“Looking at the numbers,it’s obvious that real estate in Cancun and the Riviera Maya region just to its south has been booming,” shared Richard Houghton of Investment Properties Mexico.
Those numbers include an estimated $90 million in new developments coming to Cancun over the next two years,according to the Association of Real Estate Developers (ADI). New development projects reportedly include tourism-related real estate,industrial parks,residential real estate,offices and shopping centers,many with construction already underway.
“Both residential and commercial developments place the state of Quintana Roo among the five most attractive investment states in the country,” writes Riviera Maya News.
Also of note,the Ministry of Finance and Public Credit (SHCP) reports that in December 2014 there were 127 major real estate projects around the country already under construction,including new shopping malls,offices and homes. The developers of Puerto Cancun also announced more than $45.5 million in new residential and commercial construction.
So what does all of this progress on paper look like in real life? In Cancun and throughout the Riviera Maya,there are two main areas of focus. There is a push for new affordable housing and there has been an enormous uptick in the number of high-end homes that are being built.
“According to the Caribbean Business Coordinating Council (CCE),those with higher financial stability are expected to double the forecasted new home figures from 500 to 1,000 units per year,” writes Riviera Maya News. “Not only are more people arriving in the city of Cancun,but those arriving have a higher purchasing power,which is giving many developers reason to build residential homes.”
Interestingly,many of the affordable new homes in Cancun are located in three Integrated Sustainable Urban Development areas in Cancun. Javier Olvera Silveira,who serves as president of Mexico’s National Chamber of Industry Development,says that there have been 11 developers so far building more than 17,000 affordable homes in the northern part of Cancun in 2015.
“For both ends of Cancun’s real estate market,the housing supply is solid as many developers are entering the market with a pre-sold inventory,” writes Riviera Maya News.