Puerto Vallarta (PVDN) – The luxury real estate market in Mexico’s Riviera Nayarit has been experiencing a surge in demand, especially in tourist areas that are currently registering dynamism in the development of real estate. The latest news from the region is the sale of a residence with a record-breaking price of $17.5 million in 2022, which has set a new standard for the real estate sector in this region.
According to RLH Properties, a firm that specializes in the acquisition, development, and management of hotel assets, this sale took place as part of their diversification strategy to venture into the development of the luxury real estate segment, including ultra-luxury houses and apartments in beach areas.
“Our residential business has exceeded expectations, showing extraordinary results and ensuring its position in the market. We exceeded the commercial goals in the company’s history, making us feel grateful to the investors who trust in this business model, which is a success,” commented Borja Escalada, the company’s general director.
According to the firm, the record sale in Riviera Nayarit took place at the One&Only Mandarina Private Homes complex. The company led by Escalada has a total of 319 luxury residential units in its portfolio, located in the Riviera Nayarit and the Riviera Maya, of which less than a third are available.
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During the last quarter of 2022, the sale of seven properties in Rosewood Mayakoba was completed, which means that it is only two units away from depleting the inventory of that project. The average price of these properties is $4.4 million.
Similarly, in Fairmont Heritage Place Mayakoba, five units were sold, with an average price of $1.4 million for complete properties and $208,000 for fractional properties.
The current boom in the luxury real estate market in the Riviera Nayarit can be attributed to various factors. Firstly, the region is known for its stunning beaches and picturesque landscapes, which attracts tourists and real estate investors alike. Secondly, the demand for luxury properties has increased due to the pandemic, as people are seeking safe and secluded destinations that offer privacy and exclusivity.
Furthermore, Mexico’s government has been implementing various measures to attract foreign investment in the real estate sector, such as offering tax incentives and simplifying the process of obtaining residency permits for investors.
The luxury real estate market in the Riviera Nayarit is witnessing a period of unprecedented growth, with record-breaking sales and a high demand for luxury properties. As the region continues to develop and attract more investors, it is likely that this trend will continue in the coming years.
Puerto Vallarta (PVDN) - The luxury real estate market in Mexico's Riviera Nayarit has been experiencing a surge in demand, especially in tourist areas . . .
