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The Evolution of Downtown Playa del Carmen’s Real Estate Market

26 July, 2018

The Evolution of Downtown Playa del Carmen’s Real Estate Market

The old Joni Mitchell song from 1970 said, “They paved paradise and put up a parking lot”. But in downtown Playa del Carmen, they are tearing down paradise and building impressive new developments!

5th Avenue Playa del Carmen

When I first came to Playa in the fall of 2015, all the talk was about “Future Fifth Avenue,” which spans the area stretching from Avenida CTM all the way to the Paradisus Resort, which overlooks the beach toward the northern end of downtown. Everyone thought that this was where Playa was going to grow and predicted that this part of Fifth Avenue would be a trendy new area, reminiscent of Soho in New York, filled with high end condo buildings and an assortment of world-class restaurant and shopping options.

New Projects in Playa del Carmen

That anticipated development might still happen, but the rapid growth predicted for this area just hasn’t manifested as quickly as it was expected to. Instead, developers have turned their attention to Playa’s downtown core, where the new trend is buying existing buildings, tearing them down and building something shiny and new. 

The Fives Downtown Luxury Condos in Playa del Carmen

The Fives Luxury Condos

One of the first to revitalize a large area of downtown Playa del Carmen was the developers of The Fives Downtown Residences, which is now open and also operating as a beautiful Hilton Curio Collection Hotel. Since then, a growing number of others have followed suit. 

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Booming Real Estate Market

One day you might see a few older, decaying buildings, including housing, shops and restaurants… Then the very next day there’s a fence up and construction has started! Right now, there is a shopping area under construction at the corner of 10th Avenue and 6th Street, and new condo buildings are going up everywhere in the city. 

Booming Real Estate Market in Playa del Carmen

There are even reports that a major local developer has bought the buildings and land on Fifth Avenue across from Quinta Alegria Shopping Centre, with plans for a major project to commence in the coming months. 

So, the takeaway here is that developers are obviously listening to what the people want. As more and more tourists flock to Playa del Carmen every year, their message is clear: People want to be downtown, close to Fifth Avenue and close to the beach. So we can definitely expect that the trend of revitalization in Playa’s downtown core will continue for the foreseeable future.

Do you have questions about buying real estate in Mexico? Post them in the comments!

Read Live Your Best Life in a Stunning Downtown Playa del Carmen Condo and learn more about the incredible real estate investment opportunities available in Mexico’s Riviera Maya right now!

Topics: Playa del Carmen Real Estate Tourism