Mexico’s seventh largest city, Acapulco has a very vibrant real estate market. Even as prices have stagnated over the past decade, sellers have been showing greater flexibility, meaning that actual sale prices have gone down about 10 percent. The reason for this decline in prices is the growth of other resort cities such as Los Cabos.
The city is famous in the US and all over the world as one of the nicest resort cities, boasting expensive and luxuries coastal properties, several star hotels, backpacker inns, and condominiums. However, while the city has many lavish properties, it also has affordable units such as apartments if you are looking for cheaper options.
1. Top Travel Destination
Nobody wants to buy real estate in a medieval wasteland, which is why it makes so much sense to invest in Acapulco. The city is a popular tourist destination for urban Mexicans and international travelers from North America and Europe. It boasts dazzling blue oceans, sunny weather, breathtaking beaches, and a magnificent skyline that draw visitors and property buyers in their thousands. Even if not for the value of the real estate you seek to buy, Acapulco is one resort city that you should make a point of visiting for some leisure and relaxation.
2. Prices for different Budgets
An important thing to note if you are seeking to buy real estate in Acapulco is that the resort city is demarcated into two zones – the luxurious South and the affordable North. If you have the cash to spend on state of the art properties, then you need to be looking in the South, which has the best real estate at a premium, ranging from $750, 000 up to $15 million depending on the type of property. If you need cheaper, yet comfortable home, you can find a suitable one in the North of the city that would cost between $100, 000 to $300, 000 for a two-bedroom condo and a newer waterfront condominium respectively.
3. Sufficiently Networked Resort City
Whenever people are considering purchasing a new home, accessibility is top of the list. Acapulco is one of Mexico’s most networked cities with an extensive network of waterways, railways, and roads linking it to the rest of Mexico and the world. Moreover, the building of the port is a testament to the economic significance and growth prospects of the city.
4. Friendly Land Policies
In the recent past, there has been an influx of foreign investors. Eighty percent of buyers of real estate in Acapulco are Americans, Canadians, and Europeans that are attracted by favorable and stable investment policies, and of course the exquisite beach and city life. Most of these buyers prefer the high end gated properties in La Cima or Las Brisas in Southern Acapulco. Nonetheless, with a lot of private land along the Pacific coast, it is easy to find affordable real estate with the assistance of local realtors and attorneys. However, while you can find many listings online, it is important to note that as a foreigner, you can only buy property through a five-year trust, which comes with a 50-year renewable permit.
With growing interest in Acapulco’s real estate coupled with predictable growth and investment policies, this is the best time to invest in Acapulco. However, while you can easily find numerous listings of affordable and premium listings online, it is important to contact several experienced agents and an English speaking attorney. These will guide you through the process of acquiring a permit, and the subsequent purchase of real estate that fits your needs and means.