford
Primarily the US, some Canadians. The dollar-to-Canadian-dollar exchange rate is pretty tough for Canadians. Interestingly, Curaçao has brought in several clients recently. The island has gotten very busy and touristy — rental homes everywhere. My most recent Curaçao clients — I’ve had two in the last two quarters — were both saying that what used to be a beautiful, quiet, gated community has shifted from full-time residents to part-time, and now the rental homes have music blasting and so on. So yes, that’s changed. They’re finding their way here.
What’s Moving and What’s Sitting
Richard Bexon
Ben, you mentioned that anything three bedrooms under $600,000 moves quickly. Is there anything else moving fast? And what’s sitting a bit longer?
Ben Rutherford
I would say anything over $1.5 million is sitting. When you get up to the $3 to $5 million range, yes, you’re getting fewer showings, but they’re definitely qualified buyers. They’ve done their research. They know it’s a stable investment — pulling money out of volatile markets and putting it into real estate. We do see that. But the $1.5 million range — if it’s a Canadian buyer, they’re looking at around $1.9 million Canadian, which is a lot to swallow. That said, the $900,000 to $1.2 million range is selling.
Richard Bexon
What about in the one- or two-bedroom range? Or multi-unit properties?
Ben Rutherford
I actually have a two-bedroom buyer right now. It’s $600,000 — small ocean window, beautiful property, a quarter-acre with room to add a casita. It’s perfect for them as they prepare for retirement. They’re getting a property manager, they’ll rent it out, it’ll cover its costs, and they’re moving money out of the US into a safe bet. In 18 to 24 months they’ll have their retirement property ready.
Richard Bexon
I think a lot of people are looking to diversify out of their home countries right now, and Costa Rica real estate is one way to do it. But you have to be careful what you invest in, especially if you’re looking for rental returns. Sometimes you just need to be okay with covering your costs. You may not make five, six, seven percent unless you have something very unique or a really strong property management company.
Ben Rutherford
Exactly. I usually tell clients that when you start seeing a real return, it’s with three or more bedrooms. With the two-bedroom rentals I’ve worked with, the average renter tends to be a couple. And they say, “Wow, for $250 or $300 a night, we can get an entire house with a lap pool, privacy, and an ocean view.” That’s absolutely worth it — because at $250 to $300 a night, a hotel room is not going to give them that immersive experience. And if you’re making the journey all the way to Costa Rica and driving down the coast, you want it to be worth it.
Tourism, Seasonality, and the Real Estate Cycle
Richard Bexon
Tourism numbers are up. Hotel revenue is up, though costs are also up because of the exchange rate. A recent Moody’s analysis suggested the colón could hit 420 to the dollar at some point this year — which is pretty rough for the country. But they’ve been calling Costa Rica the Switzerland of Central America for years, so cost-wise it’s living up to that reputation. I’ve always believed real estate follows tourism — tourists fall in love with the country first, then they buy real estate. So a strong tourism year should translate to a strong real estate year.
Ben Rutherford
Exactly. And from my experience, people always ask, “Is there a high season and a low season?” In the high season — mid-December through March — yes, there are more people looking, but there are also more casual lookers. If I have 10 clients during that period, maybe six of them buy. From May to December, if I have 10 clients, nine of them buy, because it’s likely their second trip. They came once, thought, “Can I handle the rain?” — came back and said, “This is beautiful.” The sun is still shining, everything is so green, there’s more wildlife. It’s an incredible time. And those people buy.
Richard Bexon
And you can also see properties that are rented all high season. May through November is a great time to visit and see Costa Rica as it really is — green, with the waterfalls flowing, rivers running. The endless summer sun gets a bit boring honestly. It gets too hot.
The Two Biggest Mistakes Sellers Are Making Right Now
Richard Bexon
So what do you think are the biggest mistakes sellers are making right now, Ben? Is it still a pricing hangover from the pandemic?
Ben Rutherford
Two things. First, pricing — sellers may be out of touch with reality by saying, “My neighbor sold for $1.2 million three years ago.” Well, we’ve had a price correction. We’re now looking at $1.1 million for that same property. Second, staging and presentation. If you have the right agent, prepare the house. The cost of staging is always less than your first price reduction. That’s really important to remember.
When we make suggestions — even something as simple as repainting some walls — those jungle murals on the living room wall that were trendy 15 years ago aren’t really in anymore. Give it a cleaner, more classic look. It makes a world of difference. The photos are better, and I’d rather have a buyer say, “Wow, this house is even better than the photos” than hear, “The photos were good.” That second comment tells you the listing oversold the reality.
Richard Bexon
I’ve always thought there was a business opportunity in professional home staging here. A third party that comes in, removes your furniture, brings in brand new pieces, makes everything look amazing. I have no idea how the economics would work, but it would definitely make life easier for sellers.
Ben Rutherford
It would. When my husband and I left Toronto, that’s exactly what we did. The challenge here is that you need warehouse space, and land along the highway in the lower areas is very expensive per square meter. So that’s a real obstacle. But I’ve built good connections. I work with a fantastic interior designer named Nelson who does consultations very inexpensively and puts together real proposals. He’ll suggest a feature wall, something to ground the space. And often we can work with the furniture and items the clients already have. It’s about rearranging with a professional eye. That makes a big difference.
Where to Invest $500K in the Southern Pacific
Richard Bexon
If you had to invest in a beach town over the next 10 years — someone who just wants to buy a piece of land and sit on it — what would you buy, where would it be, and why?
Ben Rutherford
If we’re talking near the beach, I’d look at Mata Palo or Portalón, just south of Quepos — access to Playa Linda, which is an incredible beach, and a lot more development coming there in the years ahead. And then I think Playa Hermosa. Look at Playa Hermosa now — it’s filled with homes, and there’s a really great mix of locals and expats living beautifully together. I can see the same trajectory happening elsewhere.
Tres Ríos, south of Ojochal, is really growing. It has thick, dense primary rainforest, so many rivers running through it. You do have to drive 10 to 15 minutes north to Ojochal or 15 minutes south to Cortez for bigger shops and grocery stores, but that’s a small trade-off.
If we’re talking mountains — I’m a true believer in what I have here. Our property is now 47 acres, surrounded by four farms. It’s pasture — the locals use the land for their cattle, which keeps the jungle at bay. I have private waterfalls. I put my money where my confidence is, and that’s where it went.
Richard Bexon
It’s also where you want to be. After you’ve been in Costa Rica a while, staring at the ocean every day can get monotonous. The mountains and the jungle are constantly changing — clouds rolling through, the light shifting. I love the mountains of this country.
Ben Rutherford
Every ten minutes it changes.
Predictions for the Rest of 2026
Richard Bexon
What are your predictions for 2026? What do you think happens for the rest of the year?
Ben Rutherford
I feel it will maintain. As you said, real estate follows tourism and the numbers have been good — that should translate into sales.
What I do hope is that the buyers who are most successful here are the ones who, when they came, were already happy — they just decided to be happy somewhere else. What I see with some buyers is this anxiety — a feeling that they need to get here, they need to escape. That can be difficult, because they may not have taken the time to realize it really is different here. You have to assimilate. Things aren’t done the way you’re used to. There’s Tico time. Lunch at noon might actually be at one o’clock. In the beginning they say, “That’s exactly what I’m looking for.” But eventually, some get frustrated.
As for other predictions — I’m honestly just enjoying it for what it is. I’ve been in real estate here for some time. We’ve had slow years and busy years. You learn to appreciate it for what each moment offers.
Richard Bexon
Do you think we’ll continue to see price reductions throughout the year?
Ben Rutherford
For sellers who have a real need to sell — yes, like the fire sale I mentioned. What I’m also seeing is buyers coming in from markets like Minnesota, Maryland, or parts of Florida where the market has crashed locally, and they assume the same dynamic applies here. We don’t have a crashed market. We’ve always had tourism feeding the lifestyle and desirability of Costa Rica, so there’s always going to be a base of buyers. But some of these buyers are convinced they’re going to get the deal of the century — putting in offers 20%, 30% under list price. I’ve told some of them flat out: I’m not submitting that. You’ll end up paying more after negotiations because you’ve insulted the seller and they’re going to dig their heels in. Let’s be smart about this.
Richard Bexon
People need to understand that Costa Rica is a cash business — cash buyers dominate. And typically, cash buyers don’t want to lose money. There may be circumstances where build costs drove prices higher than the market will bear, but if they’re a true cash buyer, they generally hold firm.
Ben Rutherford
Yes. And with the colón-dollar exchange rate, building costs are going up. Builders — as far as I know — are no longer signing contracts with a guaranteed price. They’re saying, “I have no control over what’s going to happen with concrete and steel.” There’s a variable built into every build now. So people looking at land and building need a realistic idea of what it’ll cost per square foot. That’s pushing a lot of those buyers back into the market for finished properties.
Richard Bexon
That’s the smart move right now.
Final Question: $500K Investment in Costa Rica
Richard Bexon
Ben, my last question for you — and I’ve kept you long enough. If you inherited $500,000 and had to invest it into a business or real estate in Costa Rica, what would you do and why?
Ben Rutherford
Land. I’m a fan of land. They don’t make it anymore. When it becomes available — like what I’ve been doing, buying up everything around me — I’m protecting the environment I came to Costa Rica for. And later on, if I need those funds in retirement, I can sell it off. I know I’ll get my money back and more.
Richard Bexon
You and I are in the same boat. We’re just land banking. Well, Ben, it’s been an absolute pleasure having you on the podcast.
Ben Rutherford
Absolutely. Thank you, Richard.
Richard Bexon
If anyone wants to reach out to Ben, I’ll put all his contact details in the description. Very much appreciate your time, sir.
Ben Rutherford
Thanks very much. Good to see you again. Take care.
Richard Bexon
Guys, I hope you enjoyed that podcast with Ben. As you can see, the Southern Pacific area continues to do well. It’s a region that has definitely grown post-pandemic. As Ben mentioned, when he arrived years ago there were no doctors in the area — now there are world-class private medical clinics and some of the country’s finest restaurants and most beautiful homes. You have large-acreage properties as well as smaller options, and you can get from the beach to the mountains in about ten minutes with that beautiful breeze shift. It’s an area of the country I personally love.
If you’re looking for your own space, surrounded by jungle and wildlife but with all the creature comforts of the Western world — this is definitely a great area to explore. Remember, if you’re looking to do anything here in Costa Rica — invest in property or looking for buyer’s representation — we do a lot of that on our side as well. No Jedi mind tricks, just straight talk. No obligation — feel free to set up a time to chat with us at info@investingcostarica.com. There’s also a link in the description below to book a call. Until the next podcast — catch you later. Bye.
Listen to the Full Episode
You can listen to Episode 291 in full on the Costa Rica Real Estate and Investments podcast. If you want to reach Ben Rutherford at Blue Zone Realty directly, his contact details are in the episode description.
Want to Explore the Southern Pacific?
We work with buyers across Dominical, Uvita, Ojochal, and Tres Ríos — from buyer’s representation to investment consulting. No obligation, no pressure. If you’re thinking about it, the best first step is a conversation.
Email us at info@investingcostarica.com or book a call in the description below.
