The most popular type of real estate in Puerto Vallarta continues to be the condominium, accounting for 75% of the sales in 2018, a percentage in line with previous years. The condominium makes a lot of sense for second-home buyers who are looking for something that is easy to secure, low in maintenance, and they can leave for long periods of time. The views they can provide, especially from tower projects, can be impressive.
We decided to take a closer look at condominiums with regards to the number of bedrooms they have, price and size. Rather than studying the whole market we narrowed it down to just the downtown, hotel zone and the south shore regions, combining the three together, which comprises about 50% of the market and is a good representation of the "middle" of the market.
The pie chart below shows four categories for what the average sales prices were for condominiums. $100,000-$250,000 and $250,000-$500,000 are roughly the same size with about 40% of the all sales. Combined they make up 80% of the market, leaving little for those above $500,000 (12%) or below $100,000 (6%).
The average size of a condominium under $100,000 was 670 f2, 1020 f2 for a condominium between $100,000-$250,000, 1470 f2 for condominiums priced between $250,000-$500,000 and 2285 f2 for condos over $500,000.
When considering the number of bedrooms for this region, the two-bedroom, the traditional favorite, makes up for half of all sales. Next would be the one-bedroom unit, with just 6% for studio units and 10% for unit with three or more bedrooms.
A studio unit's average size was 620 f2 and average price was $130,000. For one-bedroom units it was 865 f2 and $185,000 respectively. For two-bedrooms 1465 f2 and $320,000 and for a three-bedroom the average size was 2670 f2 and average price was $565,000.
When we consider the size of the units we find that just over a third of all units sold were under 1,000 f2. Another third were between 1,000-1,500 f2, leaving remaining third for units over 1,500 f2.
Condos from under 1000 f2 up to 2000 f2 averaged about the same price with regards to cost per square foot or meter: $225 f2 ($2,400 m2). Condominiums over 2000 f2 in size averaged $190 f2 ($2,045 m2).
The most popular condo is a two-bedroom unit that accounts for 50% of all condos sold in 2018. Over 88% of condo sales were for units priced under $500,000, with only 12% for condos sold above that. And 2/3rds of all condos sold last year were under 1,500 f2 in size, half of those were under 1,000 f2.