Real Estate Developments in Mexico

Puerto Vallarta’s real estate market has been very active over the past decade, and all signs seem to indicate that this level of activity will continue. Prices are still lower than competing markets; buyers are buying as quickly as product comes on the market, so there’s no oversupply; and the second-home market continues to be one of the most active markets in the United States.

The variety of real estate available by price, type, area and location make Puerto Vallarta very desirable when compared to other destinations, such as Los Cabos and Cancun. But the primary reason is the people. Carl Timothy of Timothy Fuller & Associates explained this very well, “When you are in large cities, such as Los Angeles or New York, you feel that people just want something from you, the people are takers. In Puerto Vallarta it’s the opposite; the people are giving, and you can feel that throughout the community.” Therefore, it is primarily the people of Puerto Vallarta that make it such a wonderful destination for tourists and second-home buyers.

In 2004 there were an estimated US$300 million USD in new construction sales and nearly US$100 million USD in sales for the MLS service. That total of US$400 million is destined to be surpassed in 2005, with US$250 million in sales already registered by developers and realtors as of the beginning of June. Roughly two-thirds of this new development is condominiums. Larger projects of 150 or more units are being built around the bay, with smaller boutique projects scheduled for the South Shore as space and availability allow.