If you traveled through the Riviera Maya 20 years ago, you might remember Playa del Carmen as a sleepy little town, consisting of the ferry dock and a few square blocks of houses and shops. Over that time, Playa del Carmen real estate has developed into two distinct areas – downtown or Centro, and the surrounding neighborhoods. Each has its own social and economic flavor, providing very different investment options.
A View of Downtown Playa del Carmen
Downtown remains the social hub of Playa del Carmen real estate with its fine dining restaurants, famous name shopping, and the excitement of Fifth Avenue. Its proximity to the beach makes this area a prime location for vacation rentals. Made up primarily of large condo community buildings, each within a comfortable walking distance to all amenities. Most offer 24-hour security and some form of the front desk to help with check-in and check out of rental guests. Most offer amenities to attract vacation guests, such as a pool or gym. The unit density makes parking more difficult.
Life in the Surrounding Neighborhoods
As downtown has grown upward, Playa del Carmen real estate in the surrounding neighborhoods has grown outward. Ranging from large gated housing communities with great amenities to condo communities with basic options. The possibilities are endless. Most of these areas have necessities located within walking distance; however, they require the use of public transportation or a vehicle to access vacation amenities such as the beach or Fifth Avenue.
Investing in Playa del Carmen Real Estate
Let’s compare the options for both communities:
- Initial property prices are higher downtown, with prices averaging 3500 USD per square meter. Surrounding neighborhoods offer units averaging 2000 USD per square meter.
- Downtown units are an excellent investment for short term rentals with higher weekly or daily occupancies than properties located in surrounding areas. Neighborhoods outside of the center provide excellent opportunities for long term rentals. Many units are second homes for families with rental occupancies only during holidays.
- Both areas have seen steady growth in property values and capital gain. With an aggressive property manager, downtown units have a higher net rental income.
- Each area attracts a different type of renter – downtown attracts vacationers planning on taking advantage of the beach, dining, and nightlife for a short time and returning to their homes. While surrounding neighborhoods tend to attract buyers that will spend more extended periods in the area – months or years.
- Income from rentals downtown tends to fluctuate based on the season while the surrounding areas provide long term, steady income.
If you are looking to invest in property, Playa del Carmen real estate provides something for everyone! Whether you are an investor looking for a high ROI and are willing to put in the time to promote your property or you want an investment with less time investment and more stability – Playa del Carmen has the perfect opportunity. Contact us at Top Mexico Master Broker to help you find your perfect property in the Riviera Maya.