As more and more people from the Baby Boomer generation enter their twilight years,they are increasingly interested in getting the most out of retirement while making their limited resources last,the Huffington Post reported. This,along with a growing number of expats of all ages who are just looking for a change of scenery,has contributed to the recent real estate boom in Puerto Vallarta,Mexico.
“At upwards of 16 Mexico pesos to the dollar,this becomes ever more feasible. Hence the dramatic uptick in migration south of the border adding to an ever-growing expat community.”
Once little more than a scenic fishing village on Mexico’s Pacific Coast overlooking Banderas Bay,over the last 50 years or so Puerto Vallarta has evolved into a thriving community with modern infrastructure,every imaginable amenity and some of the world’s best shopping and dining. Combine this with its year-round tropical climate and it’s a recipe for real estate success.
Based on the 2010 census,Puerto Vallarta is the fifth-largest city in the state of Jalisco,with a population that has increased from around 16,000 in 1960 to more than 255,000 – which means a growth rate of more than 1,500 percent!
“With a thriving real estate market that continues to see year over year growth,adding more foreign residences,those numbers will likely see a large increase with the 2020 census,writes the Huffington Post."
Puerto Vallarta has also consistently been ranked as one of the top destinations worldwide for expats from a growing list of reputable sources. This includes AARP Magazine,which rated Puerto Vallarta the “undisputed #1 destination for American retirees,” on its recent list of the “Top 5 Best Places To Retire Abroad,” as well as the #2 spot on a list of the “World’s Top 21 Retirement Destinations Revealed Annual Index,” and International Living,which named Puerto Vallarta #3 on their list of the “World’s Best Places to Retire In 2015.” The pristine beaches,well-established expat community of 50,000-plus and growing,lower healthcare costs,luxury developments,rich history and fabulous climate were listed as the main reasons for Puerto Vallarta’s positive rankings.
“As Puerto Vallarta’s popularity and economy continues to grow,so has its real estate market,” writes the Huffington Post.
The sale of residential homes and villas,condos and land in Puerto Vallarta was up 11.5 percent from January through July of 2015,while last year’s dollar volume of properties sold almost doubling 2014’s numbers.
“Puerto Vallarta’s real estate momentum has been on the upswing for 4+ years,with 2015 sales indicating another stellar year for the once-sleepy Mexican village.”