The condo and development market in Puerto Vallarta has grown significantly in the past few years. In fact, the most recent MLS data from the Puerto Vallarta AMPI (the Mexican Association of Real Estate Professionals) shows that condominium sales have increased 24% between 2015 and 2016 and are expected to continue to rise this year.
Both vacationers and individuals preparing for retirement are noticing the value and practicality of these developments. But why are so many people investing in Puerto Vallarta condos?
Single-family homes can be found in any location, but are most likely located outside of the primary metro or luxury area. Additionally, finding a new single-family home in a city can be very difficult, if not almost impossible, and can cost significantly more than a condo in the same location. When builders plan the construction of a condominium, they typically select a location that is parallel to the convenience of owning a condo. Meaning that the building will be within walking distance of the most sought after activities.
Developments in Puerto Vallarta provide an urban, beachfront environment for its residents. For example, Pacífica, one of the newest additions to Puerto Vallarta, is located steps from the beach and right on Basilio Badillo, named Puerto Vallarta’s “restaurant row.” Conveniences like these make this development an exciting addition to the Old Town neighborhood, also referred to as the romantic zone.
Condo owners can rest easy when it comes to property maintenance. This is because they are not responsible for any necessary upkeep or repairs required for the building, the common areas, or any garden areas. If you are a current or previous homeowner, think of this as your time to rest from years of home maintenance and to have time to dedicate to other passions.
As a traditional investment, the value of a condominium unit is expected to increase over time. However, for those looking to see a quicker return on investment, you can choose to participate in Puerto Vallarta’s booming short-term rental market. Websites like Airbnb and VRBO allow real estate owners to start making money on their property right away.
If you are considering buying a condo in Puerto Vallarta and have more questions about how this investment can benefit you, contact us online for a consultation. You can also call us from the US and Canada at our toll-free number, 1 866 519 4342.