You don’t need to be an expert in the real estate industry to know that there is a major rise in the real estate market in Puerto Vallarta and Riviera Nayarit. Lately, in Puerto Vallarta’s Romantic Zone close to the Los Muertos Beach and in Nuevo Vallarta there is major construction occurring, and developers are flocking to this popular area in Mexico, which is a sought out destination for tourists. Also, real estate property and listings are increasing with homes and real estate that are ideal for Banderas Bay expats.
Here is the lowdown on real estate trends for 2018 for Puerto Vallarta…
Prices are Rising and 2018 looks no different
The prices are rising again and now is the time to purchase real estate in Puerto Vallarta before they get too expensive. According to the AMPI (Banderas Bay Real Estate Association) the average price of the properties in the region are increasing approximately 4% compared to the prior year. This is fantastic news for real estate property owners and this is also an eye opener for individuals who are wanting to purchase real estate property in Banderas Bay.
Additional AMPI statistics reveal that real estate association in 2017 had an average of $1.6 billion in real estate inventory and they were able to sell $770 million of that inventory, which is 46%. In 2017, the real estate sales rose to 36% than it did in 2016. The real estate sales increase makes for a very stable and strong market, which is shown in the list price of the real estate property and the sales price of the real estate property, which averages only 7%.
An average condo sales price was $277,000, which happens to remain lower than the average sales price in 2007. The real estate market in Mexico has plenty of room to grow and this will mean that the property will only increase and appreciate for property owners.
Puerto Vallarta Real Estate Trends
It is not a big surprise that Banderas Bay and Puerto Vallarta is trending and is a sought out destination for purchasing Mexico real estate for expats. Many Americans and Canadians are just about three to five hours away from their country and the Banderas Bay is a very active expat community that has room for new expats to arrive.
The beachfront in the city is fairly safe, especially if you compare it to other popular Mexico’s areas and cities in America. Throughout the year you can expect warm weather, and during the winter months the temperatures will always be much warmer than in your own country. There are numerous activities that can be enjoyed year-round. You can enjoy fishing, golfing, sailing, surfing, shopping, the theaters, and dining at gourmet restaurants. What more could anyone ask for?
What do you love about Puerto Vallarta? Why do you think the real estate trends for 2018 for Puerto Vallarta are so favorable?