The Sayulita Real Estate Market: Niches, Offer and Vision

Sayulita has become one of Riviera Nayarit’s most sought-after micro-destinations, attracting visitors as well as property buyers from different parts of the world. Aaron Fisher, co-founder of MexHome, one of the most prominent real estate agencies in the region, shared an overview of the current real estate market conditions in this picturesque coastal town with the Vallarta Real Estate Guide editorial team.

Sayulita has become one of the most sought-after micro-destinations in Riviera Nayarit, attracting visitors as well as property buyers from different parts of the world.

NICHES, SUPPLY AND DEMAND

Formerly known as a sleepy fishing village, Sayulita is now one of the most renowned surf spots in Latin America. “One of the great and unique features of this town is that, although it is a tourist destination, the atmosphere and vibe of the local community really predominates, which embraces guests and is felt by visitors. These characteristics have made Sayulita’s real estate market the ideal niche area for this water sport enthusiasts, which means high demand and a limited supply of inventory,” he explains.

Fisher points out that the arrival of digital nomads and retirees looking for a more relaxed lifestyle as well as a better quality of life is complementing the surfer niche that initially predominated in Sayulita.

“Here in Sayulita, people from the northern United States and Canada represent 75 percent of the total buyers. The remaining 25 percent is comprised of Mexicans, who are mostly from Guadalajara and El Bajío.”

Sayulita, Nayarit is located just about 40 kilometers northwest of Puerto Vallarta. The first settlers arrived in this place sometime in the 19th century to work on a large and important hacienda. Its owner was Santiago Camarena, who was originally from Sayula, a town located in the southeast of the state of Jalisco. Because Camarena felt nostalgic for his birthplace, he proposed changing the name of Santa Crucecita (as this town was initially called) to Sayulita.

A RETROSPECTIVE VIEW

While it is true that during the first months of 2024 the real estate market in Sayulita experienced a slowdown, they have currently rebounded and returned to peak levels.

However, what caused the situation during the first quarter of the year? To that specific question, Fisher explained: “The COVID-19 pandemic had a profound impact on the global real estate market, and Sayulita was no exception. During the time of the pandemic, there was a notable increase in property sales, as many people reflected on their quality of life and sought to invest in quieter places, where they could complement their lifestyle. However, now at present, the market has normalized and seems to be returning to its traditional cycle.”

Additionally, Fisher mentioned that among other crucial factors, this current behavior is due to a rise in interest rates, as well as the political and economic dynamics that Mexico, the United States and Canada are currently going through. “The vast majority of foreign buyers finance their purchases through lines of credit granted on the value of their properties in their countries of origin, especially those from the United States and Canada. So, the recent interest rate hikes have contributed to slowing down our market. On the other hand, the upcoming federal elections in Mexico are generating uncertainty, which affects investor confidence. In addition, the political situation in the United States and Canada, as well as fluctuations in exchange rates, especially with the appreciation of the Mexican peso against the U.S. dollar, have had a significant impact on our region.”

TYPES OF PROPERTIES

Sayulita offers properties that cater to different needs and budgets. From quaint beachfront bungalows to luxurious villas, there is something for every taste. The most popular properties in Sayulita are:

• Condominiums

Condominiums are popular among those seeking low-maintenance properties. They are usually gated communities with amenities such as pools, gyms, and 24/7 security.

• Villas

Villas are larger properties that offer more privacy and space. They often feature pools and outdoor living areas, making them perfect for entertaining guests.

• Land

Though scarce, there are still plots of land in excellent locations, which can be beachfront and/or near Sayulita, each with its own unique characteristics and features for building.

GROWTH EXPECTATIONS

“In terms of property supply, Sayulita’s available inventory is based on condominium development, which is an appropriate response to the growing demand. This trend toward vertical developments will allow for greater density without having to sacrifice the lifestyle that characterizes Sayulita.”

As for projections for the remaining months of the year, Fisher expects an acceptable political transition in Mexico to generate confidence among foreign and Mexican investors to ensure that sales volume remains at an adequate level.

“Here you have all the amenities to live comfortably, which are complemented by those found in Puerto Vallarta and the other micro-destinations in the vicinity. For these reasons, Sayulita’s real estate market is at an exciting point, with an interesting mix of challenges and opportunities that make it even more noteworthy.”

Aaron Fisher, co-founder of MexHome, one of the most prominent real estate agencies in the region.

AARON FISHER AND MEXHOME

Originally from Canada, Aaron Fisher arrived in Mexico in 2000 and has since been immersed in Mexican culture and lifestyle. Inspired by his childhood experiences traveling throughout our country with his parents, he first settled in San Pancho, where he began his career in tourism and eventually in real estate. Fisher founded MexHome in 2016 along with his partner Mark Vavra, with the aim of becoming a comprehensive and highly efficient real estate platform serving both buyers and sellers in Mexico’s main tourist destinations.