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Which Luxury Markets Are Seeing the Most Second-Home Purchases?

Housing Markets

Which Luxury Markets Are Seeing the Most Second-Home Purchases?

Demand for luxury vacation homes is subsiding in a pricier housing market, but affluent buyers are still making second-home purchases in a few popular destinations

May 15, 2023
Costa Rica luxury houses on cliff
Image: WildPhotography.com / stock.adobe.com

Second-home purchases in luxury markets soared in the early days of the pandemic amid ultra-low mortgage rates and a nationwide buying frenzy, and while that red-hot demand in the ultra-luxury real estate sector was ultimately unsustainable, some vacation destinations are still seeing strong sales. The Caribbean is in the middle of its peak buying period outside of hurricane season, and markets such as Turks and Caicos and Virgin Gorda are luring in million-dollar buyers.

Homebuyers are also looking for second-home getaways in Costa Rica, home to more relatively affordable properties with oceanfront lots. A 5,000-square-foot house in the Costa Elena master planned resort community and ocean club costs roughly $2.85 million, according to Forbes.

Costa Elena is a master-planned resort community and ocean club tucked away within Costa Rica’s comparatively untrammeled northern Guanacaste region. There, adjacent to the UNESCO World Heritage Site Area de Conservacion Guanacaste (ACG), Costa Elena recently embarked on sales efforts on behalf of its new Sunset Villas.

Spread over 3,000 acres, the community offers 10 miles of immaculate coastline. It will likely appeal most to those who love natural beauty, modern tropical design and above all sustainable tourism. 

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