The largest developers of luxury condominiums in the United States; The Related Group is to invest more than $1 billion in Mexico’s real estate sector over the next two years through a newly formed subsidiary called, Related International.
Related International is to start developing upscale sea facing luxury condominiums on Puerto Vallarta, Mexico and then follow up with other upscale condos and hotel developments in Mexican tourist hotspot such as Acapulco, Cabo San Lucas, Playa del Carmen and Zihuatanejo.
Construction of the development in Puerto Vallarta (ICON Vallarta) is to begin in mid-2007 with an estimated construction cost of $200 million which will include 343 condominiums ranging from $200,000 to $1 million.
Do you follow the Mexican real estate market?
If yes, do you think there is demand for luxury condominiums in Puerto Vallarta and Mexico as a whole?