The Impact of the Pandemic on Foreigners Living in Puerto Vallarta and Nuevo Nayarit
The COVID-19 pandemic has had a significant impact on many aspects of life, including travel and relocation. In this blog post, we will explore some of the statistics available online to understand how the pandemic has affected the trend of foreigners moving to Puerto Vallarta and Nuevo Nayarit.
According to data from Mexico’s National Institute of Statistics and Geography (INEGI), the number of foreign residents in the state of Nayarit, which includes Nuevo Nayarit, has continued to increase, even after the pandemic. Between 2020 and 2021, the number of foreigners living in Nayarit increased by 2.6%, from 8,407 to 8,624. The majority of these foreign residents are from the United States, Canada, and Europe.
Similarly, in Puerto Vallarta, the number of foreign residents has also continued to increase despite the pandemic. According to INEGI, the number of foreign residents increased by 3.7% between 2020 and 2021, from 16,206 to 16,812. The largest percentage of foreign residents in Puerto Vallarta comes from the United States, followed by Canada and Europe.
As the number of foreign residents continues to increase, the demand for real estate in these areas remains strong. According to data from the Mexican Association of Real Estate Professionals (AMPI), the average price per square meter for a property in Puerto Vallarta increased from $2,518 in 2020 to $2,614 in 2021, a 3.8% increase. Similarly, in Nuevo Vallarta, the average price per square meter increased from $2,517 in 2020 to $2,644 in 2021, a 5% increase.
Looking ahead to 2023 and 2024, the real estate market in Puerto Vallarta and Nuevo Nayarit is predicted to continue growing. According to AMPI’s 2021-2022 report, the market is expected to experience sustained growth due to the increased demand for vacation properties, the low cost of living, and the growing number of foreign residents.
In conclusion, the statistics show that despite the pandemic, the trend of foreigners moving to Puerto Vallarta and Nuevo Nayarit has continued to grow. The demand for real estate remains strong, and prices have continued to rise. As we look ahead to the future, the real estate market is expected to continue growing, making these areas an attractive option for those looking to relocate to Mexico.
