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Plans to invest $1 billion in Luxury condominiums in Mexico

Posted By Overseas Property Mall On February 18, 2007 @ 2:55 pm In Mexico Property,South American Property | No Comments

The largest developers of luxury condominiums in the United States; The Related Group [1] 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 [2] 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.

Read their Press release here [3]

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?

Article printed from Overseas Property Blog :: guide to international real estate investment: http://www.overseaspropertymall.com

URL to article: http://www.overseaspropertymall.com/regions/south-american-property/mexico-property/plans-to-invest-1-billion-in-luxury-condominiums-in-mexico/

URLs in this post:

[1] The Related Group: http://www.relatedgroup.com/

[2] Puerto Vallarta, Mexico: http://en.wikipedia.org/wiki/Puerto_Vallarta

[3] Read their Press release here: http://home.businesswire.com/portal/site/google/index.jsp?ndmViewId=news_view&newsId=20070212005433&newsLang=en