Besides going to the beach to soak up some golden rays, or eating tacos covered in spicy salsa, or even drinking tequila until you can’t remember your own name, there is one more thing tourists love to do in Puerto Vallarta, and that is look at real estate.
The first question everyone always wants to know is how is the market? This question is rightly one of the best and most important questions. If the market is strong, maybe it makes you more interested in buying a condo knowing this. As a realtor of course, you always want to instill trust in the buyer and confidence in the market, so what better way to do this than show you numbers for what the real estate market actually looks like.
2017 was the fastest growing year for condo sales to date, with a total of 625 condos sold. The biggest factor in condo sales has been the construction going on in Zona Romantica. 2017 saw the beginning of 13 new developments which completed at the end of 2017 or will complete in early to mid-2018.
While the sheer volume of condo sales in 2017 is impressive what is also very interesting to note is the huge jump in single family home sales.
Single Family residence sales only make up a fraction of the total number of sales but they saw a huge increase in 2017. What could be the cause of this huge uptick in home sales? Perhaps the decreasing average cost of a home, which could be brought on by developers building more affordable properties, and also by opening new market areas like Rincon de Guayabitos. One more reason that we may be seeing an increase in sales activity in the market is that the US Dollar continues to strengthen against the Peso.
In the end, the 2017 real estate market in Puerto Vallarta saw a 30% increase in total number of properties sold, which equated to a total sales volume of $261,420,042 US Dollars. If ever there is a time to buy your dream vacation home or investment property, now is the time. Contact me today!