The Presence of a New National Market in Vallarta · Nayarit

Originally from Mexico City, Mike de Mucha is a civil engineer graduated from the ITESO Guadalajara Campus. During a family vacation, he visited Puerto Vallarta for the first time. And although he thought he would not return because of the distances that existed at that time, the destination had prepared a 180-degree turn for him.

“Between 1984 and 1985 I was in charge of some projects, so I was coming and going to Guadalajara constantly. By 1986 I came to live permanently in Puerto Vallarta, when the remodeling and reconstruction of what was the Holiday Inn tower was done. Then I became independent, and, since then, I’ve started my own businesses,” he says.

In 2005 he founded Grupo Inmobiliario Bambú, a company that has developed some small buildings in Banderas Bay, Guadalajara and Mazatlán. Subsequently, in 2011 he created Second Home Mexico, and in 2017 he formally started NuHome Realty Company, a real estate agency that also handles a portfolio of rentals and property management. “It has been a gradual evolution where, over time, we’ve been fine tuning our offering of services, corporate image and business model. It’s important to mention that our success is largely due to the participation of my 30-year partner, my wife, Cathy Ríos, with whom I have developed a very important synergy throughout all these years.”

mike de mucha

Although NuHome Realty Company operates throughout Banderas Bay, its most important area of influence extends from Nuevo Vallarta to La Cruz de Huanacaxtle and Punta de Mita. “In fact, Bucerías has been an area that has excited us from the beginning. In Vallarta · Nayarit there are several important areas for real estate development, but we bet on this place due to its beaches and conducive environment for development. As the product we handle ranges between $250,000 and $800,000 USD, this area of the bay is ideal for this class of properties. In addition, many important real estate projects are being built to the north of the bay, so we believe we are in a perfect location to give them the proper coverage.”

Growing National Market

Currently, Banderas Bay is experiencing a preference by buyers from Mexican cities that previously were not on the radar. “In addition to Mexico City, Guadalajara, Monterrey and Guanajuato, there is now an increase in investors from all over Mexico. Particularly noteworthy is the presence of more people from cities such as Zacatecas and Mérida and the state of Mexico. This is novel, because they are new markets that are already beginning to develop at a national level.” 

Type of Properties Chosen

“Without a doubt, most opt for condos. Previously, when we started in the late ‘80s, Mexicans who started investing here chose houses. That has been changing, because economically for the developer it is more viable to build condominiums than houses. The same goes for their respective maintenance. We have to understand that this nascent national market is secondary. It is not like that of Guadalajara, Mexico City or Monterrey, where the approach and configuration of the business around real estate is completely different. In the end, Vallarta · Nayarit is still a tourist destination for nationals and foreigners, who look at it favorably to visit and/or reside.”

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Challenges to Keep the Region’s Real Estate Industry Strong

When asked about the challenges that exist to keep Vallarta · Nayarit’s real estate industry strong and attractive, De Mucha emphasized the implementation of a congruent urban development plan. “It’s about growing with discipline, planning and investment. The idea is to avoid disorderly development due to accelerated growth. There must be the necessary infrastructure to support and serve all the new developments that are coming.”

Vallarta · Nayarit’s benefits are well taken advantage of by De Mucha, who admits he enjoys the destination’s gastronomy. Other pastimes include traveling, playing golf, reading, learning about national and international politics, as well as nurturing his family life on a daily basis.

Before concluding our conversation, the NuHome Realty Company partner gave his overview of the industry in the short term. “There are many challenges to be overcome. On the one hand, there are the American elections, and on the other, the growth of Mexico that many entrepreneurs are betting on. In addition, the strength of the United States has been expanding and growing substantially, so we believe that the local real estate industry will benefit from this bonanza during this season and throughout 2020.”

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