2 great destinations,
Guadalajara, Jalisco Tlaquepaque Street in Guadalajara is known for its quaint atmosphereAs the second most populous city in Mexico and a major industrial hub, Guadalajara is a far cry from an “undiscovered” market by anyone’s definition. However, the city’s strong local economy and favorable living conditions are likely to promote reliable growth in property prices. Guadalajara ranked fifth among major “North American Cities of the Future 2007/2008” for its youthful population, low unemployment rate and large number of recent foreign investment deals, according to Foreign Direct Investment magazine. The city has also become known as the “Mexican Silicon Valley,” with a strong presence of high-tech companies such as General Electric, IBM and Intel. Rapid development and building in the city has begun to grow “upwards as opposed to outwards,” and construction of luxury high-rise condominiums has exploded, according to Mary Wick, co-owner of Wick Barazza Real Estate. Prices for luxury condos range from $200,000 to $3 million, but supply is quickly outstripping demand, and prices are expected to drop within the next one or two years, according to Wick. Another opportunity for investment can be found in low-income housing, as Guadalajara struggles to support its large lower-class population. In addition to the urban setting, expatriates are drawn to the city for its pleasant climate, Wick said. Average high temperatures range from 75 to 89 degrees Fahrenheit throughout the year, according to Weather.com, and Guadalajara’s high elevation helps to avert air pollution.
Puerto Vallarta, Jalisco Nestled in the center of Banderas Bay on Mexico’s Pacific coast, Puerto Vallarta has rapidly developed into a boomtown for vacation properties and second homes. Vallarta is home to 350,000 residents, with a community of 6500 expatriates. Puerto VallartaVallarta’s continuously expanding international airport welcomes more than 450 flights daily, according to the website. Overall, it is estimated that more than three million tourists visit the Vallarta area annually, “with the total rising substantially each year,” Tere Kimball, broker and partner for Prudential California Real Estate, said in an e-mail interview. Although prices for condos and villas have risen by an average of 10 percent each year for the last 10 years, prices are expected to flatten soon as a result of overbuilding, according to Kimball. “U.S. and Canadian buyers will soon enjoy the first buyer’s market in many years,” she said. “But it won’t last forever.” The best opportunities for property investment around Vallarta may be found in the larger Bay vicinity, which already boasts luxury resorts, residential developments and golf courses. FONATUR’s plans for the new Litibu resort development, approximately 45 minutes north of Puerto Vallarta, may promote growth in the nearby small town Higuera Blanca.
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