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Over the past  ten years Costa Rica has become a tourist destination as well as a place to build and invest in new Costa Rica condos.  Builders from all over the world have been pumping money into the Costa Rica market constructing new resort communities, condo hotels, and high-rise condos.   Costa Rica’s Peninsula Papagayo is one of the hottest areas of the island located on the country’s north Pacific coast and is just 30 minutes from an international airport.   The peninsula is approximately 2,300 acres with 31 miles of beaches, multiple luxury residential communities and five star hotels.
Many new golf courses have been added to the area as well to support all the tourist traffic as well as the new condo buyers.  All of the new development, hotels, luxury condos, golf courses, and amenities are designed to attract investment dollars and global interest.

At the tip of Peninsula Papagayo’s southern peninsula, the Four Seasons Residence Club has two- and three-bedroom ocean-view Costa Rica condos with fine finishes, wonderful resort style amenities, and large floor plans with terraces.   New luxury condos in Costa Rica are priced from very reasonable from the mid $200’s to well over $2 million and sales have continued to be hot as more US buyers and investors are diverting their dollars to foreign markets. 

For example, Minnesota-based development firm Kirchert Pakonen is building La Punta Papagayo, a luxury residential condo and mixed use development overlooking the Gulf of Papagayo. The community will feature luxury villas, new Costa Rica condos, retail villages, spa facilities, and more.   The project will open for sales in Spring of 2008 and will offer homes from $1.4 million to well over $2.8 million.
More Costa Rica condos for sale will be flooding the market over the next couple years and we can expect prices to steadily rise.  As the current state of the housing market in the United States remains stagnant, more US based buyers, investors, and home builders will be coming to Costa Rica for new opportunities.  There is not as much developable land as there was five years ago, but there are still many opportunities to build new Costa Rica condos.  It will be interesting to see where the market goes over the next few years as fewer people put money into the US markets. 

When the US markets suffer due to overbuilding, interest rate fluctuations, slowing demand, and massive foreclosures, builders and investors look elsewhere.  Those investment dollars have been going to areas such as Central America, Mexico and the Caribbean.  New condos and hotels by US based companies have been going up in Costa Rica, Honduras, Panama, Belize, the Caribean, Dominican Republic, and all over Mexico.  Investors have been buying land in Costa Rica and Panama for years just waiting for those markets to season.  When interested builders come along and purchase the land from the investors they make a nice profit.