Located in the heart of Mexico’s Riviera Maya,the city of Playa del Carmen is currently in the midst of its second major housing boom, according to real estate agents and specialists in the area.
Similar to the growth Playa del Carmen experienced throughout the past decade, the most recent boom is due in large part to an influx of major real estate investments already totaling more than $400 million USD in 2016, representing an increase of 30 percent compared to last year.
One of the areas in downtown Playa del Carmen where the expansion and growth of new real estate investments is most obvious is along the north side of Fifth Avenue, where at least 100 apartment units are now under construction.
“For the remainder of 2016, real estate investments in Playa del Carmen will continue, due to a need to further expand the real estate offerings,” stated Wilbert Gutierrez Alvarez, president of the Mexican Association of Real Estate. “As for the rise of the dollar, the real estate sector remains unchanged regarding fluctuating costs.”
Gutierrez Alvarez also said that vacation homes and luxury condos for sale in Playa del Carmen are priced in dollars and are somewhat indifferent to the foreign market. In other words, the exchange rate has not affected real state in Playa del Carmen and people are still making money in this part of Mexico through major new investments. A big reason for the boom can be seen in the success of the Riviera Maya’s growing tourism sector.
To expand upon this even more, earlier this week at the the National Chamber of Commerce, Services and Tourism (Kanak-Servitur) meeting of real estate advisers, the following statement was made by Pedro Luis Martinez, who serves as the vice president of real estate services for Kanak-Servitur:
"There are a lot of real estate investment opportunities in Playa del Carmen. We will unveil a new development on Tuesday, Oct. 18 in the central part of downtown Playa. Situated in the oldest part of the city, the development is very attractive and combines hospitality services and amenities with the sale of real estate."
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