Puerto Vallarta Real Estate News Q1 2023

Puerto Vallarta is one of the world’s most popular tourist destinations, known for its sandy beaches, electrifying nightlife, and rich cultural heritage, attracting millions of visitors each year.

It is also incredibly attractive for retirees from Mexico and abroad, offering a comfortable and relaxed lifestyle, excellent weather throughout the year, and a wide range of amenities and services. 

The city and the wider Banderas Bay area have modern infrastructure, including an international airport, world-class healthcare facilities, international schools, and a diverse local and expatriate community. 

While the cost of living depends on lifestyle, Puerto Vallarta compares favorably to other popular destinations in the US, Canada, and Europe.

These factors make the popular beach destination one of the best places to visit, relocate, and purchase a second home. Indeed, the Puerto Vallarta real estate market is booming, with 1st quarter sales up over the previous quarter. 

Here is an insight into Puerto Vallarta real estate news and what is going on in the local property market.

Puerto Vallarta Real Estate News

The real estate market in the Puerto Vallarta/Riviera Nayarit region saw a sales volume of $141 million in the first quarter of 2023. While this was slightly higher than the previous quarter, it remains more than 30% below peak levels in the second quarter of 2022. 

The growth in sales is due to increased demand after buyers held back during the COVID-19 pandemic. Despite being lower than last year’s peak, sales are still higher than before the pandemic. Currently, the Banderas Bay area is experiencing a shortfall of available properties. However, new developments are underway, which should help achieve a more balanced market. 

Property Prices

The price of a two-bedroom condo has risen by nearly 20% compared to 2022, and a 66% increase since 2017.

Nuevo Vallarta/Flamingos had the highest percentage, with 19% of all sales, followed by Bucerias at 17%. The downtown region, Centro South and Emiliano Zapata experienced a decline in sales from 23% in 2017 to 11% in the first quarter of this year. This shift can is due to various factors, including a preference for properties outside the city center where prices tend to be less expensive, including increased demand for housing in areas such as Nayarit and the Francisco Villa region, including Versalles, Fluvial, and Las Gaviotas neighborhoods.

The drop in overall sales volume is primarily due to a lack of available properties rather than a decrease in demand. As a result, prices will most likely rise until the market can meet the demand for properties.

Talk To The Experts

Despite the increasing cost of Puerto Vallarta real estate, the city is still a highly desirable place to live. At Puerto Vallarta Villas, we can help you find your ideal property at a price within your budget.

Call us today and speak to one of our highly trained professional real estate agents.