Costa Rica’s hospitality market is expanding at a pace few destinations can match. According to the Instituto Costarricense de Turismo (ICT), the country welcomed 2.66 million visitors by air in 2024—its highest total in 16 years. The Banco Central de Costa Rica (BCCR) reported that tourism generated a record US$5.4 billion in foreign exchange that year, while visitor spending surpassed US$2 billion in a single quarter for the first time in early 2026.

For hospitality investors, those figures confirm strong international demand—but they don’t tell the whole story. Costa Rica’s Caribbean, Pacific and southern coast each operate as distinct hospitality markets, with different guest profiles, competitive landscapes and investment opportunities.

Three current listings illustrate how those differences translate into investment opportunities.

For investors accustomed to underwriting Pacific-coast opportunities, Costa Rica’s southern Caribbean can feel like a different country.

Puerto Viejo and its surrounding beaches—including Playa Chiquita—have not experienced the institutional hotel pipeline seen in Guanacaste or the Central Pacific. Growth has remained organic and boutique-led. That creates a market with less branded competition, alongside a more selective guest base shaped by wellness travel, repeat visitation and word-of-mouth discovery.

Playa Chiquita Haven Income Villas, offered at US$795,000, is a clear example of the type of asset this market rewards.

The property comprises seven villas on 1,699 square metres of land, with approximately 565 square metres of construction. Its centrepiece is a three-bedroom Pool House featuring an indoor koi pond and an Asian-influenced architectural language that is uncommon in the region.

For an investor, however, the operating performance is more relevant than the design. The property reports an 8–9% capitalization rate and occupancy above 80%, supported by a blended short- and long-term rental strategy. It is an operating asset with an established record rather than a projected development scenario.

The location strengthens the thesis. Playa Chiquita lies approximately six kilometres south of central Puerto Viejo. Beach access remains discreet, and the absence of beachfront commercial development preserves the area’s intimate character while limiting visible competitive supply.

Commercial and development parcels in the surrounding area can begin near US$800,000 and extend beyond US$3 million for ocean-view or development-ready land. Against that context, the property presents a comparatively accessible basis per key within an increasingly scarce coastal enclave.

Santa Teresa represents the opposite investment case: a market that has already been discovered, continues to attract capital and is progressing through the infrastructure phase that separates a seasonal surf town from an established hospitality destination.

Average sales values in the area rose from approximately US$570,000 in 2020 to nearly US$900,000 by 2025. Annual appreciation has recently ranged between 6% and 10%, depending on location and asset type. Ocean-view and beachfront properties have continued to preserve value, even as buyers have gained greater negotiating room within portions of the ultra-luxury segment.

The composition of transactions has also changed. While raw land represented a significant share of sales in 2021 and 2022, finished residences and operating properties now account for a larger portion of activity. This suggests a transition away from speculative land acquisition and toward completed, income-producing assets.

Recent infrastructure improvements reinforce that evolution. Key road sections near Playa Carmen have been paved, a new police delegation has opened in town and additional regional services are being planned in nearby Cóbano.

The Turnkey Boutique Hotel in the Heart of Santa Teresa, offered at US$1.2 million, sits directly within this more mature asset category.

The property includes six accommodation units—four one-bedroom units and two two-bedroom units—on a 670-square-metre lot, with approximately 420 square metres of construction. It was remodelled three years ago and is positioned within a five-minute walk of the beach, restaurants and retail corridor.

The operating infrastructure distinguishes it from a conventional lifestyle property. Professional management is already in place, while mid-term reservations help moderate seasonal revenue fluctuations. Five on-site parking spaces provide a meaningful advantage in central Santa Teresa, where parking is limited. Backup power also supports essential guest services, including Wi-Fi and check-in systems, during outages.

The Osa Peninsula occupies its own investment category. Comparing it with Puerto Viejo or Santa Teresa solely on a price-per-square-metre basis overlooks the essential value proposition.

Corcovado National Park protects more than 41,000 hectares and supports exceptional concentrations of wildlife and plant species. The wider peninsula is frequently described as containing more than 2.5% of the world’s biodiversity. In this market, the surrounding ecological environment is not simply a backdrop—it is the product.

The regional economy is closely connected to ecotourism, agriculture and sustainable development. Demand for hotels, wilderness retreats and eco-lodges is directly tied to the peninsula’s conservation credentials and sense of remoteness.

Access has historically been the principal constraint, but conditions are gradually improving without removing the region’s secluded character. Puerto Jiménez is connected to the national electricity grid and fibre-optic infrastructure, while domestic air service from San José supports easier access during the high season. Improvements to regional transport capacity and the Puerto Jiménez pier may further strengthen connectivity.

The Sacred View of Osa in Corcovado, offered at US$6.125 million, belongs to an entirely different asset class from the other two opportunities.

The property spans eight hectares and includes eight off-grid bungalows, five of which have private plunge pools. It operates with solar power and spring-fed water, lies approximately one mile from the entrance to Corcovado National Park and includes around 280 metres of beachfront. A lagoon borders the property on three sides.

The central investment consideration is optionality rather than current stabilized yield. Potential strategies include maintaining the property as a low-density eco-lodge, upgrading finishes and adding kitchenettes to serve a broader guest profile, or repositioning the estate as a flagship wilderness-retreat brand.

This is a longer-term view on the Osa Peninsula’s development as a distinct destination category. The opportunity is driven by scarcity, conservation-adjacent positioning and brand-building potential rather than immediate income alone.

These three listings reflect three genuinely different investment strategies.

What connects them is Costa Rica’s broader tourism momentum: record visitor expenditure, strong international demand and an expanding hospitality economy. The more consequential question for investors is no longer whether Costa Rica presents an attractive hospitality thesis, but which market, operating model and time horizon best align with their objectives.