Have you ever had a vacation so rewarding that you didn't want to go home? It certainly happened to me. That's how I ended up living in Puerto Vallarta. When I first visited in 2013, I had a strong desire to pack up my New York life and move. It took a few years to make that wish a reality, but moving to Puerto Vallarta was the best decision of my life and the transition was very easy.
It may be a beach town, but Puerto Vallarta has grown tremendously over the past decade and is now a very liveable city. It has strong connections to other parts of the world, from great restaurants and nightlife to spectacular beaches and dozens of grocery stores and markets. With access to the rest of the United States and Mexico, as well as excellent health care, living in Puerto Vallarta has never been easier.
The only question is how much others love it too. The Puerto Vallarta real estate market is Mexico's hottest real estate market — Gone are the days of Puerto Vallarta's incredible real estate deals. I was lucky because my husband already owned real estate here when we first met, but for anyone looking to buy a home in Puerto Vallarta, especially when it comes to the price that will inevitably come up, it's a good idea to consider. There may be quite a lot to pay. Still, it's worth the investment considering the ROI, and these days he can get up to 8% ROI.
So where do you start when looking for real estate in Puerto Vallarta? We've broken it all down for you in our guide to buying a home in Mexico's best seaside cities.
What are the best areas for real estate in Puerto Vallarta?
“The price ranges all depend on the location,” said real estate agent Christian Bernardino of The Agency in Puerto Vallarta. “You can break it down further, but mostly it’s location.”
He added: “The latest trendy areas are Fourvial and Versailles. It's a new area and the prices are pretty low, so the younger crowd is buying there. That's very positive.”
Even with Puerto Vallarta's skyrocketing real estate prices, you can still be surprised by great deals even in the trendiest neighborhoods, especially if you're comfortable buying a fixer-upper or property without luxury amenities. Puerto Vallarta is still a relatively small city, so even if your first choice area doesn't fit your budget, he can be within 10-15 minutes of most neighborhoods in the city.
Zona Romantica: The first place most people visit (and fall in love with) in Puerto Vallarta is Zona Romantica. You can't help but fall in love with the cobblestone streets, charming historic homes, and bright purple flowers blooming from the bougainvillea trees. The city's oldest and most historic district, the Zona (as the locals call it), is full of restaurants and bars, as well as one of the main beachfront areas. It also receives the most tourists, so it can be the noisiest district depending on the season.
Being Puerto Vallarta's most famous neighborhood, real estate can be quite expensive. Zona Romantica CondominiumsFor example, it is listed for 2.5 million USD. This luxurious penthouse features 3 bedrooms, 3 bedrooms, a wraparound terrace, and a private pool.
in contrast, This penthouse condo is listed for $860,000 The building has 2 bedrooms, 2 bathrooms, and a pool.
Neither are cheap, but you'll find that they have a pretty wide range of offerings.
Concha China: Just up the mountain ridge from Zona Romantica is also a popular area for real estate in Puerto Vallarta. Although Conchas Chinas is not as walkable as Zona Romantica due to its hilly terrain, its beachfront location, ocean views, and spacious villas and condos make it one of the most expensive and desirable locations in the city. I am.
This 4 bedroom, 4 bathroom Villa in Conchas Chinas is listed at US$2.19 million. It has a private pool and offers sea views.
this 3 bedroom, 3 bathroom home The listing price is USD 1.2 million. There is also a private pool, elevator, vaulted ceilings, and multiple fireplaces.
Centro: Across the Rio Cuale from Zona Romantica is Centro. This lively district has the Malecon as one of its main attractions and is home to all the restaurants and nightlife entertainment you can find. Shabby historic homes with terracotta tiled roofs tower over the jungle mountains, and the crown of Nuestra Senora Guadalupe Church creates stunning skyline views. Centros also tend to be more expensive given their location and access to water. Still, you'll start to see a little more bang for your buck here, as well as a wider price range.
This 5 bedroom, 5 bathroom villa It has a wrap-around terrace with views of Banderas Bay and Nuestra Senora de Guadalupe Church. It is listed at US$1.3 million.
In Centro, you begin to find a large inventory of small homes, usually at relatively affordable prices. This one bedroom condo It's located one block from the Malecon and costs $295,000. It features an outdoor terrace and a rooftop pool on the building.
December 5th: North of Centro is Cinco de Disiembre, another historic district with cobblestone streets and beaches. Centrally located and within walking distance to Zone Romantica, you'll find some great deals in this area.
This 4 bedroom, 4.5 bath homewith private pool and garden, priced at USD 675,000.
this 2 bedrooms, 2 bathrooms It has a private balcony and is within walking distance to the beach. The rooftop terrace has a pool and lounge area. This condo is priced at $375,000 USD.
Bellesalle/River: The most notable neighborhoods in Puerto Vallarta are Versales and Fulvial. These quiet residential neighborhoods are seeing an influx of condo developments and renovations of older homes. A burgeoning restaurant scene, proximity to large supermarkets such as La Comer and Costco, and easy access to downtown and the airport continue to make these areas attractive. Although these areas are not beachfront, the influx of new construction with amenities is driving up prices.
Ann Old 3 bedroom, 2 bathroom house Prices for properties over 2,600 square feet are $352,000. meanwhile, Brand new one bedroom condo with rooftop pool 800 square feet costs $289,000.
Understanding the Mexican real estate process
Once you've decided where you want to live and found the perfect place, there are a few important steps. The first is to understand the laws governing the purchase of real estate in Mexico as a foreigner. Buying real estate in Mexico as a foreigner is free and clear, but there are some caveats.
it is Written in the Mexican Constitution Foreigners cannot own property within 100 kilometers (60 miles) of national borders or 50 kilometers (30 miles) from coastlines. However, it is possible to avoid this by using a trust.
A trust requires three parties:
- original owner
- Trustee (bank)
- Beneficiary
The trust does not give direct ownership to the foreign beneficiary (you). This proves that the bank has legal title to the property and can act on your behalf. This trust gives you all the rights and privileges of ownership, and the trust is established for his 50 years and is renewable at any time in perpetuity.
Once your offer is accepted, the closing process begins. A deposit of 10% of the purchase price is typically required and held in escrow. After signing the trust deed at the notary public office, you will be required to pay the remaining amount. You, the buyer, pay closing costs, which include transfer taxes, notary fees, registration fees, tax certificate fees, title search fees, and real estate appraisals. Other expenses may apply. The seller pays capital gains taxes and real estate commissions.
Buyers are eligible for a one-time exemption from capital gains tax if they establish residency for two years after purchase. If you have not established residency and would like to sell your property in the future, up to 35 percent So if you're investing in real estate in Mexico, make sure you like where you're buying.
You are also responsible for paying property taxes each year. Property taxes are the same for everyone living in Puerto Vallarta, regardless of the size or value of their property.
Resources for purchasing in Puerto Vallarta
Working with a licensed real estate agent in Puerto Vallarta is easy and there are many options. You can also find offices of some of the most famous companies in the United States and Canada. cochran real estate, agency, coldwell banker, century 21and Berkshire Hathaway. Puerto Vallarta also has local businesses such as: Tropicasa Realty, Homiaand timothy real estate group.
“The most important thing when buying real estate in Puerto Vallarta is to consult a professional,” says Bernardino. “If the deal seems too good to be true, it usually is.”
Megan Drillinger is a New York native who has been traveling and writing about Mexico for the past 15 years. Although she is on the road most of the time on assignments, Puerto Vallarta is her home base. Follow her travels on Instagram. @drillinjourneys or through her blog drillinjourney.com.
