subject: Playa del Carmen Real Estate Review of 1st Quarter 2011 [print this page] Playa del Carmen Real Estate Review of 1st Quarter 2011
Late in 2010, industry professionals were predicting a good year for Playa del Carmen real estate during 2011. Reviewing the first quarter, buyers will be able to see that opportunities are definitely here, but they may wish at least to start watching sales soon.
The following points have defined the first quarter of 2011.
New condo developments with preconstruction discounts. As confidence grows in the world economy, developers are beginning new complexes of condos and villas. However, knowing that progress is still slow, many are offering excellent prices to get sales started, with very good preconstruction discounts. Many of these are in nice areas, and offer high-quality design and construction, suggesting higher future value.
A moderate but constant appearance of price reductions. Because of a relatively healthy market, Playa del Carmen did not see the wave of mass price reductions which swept across the U.S. and other parts of the world, leaving many markets crippled to this day, with an uncertainty if values will rise anytime soon. While values have held steady here, and show every sign of moving up healthily, price reductions show up regularly; they also get bought up quickly. Those who are on the ball can buy excellent properties for very good prices.
Increased interest from Canadian and European buyers. Following the trends of 2010, the buyers which have been moving with the most confidence to take advantage of the deals which have turned up are Canadian and European buyers. In Canada, a combination of sky-rocketing home prices in the post-recession market (especially in vacation properties, which now average near a million dollars), and a high value of the Canadian dollar, largely supported by high oil prices world-wide, have offered Canadians the buying power to real estate in Playa del Carmen much more so than even before the recession. Relatively speaking, the cost of living in Mexico has actually become significantly less for Canadians.
A more moderate increase in American buyers. As the economy continues to recover slowly in the U.S., American buyers are also investing more in Playa del Carmen real estate, albeit the increase is more moderate.
On the whole, the picture is that the resilience of the Playa del Carmen real estate market during the recession, combined with the growing sales to residents of certain countries points to a healthy market for purchase; while deals and discounts are most certainly available, now is an ideal time for American buyers to begin looking, before the growing demand makes these harder to find.
