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Playa Del Carmen Real Estate: Retirement Haven

More Americans than ever before are considering moving abroad come retirement. With insufficient retirement funds making a certain standard of living harder and harder in the U.S, more than a third of Americans now consider moving abroad. And more than half a million have already took the plunge, according to the Social Security Administration. Whether it’s healthcare, housing or just day-to-day living, Americans now planning their retirement are looking to make their Social Security go further. And by further, we mean further south of the border.

Playa Del Carmen Real Estate for Retirees

Expat retiree 5th Avenue Playa Del Carmen
Expat retiree walks down tourist centre of 5th Avenue in Playa Del Carmen

Living in Mexico is inexpensive as a general rule. But when combined with a great exchange rate, expats can expect to live a life of relative luxury compared to what they can afford back home. Recently, expat David Smolyn, 51, spoke to International Living about his life in Mexico with partner Randy Hodgson, 58. The couple currently split their time between Mexico and Toronto.

“Here is a great perspective of a day in our life…yesterday we walked down to centro, where we both had the most amazing hour-long couples massage. We treated ourselves to morning lattes, then lunch. Did a small grocery shop, then headed to our favorite produce mercado (market), where we bought a large assortment of fresh fruits and vegetables…all while our condo was having its bi-weekly cleaning. Grabbed a taxi home, followed by a cooling splash in our dipping pool, sunset cocktails followed by dinner in. Total cost of yesterday…less than $75 (yes, this includes the cleaning lady)… People pay thousands of dollars to do what we do every day.”
This day is typical for any expat retiring or splitting their time in Mexico. Playa Del Carmen is a bustling city with a huge expat community. The state of Quintana Roo as a whole has just under 10,000 foreign residents, while a further 4,000 live here on a semi-permanent basis. The majority of these expats live in tourist hubs such as Playa Del Carmen. Walk along 5th Avenue, have a beer on the beach or eat lunch at one of the hundreds of restaurants, explore the local cenotes and get involved in Spanish or salsa classes. Aquarobics and yoga are very popular, donation-based activities and are a great place to meet locals and expats alike. One thing you can be sure of in Playa Del Carmen is that you will never be bored. Expat Mike Lyman, 69 confirms that “In winter, you can have up to four to five things to do a night. The expat population at least triples.”
And while you’re enjoying yourself, living your best life, you can feel secure knowing that your investment is working for you. From 2013-2017, Playa Del Carmen real estate has seen an average annual appreciation of 8.78%. Furthermore, if you decide to spend some of your time back home in the States, vacation rentals can double your annual return on investment.
While some see retiring abroad as a frivolous step, the reality is that it can make your finances go further and even improve them. You just get to have more fun in the sun while you’re doing it!