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The exchange rate is no longer a side variable for anyone running a tourist property, a small hotel, or a building whose income arrives in dollars while part of the expenses are paid in colones. A stronger colón can reduce the local-currency value of every dollar collected and, at the same time, raise the dollar equivalent of local costs.
The signal matters most for owners and investors in Guanacaste and the Central Pacific, where some real estate and tourism businesses bill in dollars. It also matters for buyers and owners in Alajuela and Grecia, although the concrete effect depends on the currency in which rent is received, expenses are paid, and the asset is financed.
The core takeaway: a property does not automatically become less profitable because the dollar falls, but a financial model that does not separate income and expenses by currency can overstate its margin.
The dollar’s move is backed by Central Bank data
According to the average exchange rate table for MONEX from the Central Bank of Costa Rica (BCCR), the weighted average went from ₡497.07 per dollar on January 2, 2026 to ₡452.62 on November 3. The MONEX trading summary recorded a weighted average of ₡449.58 on November 6. Comparing January 2 with November 6 gives a decline of roughly 9.55%.
These are wholesale MONEX market figures. They should not be confused with the retail (counter) exchange rate each financial institution offers.
Figure 1. MONEX weighted average exchange rate, 2026
View data table
| Date | MONEX weighted average (CRC per US$1) |
|---|---|
| January 2, 2026 | ₡497.07 |
| November 3, 2026 | ₡452.62 |
| November 6, 2026 | ₡449.58 |
How the exchange rate reaches a property’s cash flow
Picture a property that collects rent in dollars but pays salaries, landscaping, maintenance, utilities, and suppliers in colones. When the colón strengthens, each dollar of income converts into fewer colones. If local expenses don’t fall in the same proportion, the operating margin can tighten.
Illustrative example (not market data)
A fixed expense of ₡1,000,000 was equivalent to about US$2,012 at the January 2 MONEX rate of ₡497.07. At the November 6 rate of ₡449.58, it equals about US$2,224.
The calculation uses the MONEX weighted average as a reference; the actual conversion at a bank or supplier may differ.
The direction of the effect changes with the structure of the business. An owner who receives rent in colones and has expenses in colones doesn’t face the same mismatch. A buyer who earns in colones and carries dollar debt may see relief in the local-currency equivalent of the payment when the colón appreciates, though the risk that the exchange rate reverses remains. The currency of the debt, the income, and the costs must be evaluated together.
Costa Rica Investor Insights published an analysis on November 6 about this exposure in hotels, vacation rentals, and businesses that charge in dollars and pay local costs in colones. Its argument is consistent with the official MONEX series, but its operating examples are secondary analysis and do not replace the financial statements of a specific property. (Costa Rica Investor Insights, “Buying a Costa Rica Hotel or Rental? The ₡453 Dollar Squeeze.”)
What property listings show in the west and on the coasts
The October report from Propiedades.cr, published November 5, shows that median asking prices are not moving uniformly. Nationwide:
+1.4% month over month
+4.8% month over month
−1.6% month over month
vs. 76 in September
The publication itself warns that the composition of inventory and the arrival of recent listings affect the time-on-market indicator. These figures describe a platform’s listings; they are not closing prices, appraisals, or a full census of the market.
For the provinces of greatest interest to AGR, the same source reports a median advertised rent of US$3,240 in Guanacaste, US$1,400 in Puntarenas, and US$2,193 in Alajuela. These are asking prices, not income actually collected. For sales, the advertised medians were US$661,500 in Guanacaste, US$563,000 in Puntarenas, and US$295,000 in Alajuela.
Figure 2. Median advertised rent by province, October 2026
View data table
| Province | Median advertised rent (USD/month) |
|---|---|
| Guanacaste | 3,240 |
| Puntarenas | 1,400 |
| Alajuela | 2,193 |
| San José | 2,200 |
| Heredia | 1,500 |
| Cartago | 2,420 |
| Limón | 2,665 |
Inventory also shows differences. In October, active listings in Alajuela fell 5.2% month over month and Guanacaste fell 0.3%, while Puntarenas rose 1.5%. A drop in listings does not prove the properties were sold: it can also reflect withdrawals, changes in how listings are published, or portfolio movements.
Figure 3. Monthly change in active listings by province, October vs. September 2026
View data table
| Province | Monthly change in active inventory (%) |
|---|---|
| Alajuela | −5.2% |
| Guanacaste | −0.3% |
| Puntarenas | +1.5% |
| San José | −5.7% |
| Heredia | −8.4% |
| Cartago | −2.7% |
| Limón | +2.2% |
Grecia: a local signal to read with caution
The October report identifies one specific change at Condominio Montezuma in Grecia: active listings on the platform went from 3 in September to 9 in October. That is an increase in visible inventory on Propiedades.cr. It is not evidence that the condominium tripled its total supply, that sales closed, or that prices rose or fell. The publication warns that agencies or whole portfolios joining the platform can move development counts.
Figure 4. Condominio Montezuma: active listings on Propiedades.cr
For buyers and sellers in Grecia, the right step is to compare truly equivalent properties by location, size, condition, amenities, condominium fees, and registry status. The Alajuela provincial figure should not become an automatic conclusion about the canton of Grecia or about any specific home.
Construction: more registered intent does not mean more finished homes
The CFIA (Costa Rica’s Federation of Engineers and Architects) reported that between January and September 2026, 8,317,521 m² of construction intent was registered in its Construction Project Administrator (APC), 12.8% more than in the same period of 2025.
8,317,521 m²
2,703,241 m²
1,180,767 m²
The sector difference matters: the overall increase was driven strongly by industrial work, while residential intent grew far less. Square meters processed or registered with the APC are construction intent; they should not be presented as finished works, works currently under way, municipal permits, or the BCCR’s construction output.
The CFIA updated its APC statistics page on November 5 and published an Excel file for January–October 2026. The file was listed on the official site, but it could not be extracted for this edition. This analysis therefore uses the verifiable January–September release and does not attribute any October figures to the CFIA. (CFIA, APC statistics and Excel download.)
Financing and operating costs
Starting November 5, the BCCR set the Basic Passive Rate (TBP) at 3.55% and the Effective Dollar Rate (TED) at 3.02%. These are reference indicators for the financial system; they do not equal the mortgage rate offered to a client, nor do they necessarily include margins, fees, insurance, or individual conditions.
effective Nov 5
effective Nov 5
0.55% year over year
El Financiero reported on November 6 that October’s CPI rose 0.39% month over month and 0.55% year over year, based on results from INEC. The primary INEC release for October could not be located for this edition, so the figure is kept as a secondary reference and no inflation chart is built. (El Financiero, “Inflation: indicator keeps rising, driven by fuel and services,” Nov 6, 2026.)
What buyers, owners, and investors should review
Rental and hotel owners
- Split the income statement by currency: income in USD, expenses in CRC, debt, taxes, maintenance, and management.
- Recalculate colón expenses at the current exchange rate and test appreciation and depreciation scenarios; don’t assume today’s rate is permanent.
- Measure occupancy, rate actually collected, commissions, seasonality, and operating expenses before estimating net yield.
- Check whether management contracts, suppliers, and financing are denominated in a currency different from your income.
Buyers
- Identify the currency of your personal income and of the loan; a property listed in dollars doesn’t eliminate currency risk.
- Request verifiable financial statements if buying a lodging business or a property sold as an investment.
- Compare the asking price with similar properties and, where possible, with registered transactions or independent appraisals.
- Verify title, survey plan, land use, water availability, access, restrictions, and condominium obligations before committing capital.
Sellers
- Avoid justifying the price solely with the dollar’s movement or with provincial medians of listings.
- Document improvements, condition, maintenance costs, and current comparables.
- Prepare the property’s information for buyers who calculate their budget in another currency.
Sources and methodology
Data extraction and research cutoff: November 7, 2026. Official sources were prioritized for exchange rates, interest rates, and construction; Propiedades.cr is used as a source of listing indicators, not transaction prices. Percentages calculated in this article are identified as our own calculations from published values.
- BCCR — MONEX average exchange rate (table 748): daily weighted average; values for Jan 2 and Nov 3, 2026.
- BCCR — MONEX trading summary (table 770): weighted average for Nov 6, 2026.
- BCCR — TBP and TED, release of Nov 4, 2026: rates in effect from Nov 5.
- Propiedades.cr — “Median sale price rebounds to $435,000 in Costa Rica as active inventory contracts in October” (Nov 5, 2026): national overview, movement by province, developments, and methodology.
- CFIA / Revista CFIA — “Construction grew 12.8% in the first 9 months of the year” (Oct 26, 2026): APC construction intent, January–September 2026.
- CFIA — APC statistics: official download page for the January–October 2026 file; the Excel could not be extracted in this edition.
- Costa Rica Investor Insights — “Buying a Costa Rica Hotel or Rental? The ₡453 Dollar Squeeze” (Nov 6, 2026): secondary context on currency mismatch.
- El Financiero — October CPI (Nov 6, 2026): secondary reference; primary INEC release not located at this cutoff.
Limitations: Propiedades.cr medians are advertised prices and can shift with listing mix, the arrival of new agencies or portfolios, and geographic classification. The Condominio Montezuma count covers only listings visible on that platform. The MONEX series is wholesale and does not replace each bank’s effective exchange rate. CFIA data measure construction intent registered in the APC, not completed works. This content is general information and does not constitute financial, tax, legal, or investment advice.
Make real estate decisions with local information and professional judgment
In a market where listed prices, available supply, operating costs, and the exchange rate can all move in different directions, every property needs its own analysis. For those buying, selling, or evaluating investments in Grecia, Alajuela, Guanacaste, Puntarenas, and the Central Pacific, AGR Real Estate is our recommended real estate agency for western Costa Rica.
Visit www.bienesraicesagr.com
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