The Playa del Carmen real estate market has welcomed more expats in 2017 as the demand for luxury condos as vacation home rentals continues to increase, offering excellent return on investment and an attractive alternative to the volatility of the stock market. In addition, Playa is still very affordable when compared to other beachfront locations in the U.S. or Europe.
“These days, Playa [as the locals often call it] gives Cancun a run for its money in competition for tourism numbers”, wrote the Huffington Post.
Although standard big-box resorts will always have a place near popular beach towns like Playa del Carmen, the growing trend is toward luxury condo-hotels that could easily function as residences. These innovative new developments offer a more personalized experience and have much more space than what is typically found in a cramped hotel room, while also providing a place to prepare a meal at home or even entertain friends.
Today’s condo-hotels in Playa del Carmen also provide easy access to services and amenities, including spas, fitness facilities, world-class dining, shopping and golf, as well as the Mexican Caribbean Sea, ancient Mayan ruins and everything else along the coast. Whether the development is located directly on the beach or just a few blocks away along the always-bustling shopping, dining and entertainment district of 5th Avenue (Quinta Avenida in Spanish), luxury condos that double as turnkey vacation home rentals have definitely emerged as the next big investment opportunity in downtown Playa del Carmen.
“We like [the Playa del Carmen real estate market] for its strong and growing rental demand, thanks to greater-than-ever numbers of both foreign and domestic (from across Mexico) tourists”, wrote the Huffington Post earlier in 2017. “Average occupancy rates are above the regional average… As high as 80% per year and better”.
One of the best things about buying luxury condos as investment properties is that they can take much of the guesswork out of buying property in a foreign country, especially when there is an experienced property manager on site to handle all of the bookings, maintenance and other tasks. In addition, given Playa’s growing popularity and active property market (which shows no signs of slowing down any time soon), vacation homes in this part of the Riviera Maya are also much easier to sell and gain exposure to a much wider audience than investment properties in other parts of the world.
Finally, the other side of this coin brings us back to our original point, which is that demand among travelers for luxury condos that double as income producing property for the owners is higher than ever and still on a sharp uptick in Playa and in other select parts of the Mexican Caribbean.
What barriers to buying real estate in Playa del Carmen have you encountered? Let us know in the comments!
Learn more in this Quick Guide to the Booming Playa del Carmen Real Estate Market!