In this episode of Notes From the Field, Ronan McMahon shares his biggest insights after spending more than a month on the ground in Cabo, Mexico—one of the most dynamic real estate markets in the world today.

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.

December 12, 2025

Broadcasting from Cork before heading back to Portugal and then on to Mexico for the winter season, Ronan uses this episode to step back and reflect on Cabo not just as a market, but as a place that has shaped both his lifestyle and investment strategy over the past decade.

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.

Broadcasting from Madrid after two full days on the ground, Ronan opens this dispatch with his first impressions of a city that has surprised him. Long viewed through the lens of Spain’s post-2008 economic crisis, Madrid now looks very different: vibrant, walkable, architecturally grand, economically resurgent, and increasingly positioned as a major global city with strong rental potential and long-term upside.

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.

Episode Summary

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.

March 10, 2025

In this episode of Notes From the Field, Ronan McMahon reports from Lagos on Portugal’s Algarve coast, where rising demand and tightening inventory are driving a powerful real estate boom.

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.

Broadcasting from Málaga after several days on the ground, Ronan reflects on a city that has undergone one of the most striking urban transformations on his beat. Once known primarily as a gritty port city, Málaga today has become a polished, vibrant, highly desirable destination filled with culture, food, walkability, and lifestyle appeal.

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.