Mexico’s Association of Real Estate Developers (ADI) announced in early June that it expects the city of Cancun to emerge as a major real estate hotspot in the coming months and years. Projects will include a variety of different types of developments,such as resorts,hotels,industrial parks,residential office space and retail centers,giving investors a number of ways to get in on the growth.
“According to data from the Ministry of Finance and Public Credit,the state of Quintana Roo – which includes Cancun,the Riviera Maya,Playa del Carmen and Tulum – has been named among the top states for real estate investment,” shared Richard Houghton of Investment Properties Mexico. “The real estate sector in Mexico as a whole generates 5.6 percent of our Gross Domestic Product (GDP) and creates more than three million jobs nationwide.”
The growing number of expats coming to Mexico – especially the numbers currently seen coming into towns throughout the Riviera Maya,as well as Cancun and Merida in the neighboring state of Yucatán – ensures that developers are going to be busy over the next few years (at least)… A reality that also means investors are going to make money – it’s really that simple.
“The majority of expat buyers are still coming from the United States,Canada and Europe,” Houghton added.
The growing number of foreigners buying up real estate in Mexico seems to be influenced by a variety of different factors,including the economic situation in their home countries. According to ADI,2014 saw a strong increase among all three of the aforementioned nations,and so far 2015 has already seen a steady increase among American buyers,as well as retirees who feel more confident to make a move now that the market at home has improved. In addition,Merida is continuing to attract expats,who are attracted to its charm and safety,as well as its strong economy,prime location close to the beach and affordable real estate prices.
“We have definitely seen an explosion of the middle class over the last 30 years and the real estate market has expanded accordingly to provide services,products and housing to this emerging market,” Houghton explained. “In the Riviera Maya,Cancun and Merida we have the amenities,services,infrastructure and high quality affordable real estate to accommodate any budget – from the most conservative to the most extravagant.”
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