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An Overview Of The Real Estate Scenario In Puerto Vallarta
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This article will help you understand the present scenario of Puerto Vallarta’s real estate market.
Initially when real estate business was started in Puerto Vallarta it got a very encouraging response from the investors from across the globe. In the earlier times there were only few companies which were carrying on the real estate business in Puerto Vallarta. Those companies that begun their work during those times, most of them reached the pinnacle of success in a considerably short span of time. Most of these companies sold property to investors who came from the United States of America and were interested in buying property or to start real estate business in Puerto Vallarta. Real estate in Puerto Vallarta has been a flourishing business since then and has also contributed much to making the economy of Mexico stronger and richer.
As mentioned earlier the Puerto Vallarta real estate market has been majorly dependent on the US real estate market, since the very beginning. With nearly 60% of sales of real estate in Puerto Vallarta contributed by the property market of America, a majority of funds were getting to the economy of the island through USA. The economic crisis of 2007 brought a huge impact on the economy of the real estate market of this island which was previously booming and literally minting money. The prices of home, condos and other property crashed in the United States of America and so did it Puerto Vallarta as well. The 2007 crisis brought with it the beginning of a five year fall in the business of property selling and renting. During the year 2012 the scenario started changing and the economy of the island as well as the real estate in Puerto Vallarta changed and came back to shape.
The signs of recovery were shown by the Puerto Vallarta’s real estate market from 2012 onwards but it could pull itself back into form only the end of 2013. The market is still looking forward to woo and attract more investors and buyers form America and other parts of the world. In a recent study it was seen that the sale of property to Americans made up just a third of the market last year, the other two thirds were divided between Canadian and national purchasers. After seeing the good performance of the economy of Mexico it can be easily estimated that the contribution of the national market has also become very vital to Puerto Vallarta’s real estate market.
According to studies it is being said that it is difficult to get back the original statistics such as the 60% of the sales were coming from Americans. It was also noticed that the Canadian market and the national market of Mexico have become strong contributors. The recently noticed equal split between the three countries has made the Puerto Vallarta’s real estate market much more diverse and profitable at the same time.
Another report which was submitted showed that the sale to American buyers might increase by this year as the real estate market of America is recovering as well. It was also said after analysing consumer behaviour that Americans who are reaching the retirement age would look forward to invest their money in an excellent option such as Puerto Vallarta real estate.
Endy is an expert content writer. He is very experienced content writer. He has written many articles on Real estate in Puerto Vallarta.
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