If you have had the opportunity to visit Mexico’s Riviera Maya, you would understand why properties are in such demand. People from all corners of the world elect to vacation in one of the most beautiful locations in Mexico. Additionally, due to its affordability, the Riviera Maya has become an ideal destination to retire. Plenty of travel publications classify Playa del Carmen and its surrounding area as one of the most desirable locations. Also, affordability is an important factor most people consider when retiring in this beautiful area.
This article offers basic information for people who are looking to invest or purchase a second or retirement home at an affordable price – suited to your budget. As an example, we will compare place like California, Florida or even Hawaii to buy property, take into consideration what the Riviera Maya offers for about half the price.
Let’s look at the general housing statistics and cost-of-living for these vacation meccas
California
Firstly, an average beachfront or close-by home in and around the southern California area starts in the neighborhood of 6 million dollars. A two-bedroom condo or smaller studio apartment will cost approx. $800 thousand to 1.2 million dollars in the same area. These are average homes with views of the Pacific Ocean and/or within walking distances to the beach. California is popular for having a higher cost of living as well. On the other hand, add property taxes, insurance – if you can obtain it, and other necessary expenses can add to your monthly/annual expenses.
Florida
In Dade County Florida, a very modest waterfront home starts at several million dollars. The price, depending if the property is oceanfront or on an intercostal waterway, could easily double or triple. Condos begin around $825,000 and skyrocket in price pending views and amenities. Sometimes they aren’t directly on the water but are close enough to fetch asking price or more. Fort Lauderdale being just south of Miami isn’t much better. In some cases, the prices are higher because of its reputation for being a vacation and second home destination. Don’t forget to consider Florida’s medium to higher property taxes, very high insurance cost and maintenance expenses can add up very quickly. Not having state income tax provides little relief from its higher cost of living.
Hawaii
Everyone knows that Hawaii is the pearl of the beautiful central Pacific Ocean. A modest condo across the street from the beach begins somewhere around $550,000 to $700,000. A smaller home will start at around 2 million and rapidly increases from there. The cost of living on any of Hawaii’s tropical islands is amongst the most expensive in America. Don’t get us wrong. Hawaii is a beautiful place if you have the budget. You still might what to keep it on your list of possibilities.
These three well-known destinations when comparing housing costs, property taxes and living expenses are much higher than most any place in Mexico. This is not to say that these three popular retirement havens wouldn’t be fabulous to have a home or condo in, but not everyone can afford to own in these places. Let alone survive the higher than normal cost of living and entertainment expenses.
Property and Affordability in the Riviera Maya
There are several types of housing in the Riviera Maya’s many beachfront communities. Let’s start with luxurious villas that overlook the Caribbean Sea and its sugar white sand beaches. For example, a very prestigious gated community is Playacar – located in Playa del Carmen. Beach lined homes begin at 2.5 million and max out around 5 million dollars. These beautiful and spacious villas – 2,500 to 4,000 plus square feet, are well-appointed (fully furnished), 4 bedrooms, a private pool with fabulous views and lead right down to the beach start at 2.5 million dollars. This is a far lower starting price than their North American neighbor could boast for like properties.
Let’s look at the more affordable condos that also share the same beautiful coastline as the million dollar homes sit on. In Playa del Carmen a 1 bedroom/1 bath condo starts at around $250,000. A 2-bedroom/2-bath goes from $285,000 to $300,000. A little further down the coast in Akumal, a beachfront 3-bedroom and 2-bath condo is offered at $325,000. There are larger condos just blocks off the beach that can offer more room and amenities for the same price or less. The Riviera Maya’s world-renowned beaches are within walking distance almost anywhere in Playa.
Other affordable communities in the Riviera Maya
The Riviera Maya encompasses from Puerto Morelos to Tulum and all points in between. There are plenty of water view communities that offer executive style properties that provide numerous amenities under $300,000 dollars. There are also new construction – pre-sale opportunities that offer discounts and upgraded furnishings.
Besides the affordable prices, there is one more very important factor to consider and that is the cost of living. When you figure in the dollar to peso exchange rate, the cost of food and entertainment along with extremely lower taxes and insurance, the comparisons are obvious. Mexico has proved to be more reasonably priced regarding real estate and cost of living. If any or all of the above information seems appealing, contact Top Mexico Real Estate and let one of their professionals provide you with additional information. There is no reason why you can’t enjoy a luxurious lifestyle at an affordable price.