Investment Increases in Tulum and Playa del CarmenBy Lorenzo Núñez | Thu, 05/13/2021 - 09:48
The beach town resort cities of Tulúm and Playa del Carmen are experiencing a real estate investment boom, mainly with the selling of condos. While Cancun and the Riviera Maya have undergone a 5 to 10 percent increase in rentals.
According to the rental portal Inmuebles24 this part of Mexico is seeing a real estate investment boom. “Our allies in Cancun and Riviera Maya have told us that during the pandemic the luxury real estate market remained in the interest of investors, the searches in the portal confirm it,” said Alejandro García del Río, Marketing Manager of Inmuebles24.
Javier Rodríguez Gil, City Manager of Inmuebles24 pointed out that there has been an increase in the supply of investment lots adjacent to these areas with a real estate boom, which is also focused on a vertical development scheme for the next 5 to 10 years. In Cancun, growth has been lower due to an oversupply of properties, particularly in the southern area of the city. He also mentioned that the type of investors responsible for the investment increase, are those looking for furnished condo-hotel type apartments, ready to be booked on temporary rental platforms and represents the largest real estate offer in the sector today.
COVID-19 affected the tourism industry in Tulum, however hotel occupancy closed 2020 above a 32 percent occupancy rate, in addition, local hotel associations expect the destination to recover soon, according to Inmobiliare.
Mexico´s entire tourism sector seems to be slowly recovering from the pandemic in addition to the real estate investment boom. During the 20th edition of the World Travel and Tourism Council (WTTC) held in Cancún, Christopher Nassetta, Chairman of the Board of the WTTC, informed that the organization will invest nearly US$2.5 billion in Mexican tourism projects over the next few years, expecting to generate over 100,000 new jobs.
Visit Latino also released an analysis of the most sought-after tourism destinations. The most popular beach destination was Mazatlán, ousting the all-time favorite Cancun, which took second place, followed by Acapulco, Playa del Carmen and Tulum, all pointing to a steady tourism growth .
By the end of 2021, Playa del Carmen and Tulum are expected to increase in value due to the number of visitors that have arrived to these cities during the pandemic, reported Inmobiliare.