The presence of the Mexican market has diversified the local industry with the construction of developments with innovative designs, amenities and services included. This increased demand for properties has caused condominiums to acquire more and more space in the destination to meet the higher-than-normal demand from Mexican investors. So, how does the Mexican buyer coming from interior cities to the beach destination figure into the Vallarta · Nayarit real estate industry? And why are they taking notice and seeing our destination (and its surroundings) as an ideal point to invest in real estate?
Investing in the Bay Areas
Both Puerto Vallarta and Riviera Nayarit offer a great variety of places to invest, and buyers will make their final purchase decision based on tastes, activities, budget and use in the destination. In general, the most sought-after areas by Mexicans are Marina Vallarta, Hotel Zone, Nuevo Vallarta/Flamingos, Bucerías and La Cruz de Huanacaxtle. In the same way, other micro-destinations are seeing an increasing presence of the national market. Buyers feel comfortable and attracted to private communities and beach destinations such as Punta de Mita, Sayulita, San Pancho and Lo de Marcos.
Type of Property
The Mexican buyer is becoming a sophisticated customer who searches based on their personal and/or family needs. For the most part, they buy condos because it is a simple and easy way to have a property on the beach and in good condition. For this reason, new condominium development projects have evolved to offer more and better services.
Similarly, the national market feels more comfortable when buying condominium units that offer up to four bedrooms, with measurements ranging between 860 and 2400 square feet.
In addition to large condos, there are some Mexican investors who prefer to purchase mid-size oceanfront villas that have extra square footage and multiple bedrooms to accommodate large families comfortably.
Although there are Mexicans whose real estate investment in Vallarta · Nayarit starts at two million pesos, the average value of properties sold is approximately five million pesos. However, some investors in a more sophisticated segment of the market are purchasing beachfront villas for more than 20 million pesos.
One point to note is that many of the Mexican buyers who look at Vallarta · Nayarit are investors between the ages of 35 and 45. These buyers are financially capable of acquiring a second property earlier in life, and this type of stability allows them and their families to become recurring weekend visitors.
Origin of the Buyers
Most of the market’s national buyers come from the main states of the Mexican Republic including Jalisco, Nuevo León, Guanajuato and Mexico City. However, this growing list also includes a variety of other locations such as Aguascalientes, Coahuila, Querétaro, San Luis Potosí and Nayarit.
The three characteristics most sought after by Mexican investors who acquire a property in Vallarta · Nayarit are a swimming pool, easy beach access and 24/7 security measures. In addition, investors seek amenities such as a gym, spa, parking, in-house restaurants, tennis courts, reception, game room, kids club, concierge, housekeeping, pet friendly properties and additional storage spaces.
The demand for properties by the Mexican market has diversified the local industry with the construction of developments with exclusive and innovative designs, as well as services included. To meet this demand, vertical condominiums are gaining more and more space in the destination. And, above all, the amenities being offered are attracting the attention of investors from different parts of our country.
In addition, and just to mention a few examples in the destination, renowned Mexicans in the real estate sector have set their eyes on Vallarta · Nayarit and its surroundings to invest in the construction of high-level and extra-luxury developments. These developers include Ricardo Santa Cruz, who is behind Mandarina; the Álvarez Bermejillo and Vicente Fernández family with the Bolongo condominium and the Tierra y Armonía group, led by Juan José Errejón, with projects such as Punta Esmeralda, Real del Mar, La Joya de Huanacaxtle and Alamar (where Torre Cabo is currently being built).