Costa Rica’s growing popularity among international tourists is providing fertile ground for real estate development and for residential, commercial and tourist projects, leading international hotel chains and private investors to carry out multimillion-dollar projects in the country, especially in the province of Guanacaste overlooking the Pacific Ocean.
The tourist sector has become a pillar of Costa Rica’s economy (spending by foreigners visiting the country surpassed pre-pandemic figures last year), with luxury tourism increasingly gaining momentum. The appeal of Pacific Coast beaches and world-class eco-tourism experiences is attracting affluent customers in search of high-end services and accommodation. A growing demand that has led to huge investment in the infrastructure and construction sector: according to the Institute of Statistics, in 2023 the province of Guanacaste recorded the largest national increase in both building area and amount of works, driven mainly by the development of residential, but also commercial and industrial projects. The presence of the Daniel Oduber International Airport in the city of Liberia also contributes to easier access to this destination that is now coveted by both tourists and local developers who have opened production facilities in the province to capitalise on the growing luxury real estate business.
Despite local challenges – first and foremost, the persistently poor development of essential infrastructure and exchange rate fluctuations – the construction sector in Costa Rica has shown resilience. The construction sector’s contribution to Costa Rica’s GDP was 4% in 2023, as well as 11% to the national employment rate. The private sector, particularly in the tourism and real estate industries, played a key role in driving this growth.
