Even in late summer, the luxury real estate market on the Mexican coast remains hot. A beachfront villa at the ultra-luxury complex, One&Only Mandarina, has sold for a record $17.5 million, continuing a streak of over $10 million sales in the Riviera region Nayarit.
Located just over an hour north of Puerto Vallarta, the nearly 200-mile stretch of coastline that makes up Riviera Nayarit has quickly become one of Mexico’s premier destinations. Over the past two years, the area has seen several resort openings, including a spectacular five-star offering from One&Only Mandarina. As a result, the global hotspot has seen exponential growth in premium residential sales.
According to a One&Only Mandarina spokesperson, Riviera Nayarit saw eight-figure sales double from 2019 to 2021 compared to the previous five years. This year, the Riviera Nayarit market continued to ride a wave of high-end activity with seven sales of over $10 million, the most recent being the record-breaking Villa 38.
Still to be completed, the residence will cover 12,000 square feet with an eight-bedroom, eight-bathroom layout.
Finishes and furnishings will be sourced from natural, local materials for a uniquely Western Mexican home.
As one of the resort’s largest beachfront plots, Villa 38 will also feature over 6,100 square feet of outdoor space, including tropical gardens, a rooftop lounging area and a private pool. . Woven between beach and mountainside jungle, views will encompass a mural of the ocean and densely lush rolling landscape.
A representative from LPR Luxury confirmed that the buyer was working alongside the property developer, RLH Properties, to customize the home to their liking, a privilege offered to all owners of One&Only Mandarina.
Opened at the end of 2020, the One&Only Mandarina resort is limited to 55 private residences. Selected listings for finished homes and projects under construction are currently available.
The amenities offered by the resort include access to the world-class polo and riding club, a restaurant by Michelin-starred chef Enrique Olvera, and a spa immersed in the rainforest.
Although other luxury markets have seen a downturn in recent months, the already unprecedented year for the Riviera Nayarit luxury market looks set to continue. According to the representative, negotiations are underway for several other properties in the eight-figure range.
The global appetite for branded luxury properties has grown steadily over the past decade, with residential developments around the world more than doubling over this period. Residents of luxury hotel establishments generally have access to the same facilities and services offered at affiliated hotel campuses. The proven experience of first-class hospitality offered by most luxury residential brands remains one of the most important selling points.
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