Let’s take a look at the Puerto Vallarta Real Estate market and what this means for you and the future of investing in Puerto Vallarta. One thing is for sure, it has never been a better time to buy or sell your property in paradise.
The Real Estate market is like never before in Puerto Vallarta. 2021 marked a pivotal change in the Real Estate market and 2022 looks like it will be no exception. With properties selling left and right, it is apparent that there has never been a better time to invest in Puerto Vallarta Real Estate. To know where and how to invest, it is important to truly understand the current market trends. At Coldwell Banker La Costa, we want our clients to be aware of the current Real Estate climate in Puerto Vallarta. This being said, we are honored to share with you all our 2022 market update: the Puerto Vallarta Real Estate Statistics and recap of 2021. While we urge you to download (see link below) and review this market update to really get a sense of where Real Estate in Puerto Vallarta is headed, we want to point out some key highlights that we find mark a significant change in the Real Estate market and the future of Puerto Vallarta Real Estate and investing.
We saw an increase of Real Estate sales across the map in 2021; numbers were up and continue to be up everywhere in the Puerto Vallarta area! Condominium sales are up 56% from 2020. This is huge news and tells us at Coldwell Banker La Costa that folks are seeing the return-on-investment potential in buying condominiums. Upkeep is minimal compared to that of houses, and rental potential is large, whether you are looking to rent out your condominium long term or short term.
Pre-construction opportunities are popping up all over the bay, from up north in Punta Mita to the South Shore of Puerto Vallarta. With the rise of pre-construction developments of course comes the rise of pre-construction sales. In 2021, there was a 61% increase over the previous 5 year average, which correlates directly to the increase of condominium sales. Where before houses were the perhaps more attractive buying option in Puerto Vallarta Real Estate, condos are now leading in the charts – everyone wants their piece of paradise, and if it comes with a optimistic return on investment opportunity, even better!
In 2021, Puerto Vallarta saw a total of 1894 transactions, for a total volume of $701,998,272 USD. This is a 52% increase from 2020!! Let that sink in. These numbers of unheard of, making it clear that more and more folks are deciding to invest in Puerto Vallarta. If we look at the breakdown of these sales, we’ll see that 357 houses were sold for a total volume of $193,686,262 USD. The areas of Puerto Vallarta that saw the highest number of house sales were the Marina, Hotel Zone and Versalles. These neighborhoods continue to be in high demand, as each of these are centrally located areas, close to all the favorite convenience services of Puerto Vallarta.
Continuing in the breakdown, 1410 condos were sold in 2021, for a total volume of $475,279,145 USD. Out of these 1410 condos, 588 were pre-existing while 822 were pre-construction units. Again, pre-construction! Buying pre-construction is one of the best investment opportunities in Puerto Vallarta Real Estate. Return on investment, immediate increase in property value, choosing your desired unit, the list goes on. And again, we saw that the area with the most sold condos was the Marina, Hotel Zone and Versalles. In 2nd place was Centro North and Centro South, aka downtown Puerto Vallarta. Some of our exclusive Coldwell Banker La Costa pre-construction listings include Mar Azul and Oqueano Condominios in Bucerías, Distrito Hamburgo and Venecia in Versalles, and Sunset Tower in 5 de Diciembre in downtown Puerto Vallarta.
A rather overlooked aspect of Puerto Vallarta Real Estate: land and lots. Perfect for condominium development or for building your dream home. In 2021, 108 lots of land were sold, making up a total of $21,526,865 USD. There is a ton of potential in investing in land, and it is our prediction that 2022 will not only be a great year for pre-construction, but for land as well.
2021 was a big year for the Real Estate market in Puerto Vallarta. Closings left and right, pre-construction development after pre-construction development, 2021 marked a new high in the movement of the Real Estate market in Puerto Vallarta. It is now becoming increasingly apparent that Puerto Vallarta is the place to invest – but if haven’t bought your piece of paradise, don’t worry, you haven’t missed the boat, at least not yet.
Watch the video below to find out even more! And be sure to download the market update to see the numbers for yourself!