The US dollar closed at ₡452.62 on 3 November, roughly 9% below its January average, and that changes the math for anyone buying a dollar-earning hotel, vacation rental or small business in Costa Rica. Your income is usually quoted in dollars, but wages, utilities and local suppliers are paid in colones, so a cheaper dollar quietly makes those costs heavier. This guide is written for international buyers of hotels, rentals and operating businesses, and for the expats who run them.
Key takeaways
- The dollar has fallen from a ₡497.07 average on 2 January to a ₡452.62 close on 3 November, so colón-priced costs are about 10% heavier in dollar terms.
- Dollar earners feel it first: Costa Rica’s private health chamber says providers earn 10-15% less in colones for the same foreign patients.
- Before you pay for a dollar-earning asset, ask for its profit and loss split by currency, then test it at a stronger and a weaker colón.
What happened
- The dollar closed at ₡452.62 on the central bank’s Monex market on 3 November, more than 50 colones below the same date in 2025, according to the Tico Times (4 November).
- The Monex average on 2 January was ₡497.07, and the close on 22 June was about ₡454.4, per El Observador (23 June). The move has been gradual, not a one-week shock.
- Costa Rica’s health chamber says private providers treat about as many foreign patients as before but earn 10-15% less in colones; a US$10,000 treatment is worth about ₡500,000 less than a year ago (chamber estimate, via the Tico Times). The central bank’s baseline is about US$465M a year from roughly 70,455 medical tourists.
- Tourism brought in record foreign currency in the second quarter, yet in colones it was about ₡601bn, down 7.7% from about ₡651bn a year earlier, as the average rate fell from about ₡505 to about ₡455 (Center for Tourism Studies, citing central bank balance-of-payments data, via the Tico Times).
- The central bank’s policy rate is 3.00% after a 25-basis-point cut this year, per the BCCR; its published calendar lists 26 November as the last meeting of 2026.
Chart: colones per US dollar, Q2 2025 to 3 Nov 2026 (mixed measures, labelled)
| Measure | Colones per US$ | Change vs Q2 2025 |
|---|---|---|
| Q2 2025 average (approx.) | ~505 | n/a |
| 2 Jan 2026 Monex average | 497.07 | about -1.6% |
| Q2 2026 average (approx.) | ~455 | about -9.9% |
| 3 Nov 2026 Monex close | 452.62 | about -10.4% |
What This Means If You Are Buying
The assets most affected are hotels, short-term rentals, tour and surf operators and any small business that sells in dollars but pays staff and suppliers in colones. The seller usually quotes the price in dollars, so your purchase price does not change. What changes is the cost base you are inheriting.
Here is a hypothetical illustration, not market data. Suppose a small hotel earns US$1,000,000 a year and carries ₡200 million of colón costs (payroll, utilities, local supply). At ₡505 per dollar those costs equal about US$396,000; at ₡452.62 they equal about US$442,000. That is roughly US$46,000 of extra cost, or an increase of about 11.6%, with no change in revenue. On a thin-margin business that can erase a meaningful share of profit, and a lender or appraiser using last year’s exchange rate will overstate what you can earn.
Who pays what: the buyer of a dollar-earning business absorbs colón costs that are now heavier; the seller receives dollars that buy more colón-priced goods at home; local suppliers priced in colones gain in dollar terms. If you are buying a colón-earning asset, such as a long-term local rental priced in colones, the effect runs the other way for you.
What Could Go Wrong
- The seller’s historic profit and loss was earned at a weaker colón, so the margin you are paying for may no longer exist.
- Colón costs may be rigid: wage adjustments and utility tariffs rarely fall when the dollar does.
- The currency can reverse. Economists quoted in June expected the dollar to stay below ₡500 through year-end, but those are opinions, and the dollar has since fallen further.
- Dollar-denominated financing does not hedge a colón cost base; it adds a second exposure if some revenue is in colones.
- Some broader cost pressure is not currency at all: one free-zone firm, Sistemas Globales, estimated its operating costs rose 23.6%, which the Tico Times reported as an example of strain among dollar earners.
- Buyers may be relying on broker projections, which are self-reported and unverified.
The upside case: a strong colón also lowers the dollar price of colón-priced assets for buyers who hold dollars, and a seller under margin pressure may negotiate. For that to hold, you would want to see the dollar stay in its current range through the central bank’s 26 November meeting, and the target business showing stable occupancy or sales in dollar terms for several months.
Your Next Steps
- Hotel and rental buyers: ask for the last three years of profit and loss split into dollar and colón lines, and restate the colón lines at today’s rate.
- Expat operators: stress test your budget at a stronger colón and at a weaker one (our read, not a forecast: a range around ₡430-520 is a sensible test) and see whether you still cover debt service.
- Anyone borrowing: ask your lender which currency the loan is in and whether it matches the currency of your income.
- All buyers: have a Costa Rican attorney or notary review the purchase contract, price currency and any payment-in-colones clauses before you sign.
What to watch next: the BCCR’s last monetary policy meeting of 2026 on 26 November.
LATAM Business Watch
What else moved in Latin American business this week, with sources.
- Mexico · Central bank: Banxico cut its rate by 25 basis points to 6.25% on 5 November in a 3-2 vote and signalled a long pause, El Financiero reports. Why it matters: cheaper peso debt helps leveraged real assets, while a narrower rate gap raises hedging costs for dollar investors.
- Paraguay · Banking: the central bank intervened in digital lender Ueno Bank on 3 November over a capital shortfall, and the central bank governor resigned, Bloomberg Línea reports. Why it matters: private credit and fintech lenders in small markets can face fast regulatory action.
- Costa Rica · Labour: unemployment was 6.5% in July-September, up from 5.7% a year earlier, according to Tico Times coverage of the INEC survey. Why it matters: softer hiring can weigh on local housing and rental demand.
Items reflect public reports on the dates shown; deal terms are as reported by the sources and may change. Read the full LATAM Business Watch morning brief.
Resumen en español
- El dólar cerró en ₡452,62 el 3 de noviembre, cerca de un 9% por debajo de su promedio de enero (₡497,07), lo que encarece en dólares los costos pagados en colones.
- La Cámara de Salud estima que los prestadores privados ganan entre 10% y 15% menos en colones por los mismos pacientes extranjeros; antes de comprar un hotel o alquiler, pida su estado de resultados por moneda.
- A seguir: la última reunión de política monetaria del BCCR en 2026, el 26 de noviembre.
Related reading: Is 2027 a Good Year to Buy in Costa Rica?, Should You Borrow in Dollars in Costa Rica? and our hotel buyer guide.
Data as of 6 November 2026. Figures marked preliminary will be revised. This is general market commentary, not investment advice.
Sources
- Tico Times: medical tourism revenue and the dollar (4 Nov 2026)
- El Observador: dollar below 500 forecast (23 Jun 2026)
- BCCR: policy rate cut to 3%
- BCCR: 2026 monetary policy meeting calendar
- El Financiero: Banxico decision (5 Nov 2026)
- Bloomberg Línea: Paraguay intervenes Ueno Bank
- Tico Times: unemployment 6.5% (5 Nov 2026)
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