If you have any interest in Mexico you probably have seen that the peso took a down turn at the beginning of the pandemic and it has not been able to recover. This could have its advantages if you are considering buying real estate in Puerto Vallarta and here are a few ways you can take advantage of the Exchange rate of the peso vs the U.S. dollar (CAN$, £, €). Before the pandemic, at the beginning of March this year the exchange rate was about MXN$19 and currently is about MXN$24 per dollar. Here are a couple of examples of how you can convert it into a substantial benefit for you:
There is a 2 bed, 2 bath, 1,720SqFt condo in one of the buildings in this video that is priced at MXN$3,495,000 which at MXN$19 per dollar it is US$183,947. Today that same condo is US$145,625 and that is asking price. The key is to get the purchase agreement in MXN$ Pesos and while the exchange rate may vary during the closing period, the savings for you can be substantial.
Another way to benefit from the current exchange rate is to buy in pre-construction from a developer that has a locked exchange rate lower than what it is today and get the payment plan for the highest pre-construction discount for example: for the next 2 sales, URBAN II has converted its prices to pesos at MNX$20.50 per dollar and here is a proposed plan versus the plan before March 2020 for a 2 bed, 2 bath,1,314SqFt condo priced at US$392,730:
The amount in dollars (or any other stronger currency than the peso) of the monthly payments it to be determined by the current exchange rate at the time of the payments but still, this is already an additional 7% savings over the 15% developer discount, just on the down payment portion alone.
Interested? There are several buildings and properties that are priced in Pesos. Let’s start a conversation and let me help you take advantage of the exchange rate to get you the condo in PV you have always wanted.