Playa Grande real estate has quietly become one of Guanacaste’s most distinctive markets — low-density by law, framed by a marine national park, and shaped by surf, yoga retreats, and a community that wakes up early. In this episode, host Richard Bexon sits down with Richie Velásquez, who has lived in Honduras, Panama, and now Costa Rica for the past 35 years, for an honest update on where the market is heading in 2026.
Is Playa Grande Real Estate Settling After the Boom?
Richard Bexon:
I would say 2026 has been volatile, but I think 2025 was as well, and I think that’s probably the new normal. What are you seeing happening here on the ground in Costa Rica?
Richie Velásquez:
To be honest, I see it in a little bit of a different manner. Things are starting to settle in and get back to normal. I think we’ve been spoiled with the last five to six years — that big bubble. It’s not that it’s going to burst, but things are definitely settling down.
We’re starting to notice the market stabilizing. Not everybody who’s overpricing houses is getting a lot of action on those, and so there’s a lot of price drops, which to me is a healthy thing. That means we’re reaching the point where we were before the pandemic — fair prices and good properties available for everybody.
Richard Bexon:
My email box is flooded with those price-drop, fire-sale words in certain areas — especially in non-core areas. The core areas are seeing a little price adjustment, but I wouldn’t say it’s a fire sale by any means.
Richie Velásquez:
I completely agree. I don’t think anybody’s losing any money, it’s just that expectations are being taken down a notch, which is healthy for the market.
From Photographer to Playa Grande Real Estate Insider
Richard Bexon:
You’ve spent 35 years across Honduras, Panama, and Costa Rica. How did you end up becoming one of the go-to real estate guys in Playa Grande?
Richie Velásquez:
An old friend of mine here in Tamarindo told me about 25 years ago: it’s not what you know, it’s who you know. After many years working as a photographer, when I ended up in this area I started doing a lot of real estate photography.
That created an opportunity — I got to see all these interesting properties, participate in the marketing of them, and meet a lot of great people in the industry. A lot of them became my friends, so when the chance came to join the team at Playa Grande Real Estate, it felt like I’d already been part of that team. It was very seamless.
Richard Bexon:
Your videography and photographs are stunning. It certainly makes listing your properties easier, right?
Richie Velásquez:
I think so. We try to portray and market our properties adequately. I’m not a big fan of all the new flashy ways people are marketing properties — I keep it more classical, because that’s just the kind of person I am.
Buyer’s Market or Seller’s Market in Guanacaste?
Richard Bexon:
Is it safe to say it’s a buyer’s market at the moment?
Richie Velásquez:
It’s a balance. It depends on the property and where you’re selling it. Stuff really close to the beach in our area — there aren’t many properties available because of the national park. Properties that have water meters installed are kind of the commodity right now.
So for that type of property it could still be a seller’s market. But a house a couple of miles from the beach — or even a couple of steps from it — there are plenty of those for sale right now. In that sense it can become a buyer’s market for sure.
Should You Buy a Finished Home or Build in Costa Rica?
Richard Bexon:
When someone’s deciding between buying something finished or building, what’s your advice?
Richie Velásquez:
First I want to grasp the situation. If you’re buying land and building, how often will you be in Costa Rica? A lot of our buyers can only come once every three months, or they don’t come at all. When it comes to construction, I don’t think there’s any company I’d blindly recommend for a turnkey project. It’s important for buyers to come back and see how it’s going themselves.
We’re getting an increase in supplies here — construction materials, companies, everything from tiles to furniture. Even construction companies from the Central Valley and the San José area are moving here because they see the strong market. But it depends on how much peace and quiet you’re willing to sacrifice, because it’s going to be arduous.
There are good companies out there, but they’re the busiest, so you’ll wait in queue. Or you go guerrilla style, like I’m doing right now — managing the project myself — which means sacrificing a lot of your time.
Richard Bexon:
Tell me about it. We project manage about 15 home builds a year. Everyone starts with the best intentions, but you need somebody watching the build 24/7.
Richie Velásquez:
For a lot of people, their second home here is also the first one they’ve ever built. Back home in the US or Canada, most people are used to buying a completed home. It’s not for the faint of heart — it’s a lot of work, and I always have a face-to-face conversation with clients about that before they commit.
Richard Bexon:
Buying is simpler — you know what you’re getting, and with the cost of construction and the colón right now, it sometimes makes more sense to buy than build, unless you can’t find what you want or you’re building your dream home.
Richie Velásquez:
Exactly. There are pros and cons. Some people prefer to buy land, sit on it for a few years, and see how prices and the global situation change. If you’re ready to roll the dice, we’re here to help.
The Hard Truth About “Vacation Goggles”
Richard Bexon:
What’s one hard truth buyers need to hear about investing in Costa Rica?
Richie Velásquez:
A lot of people have vacation goggles when they come here. I’m guilty of it too — everywhere I go I tell my wife, “I think I could live here, let’s go look at real estate.” People who visit our office are curious and want to jump right in because they had a few fun vacation days.
My advice is always to move here first for about six months and get a feel for Costa Rica. It might not be for you. We don’t have everything at hand, especially in Guanacaste — we’re still a growing community. For a retired or elderly couple, the medical facilities might not be here to respond in an emergency.
Get acquainted, get to know your neighbors, see if you fit into these communities. I’ve seen people buy property and within a year decide Costa Rica isn’t for them, so back on the market it goes.
Richard Bexon:
The saying is, if you want to make a million dollars in Costa Rica, come with two — because you lose one. It’s easy to get in and not always easy to get out, which is why you need trusted advisors when buying and investing here.
Why Your Property Manager Makes or Breaks Returns
Richie Velásquez:
Another reason people buy a second home is passive income. They think, “We’ll Airbnb it, have someone manage it, and it’ll generate $60,000 to $70,000 a year net.” My answer is always: it depends on many factors.
As the area grows, your competition increases. Rates might stay flat, and you might struggle to get heads in the beds, because there are a lot of houses with a similar price that might be closer to the beach, have a better view, or be better managed.
Richard Bexon:
The property manager can make or break your business. If they’re just distributing through Airbnb, they’re not adding much value. Your property needs to be a little more unique — because if something’s closer to the beach at the same price, it’s probably going to win every time.
Richie Velásquez:
Their most important job, beyond keeping your property in tip-top shape, is how well they can market it — how big their reach is and how many guests they bring in. It’s easy to say yes to a neighbor or friend who offers to manage it for cheaper, but that doesn’t mean they can get you the occupancy you need all year round.
Richard Bexon:
Forget percentages — you can’t buy food with percentages. There are dollars in and dollars out. The real questions are: what tech are they using, how are they distributing beyond Airbnb and VRBO, and what percent of their business is direct?
Richie’s Hidden Gem and the Future of Playa Grande
Richard Bexon:
What’s the hidden gem location for you in Costa Rica?
Richie Velásquez:
I’m an isolationist — I love being far away from everywhere and everyone. I really love the south of Costa Rica on the Pacific side, with Osa and south of Uvita. There are so many opportunities to buy a nice chunk of land, a farm, a couple of hectares, and just live off the grid. That’s my retirement plan. I’ll keep good health and a good car to get up and down that mountain.
Richard Bexon:
I’m a mountain guy myself — I love the mountains of Tarrazú and San Marcos with their coffee plantations. We’ve all got those special places.
Richard Bexon:
How would you compare Playa Grande real estate and lifestyle to, say, Tamarindo and Nosara?
Richie Velásquez:
Once you get here, you get it. Playa Grande is a very sleepy town. The national park is a marine park with a lot of restrictions, and in an area without much urban planning, the park dictates what happens. The law requires us to be a low-density community.
Houses have to be within 40% coverage of the lot, two stories maximum. No loud discotheques, no giant resorts or hotels. That keeps a small residential feel. The two things everybody comes for are yoga retreats in the rainy season and fantastic surf — so we attract the people who wake up earliest and go to bed earliest.
Richard Bexon:
I always tell people looking at Tamarindo or Flamingo: if you want to see a special piece of Costa Rica, look at this beach — it will never change. It’s a national park, so how it is now is how it’ll be for hundreds of years.
Richie Velásquez:
The beaches are public — they belong to the Costa Ricans and the residents. There are about five or six houses on the beach grandfathered in before the law changed, but other than that, you can walk three miles down the beach and not see a single house. During Semana Santa, New Year’s, and Año Nuevo it gets crowded, but walk a mile and you’ll find a quiet spot for your family.
Richard Bexon:
If you had to bet on what Playa Grande looks like five years from now, what would you say?
Richie Velásquez:
Similar to now. Over the past five years we’ve sold a lot of lots, and those lots are now beautiful luxury homes — that’s what Playa Grande is most known for. With our construction restrictions, I don’t see that changing much in five years. Same style of homes, same kind of population. The national park is what keeps us level.
A 10-Year Bet: Avellanas, Playa Negra and Beyond
Richard Bexon:
If you had to make a 10-year bet on a beach town in Guanacaste, which one would you bet on?
Richie Velásquez:
Two areas have a lot of potential. One is Avellanas — I’d include from Avellanas to Playa Negra. The infrastructure is changing and roads are getting paved, which will be huge. The biggest gripe people have is that it’s isolated, but it’s getting more connected to Tamarindo and Santa Cruz.
The other is along the beach road from Junquillal down to Nosara, which is being redone. Beaches like Marbella and San Juanillo are getting a lot of attention from developers — small communities and single-family homes. It’s in its baby stage, so we’ll see what happens in 10 years.
Richie Velásquez:
I used to surf Avellanas 30 years ago with my brother. We’d camp there during our Thanksgiving holiday in high school, completely alone for a whole week, crossing flooded rivers in the rainy season. Every time I go back, I remember how quiet it used to be. Now it’s different, and I’m happy more people get to enjoy that beach — it’s the biggest asset Avellanas has.
Where He’d Invest $500,000 in Costa Rica
Richard Bexon:
Last question: if you inherited $500,000 and had to invest it in a business or real estate in Costa Rica for returns, what would you choose and why?
Richie Velásquez:
There’s a lot of opportunity in San José. High-rise condominiums are going up all over the city and they’re very well priced — you can get in around $150,000 to $200,000 for a one bedroom. They’re doing okay with Airbnb, and a lot of management companies have exclusivity with these buildings, so you can sign a contract right away and be ready as soon as you furnish it.
If I had an extra $500,000, buying two of those would be a smart move. The resale value isn’t as strong as something on the beach, but it should generate good income for that amount of money.
Richard Bexon:
Richie, it’s been an absolute pleasure. Thank you for sharing all of your knowledge — anyone who wants to reach Richie can find his contact details in the description.
Thinking about buying, building, or investing in Costa Rica? Reach out to the team at investingcostarica.com — every email comes straight to Richard.
