Escazu Remains as Coveted as Ever
Escazu is one of the most sought-after suburbs in the Central Valley of Costa Rica, thanks to its accessibility, amenities, and infrastructure. The pandemic has not changed that; in fact, it made it more evident. The real estate market in Escazu is currently undergoing one of the most mature and healthy stages seen in the last decade; the result of the demands of an also more mature demographic and overall marketplace. There is an increasing desire to both buy and sell properties, as well as an outstanding number of closed transactions. The wide offer of housing developments and residences has paved the way for a very competitive market to develop, and in these current times, developers have had to evaluate what other amenities they can offer to people, aside from just a beautiful house or condo. Some of the most consistent trends we are seeing are people reinvesting in their homes, moving to bigger and better-equipped residences, and migrating to easy, hassle-free lifestyles.
Reinvestment
One of the strongest trends in the current market is an increase in people looking to reinvest in their homes. The pandemic in Costa Rica, like in many other countries, was handled by having a massive closure of non-essential commerce, which obligated us all to stay within our confinements. Everything from working, exercising, and leisure was taking place in the same four walls, and people started to resort to interior decor to give their homes a more inviting atmosphere. Now that people were not spending their money on eating out and entertainment, stores like Altea Design, Habitat, and Atmosphere Home were busier than ever, with clients looking for office furnishings, new sofas, trendy dining tables, and patio furniture. Moreover, companies like Grupo AIE, Jimaco Constructores, and Dicoma Corporacion are reporting a large increase in requests to rebuild, remodel, and expand existing homes.
Bigger, Better Equipped Homes
People are consistently buying larger homes, especially featuring more open-air spaces. Mostly also due to the lockdown, the surge in buyers was motivated by their desire to move to a home where they would not feel claustrophobic. The increase in families looking for houses with bigger square footage responded to the needs arising from virtuality becoming the rule rather than the exception. People started realizing the importance of having distinctive spaces for leisure, entertainment, and productivity, and they started to buy in accordance with this need; thus, houses with more rooms started to become popular. Leisure and entertainment also became a focal point for prospective buyers, who started adding more value to outdoor spaces where children could play and have a pool with BBQ grounds and large patios.
New Mindset, New Lifestyle
Ironically, another trend that characterizes the current market is people wanting to leave behind larger estates for cozier dwellings with less maintenance. One of the main reasons that clients report for selling their comfortable estate houses is the maintenance associated with big properties, like mowing the lawn, cleaning the pool, and dusting off unoccupied guest rooms. The motivation behind this type of purchase was, for the most part, just people wanting to make their lives easier; for example, empty nesters wanting to leave behind their big luxury estate houses for a smaller penthouse or condo in Escazu, or jet setters finding that the security of an apartment or condo comes in very handy for their busy travel schedules. Moreover, the surge in vacation home purchases led many people to migrate to a small dwelling in the city and to bigger, more luxurious houses on the beach. Housing options like condos and apartments have become very popular in this regard, as people are transitioning toward easier and less worrisome lifestyles.
What Is Up Next?
Escazu’s market remains as dynamic as it has ever been. Although now the demands respond to a market that has had its life put into perspective, unlike any other time in history. Under the premise that normality is nowhere near becoming what it once was, the psychology of both buyers and sellers has shifted more towards a lifestyle purchase. Whether people are looking for a lock-and-leave lifestyle in a condo, a big estate property where disconnecting from work and school is easier, or just looking to completely renovate their house in accordance with their needs, Escazu has supplied these demands with ease. As the market is maturing, developers and builders are adapting to these new markets, while buyers are becoming more and more demanding without losing sight of what’s really important.
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