Even though property in Playa del Carmen is much cheaper that the equivalents in the U.S., we all know that penthouses and luxury homes directly on the beachfront are still out of reach for most people. We also know that there are many very low-priced Playa del Carmen condo options. What’s the catch with these? Why are they so cheap?
There really is no catch. There are very clear reasons for the low pricing, and for you as a buyer it’s important to understand these so you can be sure that you are getting a great property for a low price, and you can distinguish a great deal form a not-so-great one. Consider the following factors that point to low prices.
New Communities – Basically, the newer the community, the lower the prices relative to what they will be when the community is complete, or to a similar community that is already established. The reason is that most buyers feel more “at home” when they go into a community and see that it’s full of homes and condos, with people walking around, etc. On the other hand, those who like the natural and quiet setting of a less developed community can enjoy this kind of setting for a few years while the rest of the community takes shape – at a noticeably lower price. A well-developed master plan from the master developer points to certainty in community atmosphere and future value.
Gentrification – This same factor applies to gentrifying neighborhoods. When a neighborhood first begins to gentrify, it doesn’t look “nice” yet, and prices are lower – even on a new, ritzy, upscale condo complex. Buyers can look for clear signs of gentrification like nice, new condo complexes, renovated homes and trendy stores and shops. The south half of downtown is a good example of a place where the transformation is very obvious and which has moved from “good signs” to “definitely well into the process of gentrification.”
Distance to the Beach – This is a very straight-forward factor; the further a property is from the beachfront itself, the lower the price. The good news is that you prices drop rapidly within a short walk from the beach. Many buyers see beautiful properties in nice neighborhoods for surprisingly low prices and wonder if there’s something they didn’t notice; while it’s definitely necessary to work with an experienced agent and be sure to have a home inspection done, in the end this is simply the way pricing works in Playa del Carmen. If you don’t mind walking 15 minutes to get to the beach, a warm-weather, upscale lifestyle in Paradise suddenly becomes much more affordable than a cold-weather lifestyle in an average neighborhood back home.
Ask an experienced agent in Playa del Carmen to show you some affordable condo options. You won’t be disappointed.
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Region: Mazatlan real estate Thomas Lloyd graduated from Purdue University Krannert School of Management with a degree in Management/Financial Option Investments. He has been living, investing, and working professionally in Mexico for over 15 years. A Mexican Certified Realtor he is the current president of TOPmexicorealestate, you can contact him at (512) 879-6546.
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