The Mexico condo market in beachfront tourism areas are heavily dependent on that industry, and can benefit greatly from tourism focused investment, in terms of lifestyle, property value, and rental income. Playa del Carmen is no exception.
This is why it's of great importance for Playa del Carmen condo buyers that the city is currently planning heavy investment into Fifth Avenue, the main downtown tourist street, forming the heart of the area's lifestyle.
The new project will focus on maintenance and ongoing development of the street's image, with a budget of about 1.5 million USD for this year, and is expected to increase significantly in December, for 2011.
Fifth Avenue is a pedestrian street which runs parallel to the beachfront, and is host to many features which draw tourists to this area; small, boutique hotels, fine international dining ranging from elegant takes on Mayan traditions to beautiful pasta bars, live music, ice-cream shops, pizzerias, jewelry and clothing stores, and much more.
The investment will cover the original stretch of the the downtown road, running from First St. South (where the street begins at an elegant outdoor plaza and a beachfront park) to Constituyentes Ave. Beyond this begins the newer, Italian section of the street.
A large number of the condos bought by expats are within walking distance of this street; the more expensive ones are in the one-block space between Fifth Ave. and the beach, and many other in just about all price ranges are 4-5 blocks back from Fifth, still within short walking distance both to this tourist street and to the beach.
Whether within walking distance or not, the street is a sort of social hub for the area, and most people make their way down to enjoy drinks in comfortable patio cafes and events such as the weekly art-walk or annual beachfront jazz festival. This is just as true for Mexico homes in outlying areas, not directly downtown.
The project, which was authorized in late September, 2010, aims to continue developing the image of Fifth Avenue through improved lighting and an increased number of benches to make the walks even more relaxing.
A related project includes building a new beachfront access with parking in an up-and-coming area of Fifth Avenue further north, at 88th St. The funds for the project are being provided by both the state and federal governments.
TOPMexicoRealEstate.com; Mexico's Leading Network of Specialists for Finding and Purchasing Mexican Properties Safely