A Chrystal Ball: Luxury Real Estate Market Recovery Expectations
Over the past few days we have received calls from several property owners who are concerned about the present conditions of the luxury real estate market in Costa Rica and how the worldwide events are affecting us. The general question is if we are expecting a market recovery in the luxury real estate market in the short term. I guess this question is not only pertinent to property owners of luxury homes in Costa Rica but in many countries worldwide. Our answer has been plain and simple. It is clear we will have to wait a bit more for a market recovery. Some property owners are expecting this to happen soon, but when we say “a bit more” means many months, probably years... hopefully not as much as some predict, but this means we will definitely have to be patient and very creative in the way we approach the market. In the worst scenario and looking at the long term, it was in January of this year that the Washington Post published an article forecasting 10 to 15 years for a m...