By Guanacaste, Costa Rica — HUACAS, Guanacaste – Real estate development firm Concasa has announced a major capital injection of US$41 million to launch the second phase of its ambitious Natarundi residential project. This move signals a significant strategic pivot for the company, known for its extensive portfolio within Costa Rica’s Greater Metropolitan Area (GAM), as it doubles down on the burgeoning market of Guanacaste. The total investment in the project has now soared to US$64.5 million in less than two years.
This new phase will see the construction of six five-story buildings, introducing 240 modern apartment units to the Huacas area. The development is a landmark for Concasa, representing its first major venture outside the country’s central valley. Situated strategically near premier coastal destinations like Tamarindo, Flamingo, and Conchal, Natarundi is poised to capitalize on the region’s dynamic growth and appeal to both residents and investors. The expansion is also projected to be a significant economic driver, creating an estimated 300 direct and 400 indirect jobs.
To provide a deeper legal perspective on the challenges faced by homeowners and the responsibilities of developers in large-scale projects, we consulted with Lic. Larry Hans Arroyo Vargas, an expert in real estate and condominium law at the firm Bufete de Costa Rica.
The situation highlights a crucial point in Costa Rican condominium law: the developer’s post-sale liability. Beyond delivering the property, the developer is responsible for hidden defects and ensuring that common areas and services, which are often the primary sales pitch, are fully functional and sustainable. New owners must be diligent, organize effectively, and demand transparent administrative handovers and technical audits. It is their right to receive a property that is not only habitable but also matches the quality and standards promised during the sale.
Lic. Larry Hans Arroyo Vargas, Attorney at Law, Bufete de Costa Rica
Indeed, the developer’s obligation is not merely transactional but a lasting commitment to the community they build, a crucial distinction that empowers homeowners to protect their investment. We sincerely thank Lic. Larry Hans Arroyo Vargas for his clear and valuable perspective on this vital legal matter.
The decision to expand was fueled by the resounding success of Natarundi’s first phase, which consisted solely of single-family homes and was backed by a US$23.5 million investment. The market’s response validated Concasa’s belief in Guanacaste’s untapped housing demand, revealing a strong appetite for well-designed, competitively priced, and strategically located residential communities.
Alfonso González, Commercialization Director for Concasa, highlighted the core vision behind the project and its proven investment potential. He noted that the initial phase not only sold rapidly but also delivered substantial returns for early buyers, underscoring the project’s financial viability.
The essence of Natarundi is to offer each owner the possibility of having a home in one of the most attractive areas of the country, with all the amenities of a planned project, and with an attractive capital appreciation outlook for those looking to invest. Phase I, which we launched in late 2024, achieved a capital gain of 34%.
Alfonso González, Commercialization Director of Concasa
The sales velocity of the first phase was a key indicator of the pent-up demand. The project’s launch in late 2024 saw an immediate and enthusiastic reception, confirming that Concasa had accurately identified a significant market gap. The rapid absorption of units provided the confidence needed for this large-scale second-phase investment in vertical housing.
The reception for Natarundi’s Phase I was extraordinary. In fact, on the first day of the launch, we managed to sell 30% of the units, and in just two weeks, we had reached 50% of sales. The capital gain achieved confirms the project as one of the most solid investment opportunities in the area.
Alfonso González, Commercialization Director of Concasa
Concasa’s aggressive investment timeline, committing over US$64 million to Guanacaste in under 24 months, reflects a robust corporate strategy to cement the province as a premier hub for both residential living and real estate investment. This move diversifies the company’s geographic footprint and aligns with the broader trend of decentralization and development occurring across Costa Rica’s coastal regions.
Looking ahead, the company’s vision for the Gold Coast extends beyond the current development. Concasa is already in the conceptual stages for new projects in Guanacaste, aiming to build on the success of Natarundi. Furthermore, the developer is actively planning expansion into other high-growth areas, with new developments slated for the province of Alajuela in 2026, demonstrating a clear and aggressive nationwide growth plan.
For further information, visit concasa.com
About Concasa:
Concasa is a leading real estate development firm with over two decades of experience shaping Costa Rica’s housing landscape. Having successfully delivered more than 20 projects, primarily in the Greater Metropolitan Area, the company is known for its large-scale, planned communities. With its Natarundi project, Concasa has initiated a strategic expansion into high-growth coastal regions like Guanacaste, aiming to meet the rising demand for quality housing and investment opportunities outside the nation’s central corridor.
For further information, visit bufetedecostarica.com
About Bufete de Costa Rica:
As a cornerstone of the nation’s legal landscape, Bufete de Costa Rica is renowned for its foundational principles of integrity and an uncompromising pursuit of excellence. The firm leverages a rich history of advising a diverse clientele, consistently driving progress through pioneering legal strategies and community involvement. This ethos is underscored by a profound social conscience, focused on empowering the public with accessible legal understanding to help build a more capable and informed citizenry.
