By Dan Billadeau When I arrived in paradise in 2015, the buzz in the real estate industry was development on what everyone was calling New Fifth Avenue. This was the area stretching from Avenida CTM north to the Paradisus Resort. The resort had assisted in developing a new streetscape for New Fifth Avenue and almost everyone said it would become a trendy area like Soho in New York. It never happened. While there was some new development, the explosion of new projects over that 23 block stretch never materialized. There have been a number of new projects constructed that are walking distance to Avenida CTM that offer affordable options for investors with ease access to the beach, but not as many as you go further north. I see two different trends in development in Playa del Carmen. Land in downtown Playa del Carmen is scarce and expensive, but it is still prime property for new development. So, one trend that I see is the teardown, where developers buy existing land and buildings, tear it down and develop something new. The prime example of this currently is Ceiba at 25, where longtime local developer, Simca, bought a school and is currently preparing to start construction of a 92-unit condo project in the trend Hollywood district of downtown Playa del Carmen. Another trend is the migration of development to the west side of the Federal Highway, It´s not an area that is normally popular with tourist. But, developers are gambling that cheaper land and luxurious amenities will lure investors away from downtown. One project under construction is called Valle Aurora. It is a four-tower development with all the amenities of a resort and it´s less than ten minutes by taxi to the beach. At Valle Aurora, you can purchase a two or three bedroom condo for the same price as a studio in the downtown area. It will be interesting to see where new development trends will take us in the new few years. Land is plentiful and affordable on the west side of the highway but nothing beats being close to the action and the beach in the downtown area.
Development Trends in Playa del Carmen
