Peñasco sees resurgence in real estate market

By José Antonio Pérez

The real estate sector in Puerto Peñasco has undoubtedly undergone significant resurgence in the past two years. Municipal Economic Development Coordinator Jorge Valdés Félix attributes this to stabilization in the area, as well as intense promotion in coordination with the state and municipal administrations, along with the Peñasco Convention and Visitors Bureau (OCV).

Valdes confirmed data from the local chapter of the Mexican Association of Professional Realtors (AMPI), noting that between 2016 to 2017 real estate sales saw a 57% increase, while 2018 is already up 18%.  AMPI reported the sale of 583 real estate units between 2016-2017, representing revenue of over 87 million dollars with over 1.7 million dollars in property transfer taxes alone.

The Municipal Economic Development Coordinator stressed while promotion and growth has not been an easy task, numbers pointing to 2.4 million visitors a year indicate the strength of Puerto Peñasco’s economic development as well as real estate activity.  This can be seen in the recovery and launch of at least five real estate projects, a hotel, and upcoming construction of a new commercial center/movie theater complex.

 

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