Local real estate broker Brock Squire, an integral player in Vallarta's real estate industry for some two decades, told local media recently that he and his associates are as busy as ever, "our office experiencing one of the strongest summer-fall seasons ever." And from what we see happening, he appears to be speaking for all the other real estate companies, too. He explained that the Vallarta market is is primarily driven by baby boomers who are retiring or semi-retiring now or in the near future.
And they're at the point in their lives where they have substantial sums available to them, either through savings or inheritance — the largest transfer of wealth in the history of the world taking place over the next five to 10 years, he added. So the principal buyers of property in Puerta Vallarta have both cash and motivation, condos sold the minute projects go onstream and well before they're built. Beachfront properties, in particular, being snatched up at a heady pace all along the Costa Vallarta. According to "The Wall Street Journal," about one million Americans are now living in Mexico, including 157,000 active adults aged 55 and over. This segment is expected to grow rapidly as retirees are attracted to the weather, proximity to the U.S, quality health care and more affordable living.
And the Mexican government concurs, saying the cooling American housing market has not stemmed the influx of foreign dollars into Mexico's booming coastal resort areas, foreign investment in this country expected to hit $20 billion USD this year, up from $17.6 billion in 2005.