Property Investment in Cancun-Riviera Maya is strongestBy Elliot Bullman
Cancun and the Riviera Maya are the most attractive tourist destinations in Mexico for investment in the real estate sector.
In 2016, over 21 thousand appraisals for the purchase of real estate occurred representing a growth of 4.0% on the previous year, according to the president of the Colegio de Valuadores de Quintana Roo (Covaqroo), Arturo Machuca García.
He added that, “the strong numbers of tourism activity in Quintana Roo generated a significant economic spillover among the population, which allowed them to continue building new complexes and acquiring housing, 70% through loans of social interest and 30% with bank credit for middle and residential housing.”
He stressed that Quintana Roo’s solid economy, which is based on tourism, has not suffered from external pressures such as the depreciation of the peso against the dollar, the increase in the price of fuels or even the Trump effect. 2017 therefore is expected to register a similar increase as the one recorded in 2016.
“In 2017, we expect that real estate transactions, as well as lending and home construction, will remain strong in thearea. We expect to surpass the 21,000 valuations recorded last year.”
In the specific case of Cancun, he recognized that the destination is reaching its maturity as a city, a reason why its real estate growth is a little smaller than in previous years.
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