Overview of the real estate prices in Puerto Vallarta, Jalisco, Mexico
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Located in the western part of Mexico, Puerto Vallarta is a major resort city having been recognized for everything from its beautiful bays to its friendly atmosphere. There are approximately 256,000 people living within the 502 square miles of the city and over 380,000 in the metropolitan area. Puerto Vallarta is located in the state of Jalisco.
U.S. News & World Report ranked Puerto Vallarta as one of the best places to visit in Mexicoand Conde Nast Traveler named the city one of the world’s friendliest. Approximately 50% of those living in Puerto Vallarta work in the tourism industry. On top of tourism, Puerto Vallarta also has major agricultural, industrial and commercial sectors. Puerto Vallarta is also home to the University of Guadalajara which is one of the most famous in Mexico as well as Puerto Vallarta Technological Institute.
Puerto Vallarta is filled with vibrant culture and a rich art scene. Pre-Columbian traditions along with Catholic, Spanish, and other European and Western cultures translate into many great festivals and parades as well as historic sites and beautiful churches. The Church of Our Lady of Guadalupe is considered one of the most endearing spots in Puerto Vallarta and is a testament to the city’s religious heritage.
There are long stretches of beautiful beaches in Puerto Vallarta as well as picturesque landmarks like Los Arcos and large public markets like Mercado Isle Cuale and Mercado Municipal Cuale.
Puerto Vallarta is located between the Sierra Madre Occidental Mountains and the Bay of Banderas which is Mexico’s largest bay with the shoreline stretching 50 miles. The climate in Puerto Vallarta is tropical wet and dry. The temperatures in the summer reach into the 90’s and the wintertime highs are around the low-to-mid 80’s. The rainy season runs from June to October with 70% of the annual rainfall occurring in July, August and September.
Demand for real estate in Puerto Vallarta has increased steadily over the last two decades. Investors, foreigners and Mexicans from Mexico City looking for new scenery near the water are the main groups moving to Puerto Vallarta. Beachfront homes, lots, and condos are the main sellers in the city with new land development occurring both north and south of the city.
Puerto Vallarta is a growing resort town with diverse and friendly people. The locals are generally very welcoming to both their own people as well as to visitors. While there have been a few growing pains, the economy is steady and strong and the weather is often sunny and warm.
Puerto Vallarta has some famous landmarks, museums, art galleries and public spaces. Some of the most popular cultural locations includeThe Cuale Archaeological Museum featuring local and regional pre-Hispanic art, Los Arcos and the Plaza de Armas featuring gardens and sculptures.
Puerto Vallarta hosts many great festivals throughout the year including the May Festival commemorating the municipality’s anniversary, Dia de losMuertos and the Festival of the Virgin of Guadalupe which runs every year from December 1-12.
The University of Guadalajara’s campus in Puerto Vallarta is one of the most famous schools of higher education in the city. Puerto Vallarta Technological Institute is located in the city andUNIVA has a campus offering a variety ofBachelor degree programs.
Entertainment and Tourism
There are various entertainment venues in Puerto Vallarta including the Roxy Rock House featuring live music, the Santa Barbara Theater known for their cabaret-style theater and the Los Arcos Amphitheater.
Puerto Vallarta was once known for its live music but now finds itself with more DJ’s playing music in the nightclubs. This is due to the city’s colonial traditions combined with the modern resort feel. Some of the hottest spots are El Solar, which is right on the beach;Coppa, which offers unique beer-based cocktails; and Club Roxy featuring live music in a dive bar atmosphere.
Puerto Vallarta is considered the most LGBT-friendly location in Mexico. Although known for being conservative, Puerto Vallarta has been extremely welcoming and supportive to LGBT tourism. Zona Románticaon the city’s south-side is the premier gay scene.
Districts & Neighborhoods
Puerto Vallarta is split amongst four districts featuring many colonias, or neighborhoods. The three districts are the Hotel Zone, Centro and the Zona Romantica(or Romance Zone).
Lined with hotels and shopping centers, the Hotel Zone is the main tourist destination filled with large, brand name stores such as Walmart and Costco.
Between the Hotel Zone and the Cuale River is Centro. Here you can discover shops set along cobblestone streets as well as the iconic Our Lady of Guadalupe Church featuring the traditional practice of ringing the church bell with a long rope.
Located on the south side of Puerto Vallarta, ZonaRomantica has earned the honor of being the number one gay beach destination in Latin America and has seen tourism increase considerably over the past few years.
The Vallarta Botanical Gardens are located here and showcase a scenic display of native plants.
Real Estate Market
Puerto Vallarta has been one of the fastest growing cities in Mexico as more and more people discover its beauty and welcoming atmosphere.
Housing options are very affordable compared to other major cities such as Mexico City where many people seem to be relocating from. Rent is over 35% cheaper in Puerto Vallarta compared to Mexico City but rent is just a little cheaper in Cancun.
The housing market is tied directly to the tourism industry as 50% of the workforce is directly involved with tourism.
Foreign residents and retirees are eyeing Puerto Vallarta due to its affordability and friendly reputation. Making their retirement dollars stretch,combined with the great climate, places Puerto Vallarta high on the list ofbest places to retire.
Housing costs will rise as more and more people discover Puerto Vallarta. Some real estate sales have seen double-digit increases in volume year-after-year which reduces supply while demand is increasing.
Retirees and Mexican citizens looking to move out of the inland cities are heading to Puerto Vallarta. As it maintains its historic culture and charm, and welcomes a diverse group of people, more people will decide to move to this city on the Pacific coast.
Price per Square Meter to Buy Apartment in City Centre: $575.81
Price per Square Meter to Buy Apartment Outside of Centre: $742.61
Average Rent Price
1-bedroom apartment in City Centre
1-bedroom apartment Outside of Centre
3-bedroom apartment in City Centre
3-bedroom apartment Outside of Centre
Source: www.numbeo.com (March 2017)
Puerto Vallarta public schools are managed by the federal Secretary of Public Education. Many public schools are considered fairly good but have extremely large class sizes; 60 per class is not unusual. Parents are expected to help out with the maintenance of the school including providing toilet paper.
Private schools offer smaller class sizes and more English language options. As a tourist town, there is a great deal of emphasis put on learning English.
Most of the colleges in Puerto Vallarta are newer. The University of Guadalajara has a campus here as does UNIVA which offers Bachelor degree programs in Tourism Business Management, Accounting, Finance, Communications and more.