The real estate market in Costa Rica has reached a level of maturity that requires investors to have a comprehensive and sophisticated vision. In an environment where luxury sector transformations and trends dictate growth, understanding long-term profitability is vital. This evolution is complemented by a vision of future and expansion that positions the country as an ideal destination for establishing roots through sustainable real estate investment. To delve into this approach, we spoke with Richard Bexon, whose two-decade trajectory in luxury tourism and real estate development redefines project creation in the tropics.

Operational Experience as the Basis for Design

When we asked Richard Bexon about how his extensive background in luxury tourism influenced his transition into real estate development, his response was revealing. For him, the key lies not in visual opulence, but in the functionality of the lived experience. According to Bexon, hosting thousands of high-end travelers allowed him to understand what they truly value when inhabiting a space. In this regard, Richard told us:

“Spending nearly two decades operating at the high end of luxury travel fundamentally shaped how I think about real estate. When you’ve hosted hundreds of thousands of high-end travelers, you understand what’s important to these travellers and start designing to their behavior and expactations”.

For Bexon, a true sustainable real estate investment must focus on factors that traditional architecture often ignores. In his words:

“I’ve seen what guests actually value once they arrive: privacy over size, flow over flash, operational simplicity over architectural ego. Things like how a space feels at night, how sound travels, how staff move discreetly through a property, or how a villa performs in heavy rain season—those are insights you only gain by operating.”

The Three Pillars of a Real Opportunity in Today’s Market

When we asked Richard Bexon about his “operator-investor” perspective and the fundamental criteria defining a sustainable real estate investment in Costa Rica today, his response was powerful. For him, sustainability goes beyond ecology to become a matter of financial and operational rigor.

“For me, sustainability starts with discipline, not marketing language. There are three non-negotiables”.

According to Bexon, the first criterion is having a demand-proven location rather than a speculative one. The expert looks for real, year-round tourism drivers, strong Average Daily Rates (ADRs), and a clear trajectory, rather than promises about what might happen in a decade. The second pillar is operational viability. Richard emphasizes that cash flow sustainability is what truly protects capital in the long run. On this point, he was very precise:

“If a project can’t be run efficiently—with realistic staffing, maintenance, and guest logistics—it doesn’t matter how good the renderings are. Cash flow sustainability is what protects capital long term”.

Finally, the third indispensable criterion is an aligned capital structure. The developer’s commitment must be total, aligning incentives with partners to seek lasting returns.

“If I wouldn’t feel comfortable investing my own money alongside partners, it’s not a deal I’ll build”.

Transparency and Security in Long-Term Property Deals

In emerging markets, legal robustness is the foundation of trust. When we asked Richard about the role of financial tools such as escrow, his response underscored the need for absolute transparency. According to Bexon, clarity is not a decorative luxury, but the basis of any serious project in Costa Rica.

“Transparency is everything—especially in emerging markets. Tools like escrow aren’t optional for us; they’re foundational”.

Bexon considers that these structures not only protect funds but also foster responsible project execution.

“Escrow structures create clarity around how and when capital is deployed, protect against misalignment, and establish trust before trust is “earned.” They also impose discipline on developers, which is healthy”.

For the expert, contemporary investors prioritize process visibility over complex structures.

“Investors don’t need complexity—they need visibility and predictability. When those systems are in place, relationships last longer and projects scale more responsibly”.

Profitability Through Responsible Property Development

Balancing economic benefit with environmental respect is the most critical challenge for a developer in Costa Rica. Richard Bexon warns about the dangers of seeking immediate results at the expense of the surroundings. He maintains that sustainable real estate investment requires prioritizing long-term planning.

“True sustainability requires upfront investment: smarter site planning, lower density, better infrastructure, and designs that work with the climate/environment and setting rather than against it. Financially, that can look harder in the short term—but operationally and reputationally, it wins every time”.

Bexon asserts that protecting natural resources is a competitive advantage that ensures property value over time. With a deep personal vision, he shared:

“I’ve been here for over 20 years and expect to be here for the rest of my life and want to leave a better Costa Rica to my kids and their kids”.

Advice for Navigating the Complexity of the Local Market

Finally, Richard offers a guide for those wishing to enter the local market but fearing its nuances. The key to a sustainable real estate investment lies in the right partnership.

“My advice is simple: don’t try to outsmart the system—partner with people who live inside it. Many have tried and have lost a lot of $$. Costa Rica is not a plug-and-play market. It’s nuanced, relationship-driven, and very context-specific”.

According to Richard Bexon, success is achieved by understanding the business’s operability beyond the sales phase.

“Start with operators who have been through full market cycles, who understand both tourism and real estate, and who are willing to put their own capital and reputation alongside yours. Ask how projects perform operationally—not just how they’re sold. If you respect the complexity instead of fearing it (it’s a natural filter), Costa Rica can be one of the most resilient and rewarding investment environments in the world”.

Richard Bexon

Investor & Developer | Sustainable Tourism & Real Estate Platforms in Costa Rica | Capital-Disciplined, Operator-Led

Linked in |  www.investingcostarica.com

Richard Bexon’s vision invites us to rethink real estate development in Costa Rica from a perspective of respect, transparency, and operational efficiency. His approach demonstrates that profitability and environmental preservation are not mutually exclusive, but part of the same strategy for success. We sincerely thank Richard Bexon for sharing his vast experience and his continued commitment to strengthening the real estate sector in our region. His perspective is undoubtedly an invaluable guide for those looking to invest with purpose and security in the country.