Playa del Carmen is well into its real estate boom; the town has expanded well out beyond the borders of the beachfront town of the 90s, and the entire original town was smaller than what we now consider downtown. This raises the question; are there still good, low-priced Playa del Carmen property investments in the downtown area? The answer is yes. The following are some of the reasons why.
Tourism growth has been mostly along the beachfront – Most of the growth in tourism services has been stretching out along the beachfront. In the downtown area this growth has focused mostly along Fifth Avenue, which is the main street, currently mostly pedestrian, which runs parallel to the beachfront. Along this street there are many restaurants, cafes, bars and shops (jewelry, tobacco, clothes, shoes, knickknacks, local handicrafts, etc.) This means that there is plenty of room for new growth very close distances back from Fifth Avenue.
Real estate development has been in a handful of pockets – For real estate, most of the upscale condo developments have followed the growth of Fifth Avenue along the beachfront. In addition to this, there are only a handful of pockets in the heart of town with a concentration of nice condo complexes. The rest of town is picturesque, but currently holds little “outward” or appeal for tourists or expat real estate buyers. New developments have appeared out in gated communities and even further back from the beach, but downtown remains far from complete or exhausted.
“Undiscovered” communities are still available a walk away from the beach – This having been said, buyers looking for this kind of investment will not just want to jump into just any neighborhood. The trick is to pick out a neighborhood that holds high potential be one of the next ones to transform into a new development hotspot. There are several neighborhoods like this where the surroundings are very pleasant and nice new condos are just beginning to appear. Since they are not in the “usual” places, this means the prices tend to be considerably lower. They are definitely not in the “middle of nowhere” – the beach is still only a walk away.
The commercial area is growing back from the beach – While little attention is paid to them, they are also close to large stores like Walmart, restaurants and local fresh fruit & vegetable markets.
Buyers interested in this kind of investment should work with an experienced agent to select a suitable property in such a neighborhood downtown; with the current growth, potential looks very high.
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