Broadcasting from Guadalajara, Ronan reflects on four and a half weeks exploring Los Cabos, from the wild Pacific beaches of Cabo San Lucas to the charming historic streets of San José del Cabo and the rapidly evolving neighborhoods overlooking the city.

Along the way, he explains why Cabo has become a global magnet for wealth, tourism, and investment—and why the market continues to deliver extraordinary returns for early buyers.

Ronan also breaks down the neighborhoods driving Cabo’s growth, including the rise of El Tezal as a vibrant residential district and the massive concentration of luxury resorts along the famous Tourist Corridor.

For investors who entered the market early, the results have been dramatic. Homes once purchased for around $420,000 are now listing for over $1 million, while condos bought just a few years ago have seen gains of 60% or more before even taking possession.

But beyond the numbers, Ronan explains why Cabo has become something even more powerful:
 a thriving international hub attracting entrepreneurs, creatives, and affluent residents from around the world.

In this episode, you’ll hear:

• Ronan’s biggest takeaways after 4+ weeks of boots-on-the-ground research
• Why Cabo is becoming a satellite market of California
• The neighborhoods where the biggest gains have already occurred
• Why demand for rentals continues to surge
• How luxury resorts and infrastructure are reshaping the region
• Where Ronan is looking for the next investment opportunities

If you’re interested in international real estate, emerging markets, or lifestyle investing, this episode provides a rare inside look at one of the most exciting coastal markets in the Americas.

He explains why Cabo has become his preferred winter base despite the distance from Ireland and Portugal, and why its unique combination of weather, accessibility, luxury amenities, food, and surrounding destinations has made it one of the most compelling real estate markets anywhere on his global beat.

Ronan also shares how Cabo has delivered some of the strongest returns and rental performance he has seen anywhere—through a combination of identifying the right macro story, buying the right product, and getting in at the right moment. Along the way, he breaks down how Cabo evolved from a luxury tourism destination into a true luxury living destination, attracting not only affluent visitors, but long-term residents, renters, and buyers from across North America and beyond.

Most importantly, Ronan turns to San José del Cabo—a market he has been studying closely for more than 11 years. After reviewing hundreds of opportunities over the years, he explains why none had met his standards until now, and what makes this first-ever San José del Cabo opportunity different.

For Ronan, this is more than just another deal. It is the culmination of more than a decade of boots-on-the-ground research in one of the most desirable coastal markets in the Americas.

In This Episode

Ronan covers:

• Why Cabo has become his preferred winter base
• What makes Cabo’s weather, lifestyle, and energy so exceptional
• How luxury tourism laid the foundation for today’s real estate boom
• The accessibility and infrastructure that support long-term demand
• Why Cabo has delivered some of the strongest rental income and capital appreciation on his beat
• The importance of buying the right product for the “ordinary rich” market
• Why San José del Cabo has such rare appeal as a lifestyle and investment destination
• What makes this first-ever San José del Cabo opportunity so significant

Key Takeaway

Cabo’s appeal goes far beyond tourism. It has evolved into a true lifestyle and investment market—one where weather, accessibility, luxury infrastructure, and long-term demand continue to support both rental income and capital appreciation. And in Ronan’s view, San José del Cabo may be one of the rarest opportunities yet.

Ronan reflects on why Spain may be especially well placed in the years ahead—from its quality of life and global appeal to its cultural and economic ties to Latin America. He also explains why Madrid today reminds him of other great European cities before they fully priced in their global status.

But the heart of this episode is forward-looking. Ronan walks listeners through his upcoming scouting calendar, explaining the logic behind each stop and the investment thesis he’ll be testing on the ground. That includes further work in northern Portugal and Galicia, a first look at Ensenada’s Baja coast, renewed scouting along Nicaragua’s South Pacific, an exploratory trip to Paraguay, and a return to Panama to review current opportunities and pipeline deals.

For Ronan, this is a reminder of what the work really looks like: forming a thesis, putting boots on the ground, challenging assumptions, and testing whether a place truly stacks up as a real opportunity.

In This Episode

Ronan covers:

• His first impressions of Madrid after two days on the ground
• Why Spain may be better positioned than much of Europe in the years ahead
• Madrid’s rental market, pricing, and world-city potential
• Why Galicia is increasingly on his radar as an extension of the northern Portugal story
• The case for scouting Ensenada and the Baja coast south of San Diego
• Why Nicaragua’s South Pacific deserves another close look
• What sparked his first scouting trip to Paraguay
• Why Panama remains such an important regional hub and opportunity set
• How Ronan approaches market scouting, bias-testing, and thesis-building

Key Takeaway

The best opportunities often begin with a shift in perspective. Whether it’s Madrid, Galicia, Ensenada, or Paraguay, the process starts the same way: challenge old assumptions, get on the ground, and see whether the macro story holds up in real life.

In this episode of Notes From the Field, Ronan McMahon shares an on-the-ground update from Portugal after time spent on the Silver Coast and in Caminha—one of the most compelling lifestyle markets on his beat.

But this dispatch goes beyond market fundamentals. Using his own home purchase in Caminha as the case study, Ronan reflects on what has made the investment successful so far, the mistakes he made earlier in his career, and why relationships—not just numbers—can make all the difference in overseas real estate.

Episode Description

Broadcasting from an airport hotel near Porto after two weeks in Portugal, Ronan checks in with fresh perspective from both the Silver Coast and Caminha. While he notes that the Silver Coast has clearly entered a much more internationalized phase—with stronger demand, more Americans on the ground, and fast-rising values—the heart of this episode is Caminha.

Rather than simply restating the investment case for the area, Ronan uses this dispatch to examine his own purchase there and ask a more important question: what actually makes an overseas real estate investment successful?

For Ronan, Caminha was never just about numbers. It was a lifestyle-led purchase—one designed to create a home his family would love, a place to host friends and visitors, and a long-term base in a stunningly beautiful location. But as the project has unfolded, it has also reinforced a much bigger lesson from decades on this beat: success overseas is not just about finding the right property. It is about building the right relationships.

From local banking support and trusted service providers to neighbors, rental managers, and project teams, Ronan explains how investing time in people has helped unlock smoother logistics, better decisions, and a richer overall experience. It is a lesson he admits took time to learn—but one he now sees as central to making overseas investing work.

He also touches on the continued momentum in Caminha itself, where demand is growing, international interest is widening, and the right kind of inventory remains limited. For Ronan, it is still one of those rare places where lifestyle, scarcity, and long-term upside intersect in a very powerful way.

In This Episode

Ronan covers:

• His latest impressions after time in Caminha and on Portugal’s Silver Coast
• Why Caminha was primarily a lifestyle-motivated purchase
• How to define success based on your actual investment goals
• The importance of building strong local relationships
• Why banks, neighbors, rental managers, and vendors matter more than most buyers realize
• Lessons from earlier mistakes in overseas real estate
• Why getting ahead of logistics and timelines is critical
• How Caminha continues to benefit from growing demand and limited inventory
• Why the market still has room to run

Key Takeaway

A successful overseas property purchase is about more than buying well. It is about knowing why you are buying, getting ahead of the process, and building the local relationships that make everything else work.

Broadcasting from a three-bedroom condo overlooking the Lagos marina and the Atlantic Ocean, Ronan shares his latest boots-on-the-ground research into one of Europe’s most desirable lifestyle destinations. From growing international demand to shrinking resale inventory, the forces shaping the Lagos market are becoming increasingly clear—and increasingly powerful.

For investors who secured early opportunities in Lagos developments like Adega, Dona Maria, and Dona Anna, the results have been dramatic, with significant capital appreciation and strong rental demand already taking hold.

But beyond the numbers, Ronan explains why Lagos has emerged as a fully livable international beach city—attracting retirees, remote workers, and lifestyle buyers from across Europe and North America.

In this dispatch, Ronan breaks down what he’s seeing on the ground today, why inventory is becoming increasingly scarce, and where he’s searching for the next “Lagos-style” opportunity along Portugal’s coast.

In This Episode

Ronan discusses:

• Why Lagos has become one of the Algarve’s most desirable real estate markets
• The international demand driving the city’s rapid growth
• How tax incentives and lifestyle factors are attracting European retirees
• The influx of North American buyers and digital nomads
• Why resale inventory has become extremely scarce
• The strong appreciation seen in RETA member opportunities
• The quality and positioning of projects like Adega, Dona Maria, and Dona Anna
• The coastal areas Ronan believes could become the “next Lagos”

Key Takeaway

Demand for real estate in Lagos continues to surge while available inventory shrinks—creating the kind of scarcity that has historically driven some of the strongest real estate gains in international lifestyle markets.

For investors who got in during the post-crisis years, the results were exceptional. Ronan revisits the original Málaga play: buying small condos in or near the historic center at fire-sale prices in the wake of Spain’s banking and real estate collapse, then using them for short-term rentals. That strategy delivered both strong rental yields and significant capital appreciation.

But the market has now entered a new phase. Much of the crisis-era excess inventory has been absorbed, demand is outpacing supply, and pricing for high-quality projects is moving sharply higher. Ronan shares what he is seeing in today’s market—from major uplifts in leading developments to a growing luxury segment in Málaga itself—and explains why he now believes the Costa del Sol is once again ready for the RETA model, this time through best-in-class pre-construction.

He also touches on lifestyle markets along the coast, including Estepona and the golf communities near Sotogrande, for those thinking not just about returns, but about where they might actually want to spend time.

For Ronan, the takeaway is clear: the easy crisis-era bargains are gone, but a new opportunity is emerging for those who can get in early on the right projects, with the right developers, in the right locations.

In This Episode

Ronan covers:

• Málaga’s transformation from industrial port city to vibrant lifestyle destination
• How earlier RETA buyers profited from the post-crisis recovery
• Why Spain’s crisis-era inventory has now largely been absorbed
• The rise of pre-construction as the next major play on the Costa del Sol
• What recent pricing jumps reveal about demand in the region
• Why Málaga is now attracting a more meaningful luxury buyer segment
• The appeal of Estepona as a livable coastal town
• Golf-community opportunities near San Roque and Sotogrande
• Why low fixed-rate financing in Spain matters in an inflationary environment

Key Takeaway

The old Spain opportunity was about buying distressed inventory in the aftermath of crisis. The new opportunity is about getting in early on high-quality pre-construction as demand rises, supply tightens, and the Costa del Sol continues its move upmarket.

Ronan explains how this transformation is already playing out across international lifestyle markets—from coastal destinations and resort communities to emerging global hubs attracting wealth, migration, and investment.

Drawing on his global research and boots-on-the-ground experience, Ronan breaks down why scarcity is becoming one of the most important forces shaping property values—and why investors who understand this shift early may benefit most.

In this episode, Ronan discusses:

• Why global real estate markets are entering a new scarcity cycle
• The forces restricting supply in many of the world’s most desirable locations
• How infrastructure, tourism growth, and migration patterns accelerate property booms
• Why lifestyle destinations are becoming magnets for global wealth
• What this shift could mean for long-term real estate investors

For anyone interested in international property, lifestyle investing, or understanding the forces shaping the next generation of real estate markets, this episode offers a valuable look at how scarcity is transforming opportunity around the world.

In this episode of Notes From the Field, Ronan McMahon checks in from Portugal’s Silver Coast with a broad update on where things stand across his Portugal beat—from Lagos and the Algarve to Porto, the Douro Valley, and his own evolving plans on the Silver Coast.

Along the way, he shares what he’s seeing in rentals, where the strongest investment momentum still lies, and why some markets now belong more in the “dream home” category than in a pure profit-driven RETA portfolio.

Episode Description

Broadcasting from Praia d’El Rey on Portugal’s Silver Coast, Ronan opens this dispatch with reflections on the market immediately around him—both as a place to spend time and as a place to own. He shares early results from renting out his own condo, noting that while the broader Silver Coast rental market remains far weaker than the Algarve, truly special beachfront inventory can still perform far better than expected.

He then turns to the Algarve, where the market continues to strengthen in exactly the way he has long anticipated. In Lagos especially, Ronan sees multiple trends now converging at once: retirees relocating from northern Europe, remote workers and young families seeking international lifestyle bases, tourism returning in force, and a chronic shortage of high-quality inventory. In his view, Lagos remains one of the most complete lifestyle-and-investment stories in Europe.

Ronan also gives an update on what may become the next—and possibly final—major Lagos opportunity of significance: a landmark project tied to one of the most important pieces of undeveloped land in the town. For those already in earlier Lagos deals, he notes that the track record continues to strengthen, with strong appreciation and highly supportive rental fundamentals.

Beyond the Algarve, Ronan shares more personal reflections from the Silver Coast, where his own lifestyle purchase has become something more significant. What started as a part-time base has evolved into a much bigger plan: finding or creating a more permanent home there. He walks through a failed house purchase, what went wrong in due diligence, and why the area continues to pull him back.

Finally, he recaps a recent trip to Porto and the Douro Valley. Porto, in his view, is now more of a lifestyle city than a true RETA opportunity—beautiful, dynamic, and highly livable, but no longer offering the kind of obvious value he looks for in a pure investment play. The Douro, on the other hand, sparked his imagination as a destination for affordable, scenic lifestyle real estate that may not meet strict RETA criteria, but could be deeply appealing for the right buyer.

In This Episode

Ronan covers:

• Rental performance and expectations on Portugal’s Silver Coast
• Why certain niche beachfront properties can outperform broader market averages
• The latest on Lagos and why Algarve demand keeps accelerating
• How retirees, remote workers, and returning travel are reshaping the market
• Why Lagos may still have one final major opportunity ahead
• The urgency around Portugal’s changing Golden Visa rules
• An update on Ronan’s Val de Lobo foreclosure investment
• Why unsolicited buyer interest is a major signal of inventory scarcity
• Why Porto no longer looks like a pure RETA play
• The Douro Valley as a compelling lifestyle market for second-home buyers
• Why Ronan and his wife now want a bigger, more permanent base on the Silver Coast

Key Takeaway

The best markets evolve in stages. In the Algarve, the thesis is now playing out with real force—tight supply, rising demand, and mounting urgency. On the Silver Coast and in the Douro, the case is more nuanced: not always a pure profit play, but potentially powerful from a lifestyle and long-term value perspective.

From the luxury end of the market in the Golden Triangle to rising scarcity in Lagos, overlooked value in Silves, and emerging potential in the eastern Algarve, Ronan shares where the market is moving now—and where he’s already looking for the next big story.

Episode Description

Broadcasting from his condo in Val de Lobo before heading north to Évora and then on to Portugal’s Silver Coast, Ronan uses this dispatch to walk through what he’s seeing across several distinct slices of the Algarve market.

At the high end, the message is clear: luxury is on an absolute tear. In places like Quinta do Lago and Val de Lobo, land values and teardown pricing have surged as affluent buyers continue to move aggressively into Europe’s most established resort communities. Ronan reflects on his own Val de Lobo bank repossession purchase as a reminder that even in a hot market, standout deals can still appear—if you’re on the ground, connected, and ready to act.

He also highlights a new luxury play that has caught his attention: Palmares, a dramatically repositioned golf-and-resort community near Lagos that he now believes could become one of the Algarve’s most compelling high-end opportunities. In his view, it offers the kind of setting, views, and relative value that could allow it to compete directly with the Golden Triangle over time.

At a more accessible price point, Ronan shares an update on a potential member opportunity near the historic town of Silves—an appealing lower-entry play that combines space, greenery, proximity to beaches, and easy access to the broader western Algarve. He also discusses the continued appeal of finding value in overlooked or distressed inventory, including bank foreclosure projects that may look messy today but could transform once cleaned up and stabilized.

In Lagos, the story remains one of relentless demand and tightening supply. Ronan reports that the inventory squeeze is becoming even more severe, with rising values, booming rental demand, and owners increasingly unwilling to sell. At the same time, a major long-abandoned eyesore at the top of town is finally coming down—a development Ronan believes will significantly raise the profile of that part of Lagos and could unlock one more major member-only opportunity.

He closes by widening the lens. In the eastern Algarve, he sees a gentler but still promising trend toward higher-quality tourism and more sophisticated demand. And beyond that, he’s already thinking ahead: if Lagos has been one of the great success stories of the Algarve, where is the next Lagos?

Ronan covers:

• Why the luxury Algarve market is getting even stronger
• How bank repossessions can still create standout opportunities
• What makes Val de Lobo and Quinta do Lago such powerful luxury markets
• Why Palmares may be the Algarve’s next major high-end story
• A lower-entry opportunity taking shape near Silves
• How overlooked foreclosure projects can hide significant upside
• Why demand, rental pressure, and scarcity in Lagos keep intensifying
• How the removal of a long-standing eyesore could reshape one key part of town
• Why Ronan is working on one more potential Lagos opportunity
• What makes Fuseta and the eastern Algarve increasingly appealing
• Why identifying the “next Lagos” is already a top strategic priority

Key Takeaway

The Algarve opportunity is no longer confined to one price point or one town. Luxury is moving fast, Lagos remains exceptionally strong, and the next wave of upside may come from being early in the right submarket—before wider attention arrives.

In this episode of Notes From the Field, Ronan McMahon checks in from Portugal’s Silver Coast before heading to Lisbon, sharing fresh observations on both his own property and the accelerating opportunity in the Algarve.

From stronger-than-expected rental demand on the Silver Coast to rising scarcity, soaring values, and tightening inventory in Lagos and the wider Algarve, Ronan explains why this market feels increasingly urgent—and why access to the right deals matters more than ever.

Episode Description

Broadcasting from his condo on Portugal’s Silver Coast after five weeks on the ground, Ronan opens this dispatch with a personal update on the property he bought there as a lifestyle investment. While he did not purchase it primarily for income, he shares early signs that the rental market may be much stronger than he first expected—particularly for premium inventory that appeals to northern European buyers seeking sunshine, terrace space, and a higher-end coastal experience.

But the heart of this episode is the Algarve.

After spending eight full days on the ground in the region, Ronan comes away even more energized about the strength of the opportunity there—especially in Lagos. He lays out the powerful forces now converging in the Algarve: demographic tailwinds from northern Europe, the rise of remote work, lifestyle migration, tight development constraints, ultra-cheap borrowing, and a market structure increasingly tilted in favor of sellers.

That creates a powerful long-term story—but also a challenge. In a market where available inventory keeps shrinking and owners have little reason to sell, finding the right opportunities requires a different approach. Ronan walks through the three main ways he sees value being created in today’s Algarve: bank repossessions, member-only access to high-quality new developments, and overlooked abandoned or unfinished properties that can be repositioned.

He also reflects on what he’s seeing in Lagos specifically, where earlier deals are already pointing to the kind of future he believes is coming for more recent opportunities. For Ronan, the message is clear: this is one of those moments when the broader thesis is playing out exactly as expected—but accessing it profitably depends on being connected, moving early, and staying selective.

In This Episode

Ronan covers:

• Why the Silver Coast rental market may be stronger than he originally expected
• How premium product can outperform even in less obvious rental markets
• Why Lisbon still looks fragile despite broader real estate strength
• The demographic and lifestyle trends powering Algarve demand
• Why low rates and limited development are creating a seller’s market
• How bank repossessions can still create standout opportunities
• Why Lagos remains one of the strongest stories in the region
• How member-only launches created access to better pricing during lockdown
• Why abandoned or incomplete villas may be the next overlooked angle
• Why urgency is rising as values continue to move higher

Key Takeaway

The Algarve story is no longer theoretical. Demand is rising, supply is tightening, and the right inventory is becoming harder to access. In this kind of market, the edge comes not from following the crowd—but from finding the overlooked, getting in early, and buying selectively.

From surging rental demand and tightening inventory to delayed but increasingly compelling deal flow, Ronan explains why he’s more bullish than ever on Los Cabos—and why the wider region, including Todos Santos and La Paz, continues to gain strength.

Episode Description

Broadcasting from Cabo as the sun rises over the Pacific, Ronan uses this dispatch to reflect on what he’s seeing on the ground in one of the most dynamic markets on his beat.

His first takeaway is clear: rental demand is exploding. Both short-term and long-term inventory are under pressure as Cabo attracts a new wave of residents and visitors—remote workers, younger families, extended-stay renters, and lifestyle buyers rethinking where and how they want to live. What began as a tourism recovery story has evolved into something broader: a structural shift in demand for well-located, well-designed homes in one of North America’s most appealing sun-and-sea destinations.

Ronan also explains how the market itself is changing. At the lower and middle end of Cabo’s typical price spectrum, the shortage of quality condos has become especially acute. The sweet spot—two- and three-bedroom homes with views, strong amenities, and access to town and beaches—is exactly where demand is strongest. In his view, that reinforces the long-term value of the same type of inventory he has consistently targeted for RETA deals.

He also shares an update on delayed Cabo opportunities that remain in the pipeline. Though permitting and water issues have repeatedly slowed launches, Ronan says the underlying economics have only improved. Comparable inventory has moved higher, market demand has strengthened, and the price points he is targeting still look extremely attractive by Cabo standards.

Beyond Cabo San Lucas and San José del Cabo, Ronan turns to the broader Baja story. In Todos Santos, he sees a maturing boutique market increasingly reminiscent of early Tulum—high-end, design-driven, and deeply appealing to sophisticated travelers. In La Paz, he sees a quieter but increasingly attractive waterfront city benefiting from better security, stronger public spaces, and growing long-term potential.

For Ronan, the message is simple: Cabo and the broader Baja market are not cooling off—they are gaining momentum. And despite ongoing infrastructure constraints, the combination of weather, proximity, lifestyle appeal, and relative value continues to create one of the strongest long-term stories anywhere on his global beat.

In This Episode

Ronan covers:

• Why rental demand in Cabo feels stronger than ever
• The shift from older vacationers to remote workers, families, and long-stay renters
• How long-term rentals are reducing short-term inventory
• Why the sweet spot in Cabo remains quality two- and three-bedroom condos with views
• How values have moved higher in communities like Copala and Mavila
• Why delayed deal launches may now be even more compelling than before
• The role of private aviation, resort growth, and flight connectivity in supporting demand
• Why Cabo still offers strong value relative to California and major North American markets
• The growing appeal of Todos Santos as a boutique luxury destination
• Why La Paz is becoming an increasingly attractive weekend and second-home market
• How infrastructure and water constraints may slow growth—but also support scarcity and pricing

Key Takeaway

Cabo is no longer just a vacation market. It is becoming a deeper, more durable lifestyle market driven by relocation, longer stays, remote work, and persistent inventory shortages. For the right kind of property, that creates a very powerful setup for both renta

From booming luxury demand and bank foreclosure plays to strong rental fundamentals and overlooked opportunities on the edges of the market, Ronan explains why the Algarve remains one of Europe’s most resilient real estate stories—and where he believes the smartest opportunities still lie.

Episode Description

Broadcasting from a villa between Quinta do Lago and Vale do Lobo, Ronan uses this dispatch to reflect on what has become increasingly clear over his weeks on the ground: the Algarve remains one of the most stable, attractive, and opportunity-rich property markets anywhere on his beat.

He begins with the central Algarve, where the luxury market continues to strengthen. In Europe’s premier resort belt, high-end villas, luxury communities, and premium rental properties are holding firm or moving higher, supported by wealthy international buyers and a market that remains surprisingly robust despite global uncertainty. Ronan also shares a behind-the-scenes look at a bank foreclosure opportunity he recently uncovered—one that shows how deep discounts can still emerge, even in a blue-chip market, if you’re willing to do the detective work.

He then turns back to Lagos, where his conviction continues to rise. After spending more than a week there, Ronan describes it as one of the Algarve’s most complete lifestyle markets: historic, walkable, scenic, livable, and increasingly attractive not just for vacationers, but for remote workers, lifestyle buyers, and long-stay residents. In his view, the rental story there remains exceptionally strong, and access to the right developer and the right inventory continues to be the biggest edge.

Ronan also notes that while the Algarve is not a “new” discovery story in the way some emerging markets are, there is still money to be made—especially by working around the edges of the obvious market. That means repossessions, overlooked inventory, unfinished projects, and high-quality properties where the bank or seller simply has the pricing wrong.

He closes with a broader reflection on Portugal’s market diversity: while the Algarve remains his most blue-chip play, the Silver Coast and other parts of Portugal continue to intrigue him as more emerging, more under-the-radar stories that may offer a different kind of upside.

In This Episode

Ronan covers:

• What extended time on the ground has revealed about Portugal’s current market
• Why Lagos continues to stand out as a top work-from-home and lifestyle destination
• How the Algarve rental market has remained stronger than many expected
• Why the best Algarve opportunities often sit just off the obvious path
• How bank foreclosure inventory can still create major discounts
• A real example of a foreclosure deal that could be cash-flow positive from day one
• Why the central Algarve remains deeply attractive to affluent international buyers
• What makes the Golden Triangle so resilient
• Why the eastern Algarve and the Silver Coast are also on his radar
• How Ronan thinks about flipping versus holding in high-demand rental markets

Key Takeaway

The Algarve may be mature, but it is far from played out. In a strong, active, blue-chip market, the biggest wins often come not from chasing obvious listings—but from finding the overlooked, misunderstood, or badly priced opportunities sitting just outside the spotlight.

In this episode of Notes From the Field, Ronan McMahon reports back from an extensive scouting trip through Costa Rica, sharing what he found in the Southern Zone and how the market is evolving.

From rising costs and full hotels to tightening supply, restrictive permitting, and the continued strength of the right developer-led opportunities, Ronan explains why Costa Rica remains compelling—but also why selectivity matters more than ever.

Episode Description

Broadcasting from his base after returning from a wide-ranging scouting trip through Costa Rica, Nicaragua, the Riviera Maya, and central Mexico, Ronan uses this dispatch to focus on one market in particular: Costa Rica’s Southern Zone.

His first takeaway is immediate and unmistakable—Costa Rica is full, and Costa Rica is expensive. From airport hotels in San José to resort stays and basic travel costs across the country, Ronan found a market where demand is strong, pricing is high, and supply remains constrained. While that can be frustrating for travelers and budget-minded lifestyle buyers, it is very good news from the perspective of real estate owners and income-producing property.

In the Southern Zone, Ronan sees the same big forces that have shaped the long-term opportunity for years continuing to strengthen: dramatically improved access, extraordinary natural beauty, strict environmental protections, and a regulatory environment that makes new development increasingly difficult. In his view, that rising barrier to entry is creating a widening moat around existing, permitted real estate.

He also shares what he found on the ground: scattered projects with high price tags and mixed execution, a vibrant and increasingly cosmopolitan local scene, and one standout exception—the long-established landholdings and communities created by a developer Ronan has followed for years. For him, that remains the clearest path to opportunity in the region.

Most interestingly, this trip also sharpened a new insight: while ocean views continue to command the premium, some of the most compelling value may now lie in mountain-view homesites—larger lots with lush surroundings, privacy, space for gardens and pools, and a significantly lower entry price.

For Ronan, the opportunity in Costa Rica is still very real—but it is no longer about broad market bargains. It is about understanding where scarcity is deepest, where permitting has become most restrictive, and where the right developer and land position can still give buyers an edge.

In This Episode

Ronan covers:

• Why Costa Rica now feels exceptionally full and expensive
• How higher travel and accommodation costs support the income case for real estate
• Why the Southern Zone remains so attractive from a lifestyle perspective
• How improved highway access transformed the region
• Why environmental and permitting rules are making existing inventory more valuable
• What he found in the current condo and homesite market
• Why some projects struggle despite strong tourism demand
• The continued strength of Sylvain’s landholdings and communities
• Why mountain-view lots may now offer overlooked value
• Why northern Costa Rica no longer excites him in the same way
• What to watch for in the next RETA member opportunity

Key Takeaway

Costa Rica’s Southern Zone remains one of the most special and supply-constrained markets on Ronan’s beat. But this is no longer a place for casual or broad-brush buying. The real opportunity lies in permitted inventory, strong land positions, and selective buying where scarcity continues to deepen.

Drawing on the track record of earlier gains in Tao Tulum, Akumal, and Grand Tulum, Ronan explains why this new opportunity stands out: detached homes designed around privacy, nature, livability, and broad appeal in a market where those qualities are becoming harder to find.

Episode Description

Broadcasting before heading back to Tulum, Ronan opens this dispatch by putting the current Riviera Maya opportunity into context. Recent deals have already produced the kind of strong gains that define the RETA model: early access to top-tier inventory at prices significantly below what the wider retail market is paying.

But for Ronan, the real story now is not just that Tulum is working—it is how it is working.

He explains that while premium penthouses and top-end units can often post the biggest paper gains, the smartest long-term play is frequently a more broadly appealing product: well-designed two-bedroom inventory in the right kind of community, at a price point that remains highly liquid for both resale and rental demand. That is exactly why this new homes opportunity has captured his attention.

What sets it apart, in Ronan’s view, is the developer’s design philosophy. Rather than building another dense, concrete-heavy project, this team is creating a community built around nature, privacy, tranquility, and a much more thoughtful living experience. The homes are detached, carefully oriented, and designed to feel cocooned within the jungle while still remaining highly accessible to everything that makes Tulum so desirable.

Ronan sees this as especially important at this stage in Tulum’s evolution. As the town becomes busier and more built-out, demand is growing for a different kind of product—something quieter, greener, more private, and more livable, but still close enough to enjoy all the beaches, restaurants, wellness offerings, ruins, and attractions of the Riviera Maya.

He also notes that the pricing is unusually compelling. In a market where small studios can command surprisingly high prices, these homes are entering at a level that he believes leaves significant room for appreciation as the market catches up.

For Ronan, this is the essence of the current Tulum opportunity: buying standout inventory at a deep discount to comparable retail product, in a market that is still evolving, still improving, and still far from finished.

In This Episode

Ronan covers:

• Why earlier Tulum and Akumal opportunities have produced such strong gains
• The importance of buying broad-appeal inventory in top-tier communities
• Why detached homes may now be one of the most compelling product types in Tulum
• How this developer’s design approach differs from typical Riviera Maya projects
• Why privacy, nature, and livability are becoming more valuable in Tulum
• The appeal of longer-term renters and lower-headache rental strategies
• How this type of home fits both vacation and extended-stay demand
• Why Tulum is still in a powerful phase of growth despite infrastructure lag
• Why other destinations are not necessarily “the next Tulum”
• How pricing on this opportunity compares to much smaller and less distinctive inventory nearby

Key Takeaway

Tulum’s story is no longer just about being early. It is now about being selective. The best opportunities are the ones that combine standout design, strong broad-market appeal, and pricing that still leaves plenty of room for the market to catch up.