When a market becomes popular, the general trend is that prices go up; however, a closer look at the Playa del Carmen condo market will show that low prices are still available for excellent properties. Let’s consider what has happened with the market over the past few decades.
During the 80s, Playa del Carmen was essentially a couple of stores for the stop-over at the ferry for visitors travelling from Cancun to Cozumel. As the location first gained popularity with European back-packers, and then, more and more with a fuller variety of tourists from all locations and lifestyles, some expats began to take interest in buying condos and living in this village.
During the 90s, just about all the growth that took place was within what would now be considered the center of downtown. Some gated communities, especially Playacar and Puerto Aventuras, were also taking shape.
It was during the first decade of the 2000s that the community saw the beginning of its boom. Buyers would see significant return on a condo that was bought and then re-sold entirely during the pre-construction phase! The number of condos boomed; but again, the majority of this growth was entirely within the downtown area. During this time, the north half of Downtown, known as Little Italy, was developed by Italian investors emphasizing Playa del Carmen’s European flavor. And yes – prices went up. (It’s worth noting, however, that compared to just about anywhere else in the world, the prices are still very good for this kind of location, on beaches not nearly this nice; it’s simply that the prices were so incredibly low before …)
So, many people thought that was it for very low prices. Yet the market has proven more adaptable to buyers’ needs, and what has happened now is that a greater variety of prices and lifestyles have emerged.
New, gated communities just a 10 minute drive away from the heart of downtown, within walking distance of the beachfront have begun to offer high-quality, beautiful condos for prices that people thought were a thing of past decades. What’s more, the development and boom downtown focused on certain pockets. There are still outlying areas of downtown, still a walk from the beachfront and all the tourism activity of Fifth Avenue where prices are low.
The market continues to grow, demand remains healthy, and it looks like these low-priced condos are pretty much as good a deal as anyone found back then. The trick is knowing where to look …
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