TULUM, Mexico – The allure of investment continues to flow towards Quintana Roo, proving that the Riviera Maya remains a hotspot for real estate development. According to data from the Mexican Association of Real Estate Industry, there are currently a staggering one thousand real estate projects in progress in this region.
This impressive figure is not without its challenges, however, as the industry grapples with issues like a shortage of skilled labor, escalating prices, and rising credit costs. Wilberth Gutiérrez Álvarez, the president of the Mexican Association of Real Estate Industry, shed light on the situation, highlighting Tulum’s share of this boom with 400 ongoing projects and Riviera Maya boasting 600. Nevertheless, he acknowledged that challenges loom on the horizon.
“In today’s real estate landscape, technology plays a pivotal role, as government transparency and digitization of procedures are imperative to confront these challenges,” Mr. Gutiérrez Álvarez emphasized during the recent gathering on the Current Challenges in Quintana Roo’s Real Estate Market.
At this event, experts noted that while the region possesses qualities that make it appealing for property purchases and investments, especially in the real estate sector, there are lingering issues that need to be addressed.
Some of these concerns revolve around environmental impacts and the regulation of licenses and construction permits. For the industry, improving this situation will provide investors with greater certainty and continue to benefit the region.
“Today, it is essential to reduce processing times. For example, procedures that currently take three weeks to a month can be cut down to a matter of hours through online forms or requests. This is just one way in which technology can streamline processes, and procedures, and reduce costs,” he explained.
Efforts must also focus on ensuring mobility, constructing bridges, and roads, improving and maintaining highways, as well as guaranteeing the availability and quality of essential services such as water, electricity, and sewage.
Following the pandemic, the real estate sector has reported significant growth in residential projects, shopping centers, hotels, and business hubs.
According to data from agencies like Lamude, the real estate growth in Quintana Roo is predominantly in the residential sector, accounting for a substantial 77% share. This is followed by Land with 16%, Commercial with 4%, Corporate with 2%, and Industrial with 1%.
As investment continues to pour into Quintana Roo, the region’s real estate landscape holds great promise, despite the hurdles it faces. The convergence of technology, streamlined processes, and a commitment to addressing environmental concerns set the stage for a vibrant future in Tulum and Riviera Maya.
