An article in the Vallarta Opina today claims that national tourism real estate market has been doing quite well, with increases of up to 40% annually over the past three years. But then it also says that the national market is down 15% over the past four months. So did we gain 50% for the year and then lose 15% in the last few months to five us around 40%?
Although we have certainly had strong markets, especially over the past four years, from what I have been gathering from Realtors and developers, we were not up 40% for this year. I think if we came in the same as 2006, which was a phenomenal year, would be doing extremely well. We are currently talking to developers directly with regards to their results for last year so we’ll have more about this later on in the month.
What this also stated is that once again, Puerto Vallarta is the largest tourism real estate market in Mexico, and that Riviera Nayarit is in the top five destinations, so we continue to be the leaders in this sector. It was also stated that it looks like the market will continue to slow down moving into 2008, primarily because of the sub-prime meltdown in the USA. There’s truth in that as well. The statistics given were from Softec, who have been delivering statistics on the national real estate market since 1999. Not sure exactly where they get their numbers from as they’ve never talked to us at Multi-List Vallarta before, and you think that would be the first place to start a search.