Within Mexico real estate, there are numerous markets which have gained high degrees of success among buyers from the U.S. or Canada. On the Mexican Caribbean coast, the one to stand out as the most successful is Cancun real estate; on the Pacific Coast, it is Puerto Vallarta real estate. A review of their success stories shows how very different factors can combine to make a real estate market in Mexico work.
Cancun is a new city. It was founded 40 years ago, from scratch. There was nothing there except abandoned beaches (very, very beautiful abandoned beaches) and the surrounding jungle. Real estate reflects this fact; most of the real estate available is relatively new and is consequently quite modern.
When the city was first planned, the concept was one main idea; attract tourists and make them comfortable. Wide access roads, modern malls, big stores, upscale hotels and resorts all defined the growth of the new city. The international airport was there since day 1. The city grew on planned tourism promotion, originally propelled by the government of Mexico. Since then, word of mouth has also made Cancun famous, both in terms of tourism and in terms of real estate, but the point is that this is what they planned back then. The city was planned to be a big, modern tourism success, and this is exactly what it is.
Real estate and lifestyle for buyers reflect this fact. High-rise condos offer a modern lifestyle, along with all the elements listed above.
Puerto Vallarta was originally a little fishing town on the Pacific Ocean. It grew into a thriving tourist and real estate market somewhat more “organically.” Sometime before the 50s a few adventurous expats began to move into a little neighborhood just outside of the old town.
In the 60s, Hollywood took notice of the town’s potential; the romance between Richard Burton and Elizabeth Taylor was probably one of the first events to put the town on the international map, gaining attention as quaint oceanfront town and a romantic place to visit - or even live.
Since then a modern tourist region has grown up around it, offering high-rises and modern services like in Cancun, but always blended and balanced with the classic Mexican charm that still defines the Old Town area. Real estate buyers enjoy both new luxury and classic old homes.
The two areas show that there is no one “recipe for success” in Mexico real estate. Both have made the best of the area’s resources and offer excellent real estate options.
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