TULUM, México – The real estate market in the Cancún-Riviera Maya corridor has shown remarkable growth. In the first four months of 2024, 551 real estate projects encompassing a total of 42,000 housing units closed. This surge is concentrated mainly in the residential and residential plus sectors, indicating a robust market driven by high-value properties.
According to Softec’s Market Dynamics Report, the region’s housing market remains dynamic, with a significant preference for apartments, which top the list of purchase options. Tulum leads the pack with 284 projects, making it the most sought-after municipality by investors. Cancún follows with 122 projects, predominantly in the southern polygon, the area of most significant importance. Playa del Carmen hosts 113 projects, while Puerto Morelos accounts for 18. The remaining projects are distributed between Isla Mujeres and Cozumel.
The current market trend leans towards higher-value housing, with 243 residential projects priced above three million pesos, encompassing 13,000 units. Residential Plus projects, priced over eight million pesos, account for 235 projects with more than 11,000 units. This indicates a significant focus on upscale living, attracting a demographic seeking luxury and exclusivity.
Softec’s database highlights the top-performing projects regarding sales within the region. Jardines de Ciudad Mayakoba reports an average of 17 monthly units sold, followed closely by Palmas Turquesa Privada Kentia with 17.2 units and Puerto Maya Stage III with 14.8 units sold monthly. These figures underscore the robust demand and the competitive nature of the real estate market in Quintana Roo.
The price per square meter in the northern plaza of Quintana Roo ranges from 9,626 to 254,705 pesos, with an average of 61,000 pesos. This broad range reflects the diversity of the market, catering to various economic segments, from luxury buyers to more budget-conscious purchasers.
Apartments are the most sought-after property type, leading the market with 31,000 units available. This is followed by horizontal condominiums with 5,596 units and standalone houses with 3,937 units. The preference for apartments highlights a shift towards more compact, community-oriented living spaces, particularly appealing to younger buyers and investors looking for vacation rentals.
Despite the positive market dynamics, the current figures are slightly lower than 2023, which saw 559 projects and an offer of 44,000 units. This marginal decline might be attributed to various factors, including economic fluctuations, investor sentiment changes, or demand pattern shifts.
The growth of the real estate market in the Cancún-Riviera Maya corridor is a testament to the region’s enduring appeal. The area’s natural beauty, modern amenities, and vibrant cultural scene make it a prime destination for residents and investors. Tulum, in particular, attracts significant interest, reinforcing its status as a premier location for real estate development.
The appeal of Tulum goes beyond its pristine beaches and archaeological sites. The town has become a hub for sustainable and eco-friendly developments, attracting a demographic that values environmental consciousness. Many new projects in Tulum emphasize sustainable building practices, renewable energy sources, and integration with the natural landscape, aligning with the global trend towards greener living.
Furthermore, Tulum’s thriving tourism industry significantly boosts its real estate market. The influx of tourists has led to a growing demand for vacation rentals, which offer attractive returns on investment. This trend is particularly noticeable in the high season, where short-term rental properties can command premium prices.
Substantial infrastructure investments also benefit the broader Cancún-Riviera Maya corridor. The upcoming Tulum Airport and the ongoing development of the Tren Maya project are set to enhance connectivity and accessibility, further driving real estate growth. These infrastructure projects are expected to attract more visitors and investors, bolstering the region’s economic prospects.
The real estate market in Playa del Carmen is driven by its cosmopolitan atmosphere and vibrant expat community. The city offers a mix of modern conveniences and traditional charm, appealing to a diverse range of buyers. Playa del Carmen provides options for various lifestyles and budgets, from luxury beachfront condos to affordable urban apartments.
Though smaller in scale, Puerto Morelos offers a tranquil alternative to its bustling neighbors. Its laid-back vibe and beautiful coastal scenery attract those seeking a more relaxed lifestyle. The town’s real estate market is characterized by boutique developments and custom homes, catering to buyers who prioritize privacy and exclusivity.
Isla Mujeres and Cozumel are island destinations that present unique real estate opportunities. These locations appeal to niche markets, including retirees seeking a peaceful retreat and adventure seekers drawn to the islands’ diving and water sports offerings. The limited land availability on these islands ensures a steady demand for properties, making them attractive investment options.
The real estate market in the Cancún-Riviera Maya corridor continues to thrive, driven by high-value projects and a strong demand for apartments. Thanks to its sustainable development initiatives and tourism-driven economy, Tulum remains the focal point for investors. As infrastructure projects progress, the region’s appeal will grow even further, promising continued growth and opportunities in the real estate sector.
