Nearing the end of the third quarter of 2022 and facing the beginning of 2023, some of the key statistics showing how the real estate market has performed in Banderas Bay over the past months are presented, as well as the predicted trends for the rest of this impressive year on the market in Vallarta · Nayarit.
Sales on the Rise
Timothy Real Estate Group shares that, in general, in both Puerto Vallarta and Riviera Nayarit, property sales will continue to be strong for the remainder of the year.
MLSVallarta.com confirms that, after the first eight months of 2022, sales numbers are already 40 percent higher when compared to the same time period in 2021, equaling a sales volume that is four times greater than what it was three years ago.
For example, they also explain that one of the main indicators in identifying a possible cooling in the real estate industry is an increase in inventory, meaning when properties remain on the market for a longer time due to a lack of demand and/or having a greater number of properties available on the market. They confirm that in Vallarta · Nayarit the complete opposite has happened, with not enough properties in the area to accommodate demand and several real estate agents have reported that their lists of prospects who want to buy in our destination continue to grow.
Trends for the Rest of 2022
SB Realtors indicates that a positive trend for the real estate industry is that the national market continues to be a strong player in both Puerto Vallarta and Riviera Nayarit. Mexicans, mainly from Guadalajara, Monterrey and Guanajuato, are investing both in buying a second home and in ensuring their assets in US dollars, as Banderas Bay is one of the regions in Mexico where it is common to find dollarized properties.
Likewise, from 2020 to date, there has been a continuous increase in people from both the United States and Canada moving to our destination to work remotely, leaving behind the faster pace and costs of their cities of origin to enjoy of the lifestyle that Banderas Bay offers.
Committed Financing Option
Right now, and according to MLSVallarta, one of the main sources of financing for prospective US buyers is being compromised, as stock prices continue to fluctuate in a down market. However, the good news is that there are now more and better financing options and mortgage loans for foreigners available in Vallarta · Nayarit, which translates into greater certainty when buying and selling properties.
Strong Demand for Vertical Condominiums Continues
Nearly 60 percent of local inventory demand has traditionally been based on two-bedroom condominiums. Timothy Real Estate Group shares that just 18 months ago, the median preconstruction price hovered around 255,000 USD. So far in 2022, the average price has increased to 320,000 USD for preconstruction units.
This phenomenon is still present, even though there has always been a good offer of resale residences even larger than apartments, but in more traditional neighborhoods in the city such as Versalles, Fluvial Vallarta and Palmar de Aramara.
Most Requested Areas
According to SB Realtors, last year, the most requested areas among buyers were Centro Sur (south of the Cuale River), followed by Nuevo Vallarta, the North Hotel Zone and Bucerías.
In 2022 thus far, the most popular areas with people looking to invest in real estate in our destination are the Hotel Zone, Downtown South Center, Francisco Villa West, Nuevo Vallarta West, Marina Vallarta and Bucerías.
Benefits for the Vicinity of Developments
The construction of the new condominium towers brings along development for the surrounding streets, creating an immediate new market for businesses like restaurants, boutiques, cafes and other services that will be used by residents of the building.
MLSVallarta is a Multiple Listing Service (MLS) that was founded and has been operating in the Vallarta · Nayarit region since 1988. MLSVallarta is not involved in the real estate business directly, but works as an intermediary between people interested in investing and real estate agencies.