22-Year Vacancy Growth
Costa Rica has seen an escalating trend of vacant homes over the past 22 years. The unoccupied rate in relation to the total homes has surged by 2.1 percentage points, moving from 9.6% to 11.7%. Out of every 100 houses in Costa Rica, 12 remain uninhabited.
Numbers at a Glance
With 1,836,291 registered homes in the nation, a staggering 214,654 homes are empty. The National Institute of Statistics and Censuses defines a vacant home as one without regular inhabitants.
Touristic Zones Lead the Charge
Coastal cantons, particularly those that attract tourists, exhibit a higher percentage of empty homes. This could be attributed to the rising trend in short-term rentals, such as Airbnb. Notably:
- In Jacó and Herradura, 44 out of every 100 houses remain vacant.
- San Mateo, Alajuela shows a 40% vacancy rate.
Underlying Factors
Several reasons could be driving this vacancy spike:
- Overproduction: The market might be oversaturated, unable to assimilate the rapid rate of home construction. Consequently, many homes remain neither sold nor rented.
- Subpar Housing: Low-quality constructions, which have a shorter lifespan, might be contributing to the vacant housing numbers.
Costa Rica’s vacant home phenomenon, especially in coastal regions, is a multifaceted issue, with short-term rentals, market saturation, and construction quality being potential factors.
