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Last week I had the opportunity and pleasure to meet with Richard Lapper, Latin America Editor for the FINANCIAL TIMES.  Richard was visiting us from Brazil, to do a report and analysis on the Mexico Real Estate market, in particular the Mexican Riviera. 

What did we talk about?  

Real Estate. 

Puerto Aventuras has the attraction of being a closed gated community, golf course, and a marina here in the Middle of the Riviera Maya.  If you are a boat lover, this is paradise.  With the new expanded highway being constructed from Playa del Carmen south towards Tulum, it makes all road travel safer and more comfortable.  People are only 15 minutes from a Sams Club, Walmart, Mega Comercial, Soriana shopping centers, and the same distance to visit the famous 5th Avenue for their 100s of restaurants.  Hospitals… again on the south side of Playa del Carmen only 15 minutes from this community.  The marina, is the only residential marina in all of the Riviera Maya.  Tulum,  approximately 30 minutes to the south, which allows for easy access to their ruins and amazing beaches.  Cenotes, many beaches, other golf courses and a new airport in Tulum…..Well, this community definitely needs to have a flag placed next to it for investors, for second home buyers, and for people planning on retiring to these parts of the country.  Other closed gated communities in the region may include Puerto Cancun, up in Cancun, which you can read a little more details from another post.  http://topmexicorealestate.com/blog/2008/05/10/new-cancun-preconstruction-condos-novo-cancun/

 The average pricing on properties here in Puerto Aventuras runs for condos on the golf course approximately $1,800 - $2,000 usd per m2.   Condos on the canal run approximately $2,000 - $2,300 per m2

A home would run at an average of about $450,000 usd on the golf course, and $900,000 usd on the canal.  (Canal lots have their own private slips and quite popular for boaters)

You can see and look up ACTUAL PRICES of properties in Puerto Aventuras Real Estate at this site.  www.topmexicorealestate.com     

  So who else is buying in Puerto Aventuras?

Well, the demand is coming from second home buyers, but also from people who are working and living down here year round.  These people can be Mexican as well as foreigners (ex-pats).  Playa del Carmen is not only one of the fasted growing communities in Latin America,  but also the entire region.  Tulum has on their plans a new international airport.  The amount of hotel rooms existing today run a rough 3,000,  but is projected to reach near 18,0000.  We all know that population growth is the major factor for increase in pricing, so this has a major influence on the future pricing of this unique community.   It is a lovely community, small restaurants, little cafe, general store, drug store all exist within this “Mexico Retirement Community” setting.  You can even swim with dolphins and visit the sea lions and a family of manatees (sea cows). 

What has been going on during the 2008 season here in mexico?   

Mexico has traditionally been a cash market,  unlike the USA, Canadian, and British markets, here in Mexico nearly 95% of all real estate transactions occur with cash, no financing.  (Side Note:  during the President Fox administration, new programs to help the working class people here in Mexico have been introduced and established to give credit for the purchase of homes, the industry has boomed throughout the country)   But, as my readers and people who my team and I help in Real Estate investments and purchases are Mexican Foreigners…… I normally research and study programs available for Non-Mexicans.  Over the past 2 years, several financial institutions have begun introducing credit available on Mexican properties to Mexican Foreigners.  This is still a very new program, and still has various obstacles to iron out in the process.   My experience has been that the majority of the buyers, finance their Mexican Real Estate Purchase using their home country assets as collateral.    BUT…. once the process of financing is improved,  the quantity of potential buyers will INCREASE tremendously and of course….the pricing will increase tremendously too.  Remember, this is oceanfront and canal front properties.  CARIBBEAN OCEANFRONT.                << READ POST ON MEXICO FINANCING>>  How much time for financing to be more readily available??  I am guessing… maybe in about 3 or 4 years???

-  Thomas Lloyd  www.topmexicorealestate.com