Buying property in Playa del Carmen could be a steal of a deal
Buying a vacation property or a second home in another country is a big decision, however, deciding where to buy can be an even bigger decision. In Mexico, for example, where an estimated 1.2 million Americans and Canadians have second homes, knowing property values can be a large deciding factor.
A recent report by Lamudi found that property values from Mexico’s Pacific coast to its Caribbean Sea shores vary greatly, in some instance, by almost double. According to their findings, Puerto Vallarta is the most expensive Mexican city in which to buy a home with an average of 22,314 peso per square meter.
A beautiful city filled with culture and history, not to mention some of the country’s most exquisite architecture, Oaxaca remains a magnet for many foreigners. People who truly want to experience everything at the heart of Mexico take to this region, and it is likely for this reason that Oaxaca is officially the second most expensive place in Mexico to buy property. Lamudi’s reports shows that a square meter of land there averages 13,900 peso.
The seaside cities of Acapulco and Cancun come in third and fourth places respectively. In Cancun, the price for a square meter of house is 12,198 peso, which is very similar to prices in Mexico City which are 12,108 peso.
CEO of Lamudi Latin America, Kalina Hadzhitodorova said that, “Especially Puerto Vallarta and Cancun attract a good number of foreigners living in the country, which is reflected in the 47.2% and 23.5% respectively of ads whose original price is expressed in dollars, above the 8.7% average for national,” he said.
Hadzhitodorova acknowledged that the recent appreciation of the dollar against the Mexican peso may affect the sales price per square meter in some of these cities by exceeding up to 2.5 times the average national price, which stood at 8,776 at the end of the second quarter of 2015.
Given prices around the country, Playa del Carmen remains an excellent choice to invest in a second home or rental property. To find out more, visit our MLS listings website for a complete list of photos, descriptions and prices.