The cost to buy land in Chapala and Ajijic varies a lot. I’m doing a study on the price of land in Chapala and Ajijic right now, and we’ll be giving classes to realtors on how to evaluate properties.
An example of the variation in the price of land in Chapala and Ajijic would be the lot in The Raquet Club that we’re listing. Fair market price for this listing in The Raquet Club would be $88 per square meter (about US $88,000 for about a quarter of an acre). The Raquet Club gives you a great view for a lot that would cost less than half of the price that you would pay in Ajijic or La Floresta, which has no view. The price you’re going to pay depends if you don’t mind driving out the extra 5 kilometers (3 miles) over a few speed bumps before getting to Ajijic.
There’s cheaper land in Chapala and Ajijic. For instance, I just sold a 4,000 square meter lot (about an acre) for 1,200 pesos a square meter (about $250,000) to a very wealthy man who wants to use the lot for horses. This man also has a beachfront property. The lot he I sold him doesn’t have any infrastructure such as walls on it, but there’s water and electricity and telephone lines are available.
In Ajijic, a high-end property in the middle of the village can cost up to 6,000 pesos per square meter (about 317,000 for a quarter of an acre). If you bought a 300 or 200 square meter lot, the price per meter wouldn’t be much different than if you bought a 1,000 meter lot. It’s going to be hard to find a 1,000 square meter lot in the heart of the village, so when some people say the smaller the lot, the more money they can get for it, that statement is true in that case.
If I started getting into 2,000 – 4,000 square meter lots (about half an acre to about an acre) and upwards in Chapala and Ajijic, then I might bring the price down per square meter a little bit. For example, I can bring the price down for the wealthy guy who bought a 4,000 square meter lot because he bought such a big volume of property.
A 4,000 square meter lot in the middle of the village in Chapala and Ajijic is worth a lot of money because the property can be developed. The developer can pay a lot of money to the municipality for donations and permits to divide the 4,000 square meters into small 400 meter lots.
If somebody’s looking for just one lot of no more than 1,000 square meters for themselves, they all fit into the same category. I only deal in residential and not in commercial real estate, although I’ve sold some.
The Riberas del Pilar area (just east of Ajijic) is number one in sales because there’s a lot more volume that contributes to its average market sale. The average sale price in Riberas del Pilar is around $140,000 for a full house on a lot.
Our area in Chapala Lakeside has prices that have always generally been kept low. High-end properties in our area are sold but they’re limited in the $1 million range. I usually sell one or two of these high-end properties a year. I deal with six or seven properties in the $500,000 price bracket a year, and a lot more in the $200,000 or less price bracket.
(Lot with a view of Lake Chapala, Mexico, pictured.)