As in many real estate markets throughout North America the market south of the border in Mexico’s beachfront tourist destinations has been showing incredible signs of growth. Owning a second home is not usually a priority during economic downturns like the one we just lived through. Consequently the vacation and retirement home market did slow down for us in Puerto Vallarta, but the first half of 2015 shows great signs of a recovery. Our office has sold almost as much as we did in all of 2014 in just the first half of this year with a 21% market share. Needless to say we are very excited about the market and looking forward to the 2015/2016 season with much anticipation.
Here are some figures that show what has happened in the first half of 2015 which come from the AMPI MLS system and encompass the Riviera Nayarit, Puerto Vallarta, and Compostela areas.
* You will note that there is a 25% increase in total sales.
* You can see that average sales prices on all types of properties have decreased by 7% probably due to Sellers being more realistic about market values.
* You can see that total sales volume is up by 17% over 2014’s first half of the year.
We believe that based on this data it is a great time to purchase a new property in Puerto Vallarta and that the market will continue in the right direction for quite some time. Mexico as a whole has had an 8% increase in real estate growth as more than half the country is only 25 years old or younger. In 10 years those 25 year olds will be getting married and having children and will need new homes. This almost guarantees growth in the real estate markets throughout Mexico. Real estate has become the second largest economic force in the country.
If you have been thinking about buying or selling a property in Puerto Vallarta, please contact one of our Timothy Real Estate Group professionals for a market analysis and let us share our extensive expertise to make your buying or selling experience both joyful and satisfying.
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