Baron Rothschild once said that "The time to buy [real estate] is when there's blood in the streets!" While there isn't actually any blood in the streets of Puerto Vallarta, the decline in the Peso to the Dollar makes it the perfect time to buy.
Americans and Canadians are traveling to Puerto Vallarta in droves. GAP (Grupo Aeropuerto del Pacifico S.A.B. de C.V.) reports a 13.1% increase in total number of passengers through Aeropuerto Internacional Licenciado Gustavo Díaz Ordaz or PVR for short. There are also now more direct flights to Puerto Vallarta than there have ever been in the past. 14 Canadian cities, 20 U.S. cities and 12 Mexican cities have direct flights. More flights are continually being added and from other countries around the globe as well, such as Finland.
With the Peso around 20 to 1 (16 to 1 Canadian) it's easy to see why people are visiting Puerto Vallarta by the masses. The dollar goes twice as far as it did two years ago.
With the increase in tourism and spending power what has this done to the real estate market?
Since 2013 we have seen a significant amount of movement in the real estate market, but 2016 was the biggest change. 42% increase in overall property sales across the Puerto Vallarta and Nayarit regions in 2016 over 2015.
So why should you buy now?
Puerto Vallarta is in a renaissance of growth. With 12 new developments being built right now, and 3 already finished in the end of 2015 and early 2016, there is a lot of inventory on the market. This flood in inventory has forced condo prices to be very competitive. While the real estate market in Puerto Vallarta is an all-cash market, buyers are able to work with developers to pay for their condo in installments. This makes owning a brand new condo in Zona Romantica very attractive and feasible for the average buyer.
If you've been thinking of taking the plunge like so many Americans and Canadians do each year to buy a condo or property in Puerto Vallarta, now is the time to do so. The Peso is bleeding in the street, it's time to buy!