We are now at the end of the winter season in the region, we see that there is still a lot of activity in the main tourist areas of Puerto Vallarta and Riviera Nayarit.
However, unlike other years, many foreigners can still be seen living with locals in the streets, restaurants, shops and places of interest. This tells us that either temporary travelers are extending their stay in this destination or the number of permanent residents has increased. I am inclined to think that it is the latter, since retiring in this region of the Mexican Pacific is an increasingly common practice among citizens of the United States, Canada, and Europe, and it has begun to be a good option for Mexicans themselves.
Puerto Vallarta and Riviera Nayarit are two destinations that still preserve their natural essence, which is why they are very popular among retirees and expatriates who are looking for a peaceful place and a more relaxed lifestyle than in their places of origin.
According to the latest census conducted by the National Institute of Statistics and Geography (INEGI), in the Puerto Vallarta-Bahía de Banderas metropolitan area there are 2,439 registered foreign residents over the age of 60, a still low number if we take into account that, according to the US Embassy in Mexico, the number of US residents in the entire country is 1.5 million. Obviously, many residents are still travelling on a tourist visa and have not registered for a Resident status. The reality is that there approximately fifty thousand foreign residents living in the region.
But what are retirees looking for in Mexico and why do they find it so attractive?
Obviously, a determining factor is the low cost of living in Mexico, compared to the United States and Canada, and this is what allows them to afford a lifestyle and acquire a second residence in our country.
A report from the International Community Foundation indicates that most retirees visit the location they have chosen for their retirement several times before acquiring a property, since for them security in the process of buying a property is a paramount point. It is known that many of them discover the "place of their dreams" first as tourists, then as temporary residents, staying in a rental house or in a condominium for a few months, until they finally end up buying a property. The ICF itself adds that most retirees and expatriates look for cities or towns that already have a community of residents, especially from their own country of origin, hence the existence of strong, active and organized retirement communities, such as those that can be seen in Puerto Vallarta, Bucerías, San Pancho and even Guayabitos, are one of the factors that attract more of them to this Pacific region.
Of course, I want to emphasize that it is of vital importance that the entire purchase process be carried out by a real estate agency endorsed by the Mexican Association of Real Estate Professionals (AMPI), a non-governmental organization that is the backbone of real estate activity throughout Mexico, since in this way the buyer will avoid possible scams and will be sure to find the ideal place to spend “the rest of the best days of their lives”.
By Marc Murphy
marc@mexicopacificlifestyle.com
