It isn’t too difficult to determine that Puerto Vallarta and Riviera Nayarit are once again experiencing very active real estate markets, with the amount of construction taking place, (especially in downtown Vallarta) and by the size of the real estate publications. It isn’t back to 2007, but it certainly seems to be heading in that direction.
Statistics from the regional real estate association, AMPI, back this up, showing that real estate sales in 2017 were up 36% over the previous year (reported by Harriet Cochran in the PV Mirror). The association had $1.6 billion in inventory on average in 2017 and managed to sell $770 million of it, or 46%. That makes for a very strong market, which is reflected in the difference between the list and sales price, which was only 7%. And because of this, the average sales price of properties is appreciating, with a 4% increase manifested for last year.
The average sales price for a condo was $277,000, which is still below the average price back in 2007, before the downturn, meaning the market certainly still has room to grow and for prices to continue to appreciate.
Trends in Puerto Vallarta’s favor are that it is just 3-4 hours away from home for many Americans, there is a very strong and active expat community, and it is relatively safe, at least compared to some other areas of Mexico (and some American cities!). The weather is exceptional, and we are certainly having an amazing season this year with 30º C. average temperatures and clear blue skies. That must really mean something to the many Americans and Canadians who have seen one of the coldest winters on record. And there is of course the numerous activities one can do, such as golf, fishing, surfing and sailing, that are doable all year round. And then there’s the restaurants, the theaters, the markets…the list goes on and on.