Vacation rentals: strong rise in real estate in Tulum
The tourist areas of the country are experiencing a real estate boom thanks to the purchase of homes by foreigners seeking to invest in these regions, so factors such as the shortage of supply together with the increase in demand in these destinations, have combined to cause prices in the housing real estate market to increase considerably.
According to data from the Federal Mortgage Society (SHF), Quintana Roo and Baja California Sur (BCS) were the states with the most marked variations during 2022, with annual growth of 14.6% and 14.2%, respectively.
Eduardo Orozco, CEO of the proptech Alohome, explained that this increase in tourist areas is mainly due to the foreign housing demand that has accelerated in those markets. Los Cabos, for example, is the most dynamic area of BCS due to its proximity to California, United States; in addition to its airport, hotel infrastructure and other services.
In Quintana Roo, the average price of an apartment in Tulum is 5.8 million pesos, while in Los Cabos it is 4.2 million pesos, according to the real estate portal Propiedades.com.
Orozco explained that, although this cost is higher than the national average (1.5 million pesos) and seems unaffordable for most Mexicans, it is affordable for the foreign market, since it is up to 60% cheaper than buying a house in the United States.
Miguel Angel Lemus, director of the Mexican Association of Real Estate Professionals in Cancun, explained that there are around 11,000 housing units available for sale, in close to 400 projects for sale in the northern part of the state, between Tulum, Playa del Carmen and Cancun.
Lemus believes that, thanks to projects such as the remodeling of the Luis Donaldo Colosio Boulevard, the construction of Sections 4 and 5 of the Mayan Train, and the vehicular bridge over the Nichupté lagoon, there has been an increase in prices and investment in the areas near these projects.
Fernanda Sanchez, director of JLL in Los Cabos, said that most of the purchases by foreigners come from Americans looking to invest in a property to enter the vacation rental market.
Finally, Leonardo Gonzalez said that the country’s tourist corridors have also been driven by remote work options, the migration of digital nomads and preferences for its amenities that generate higher quality of life.
As revealed by The Tulum Times, Tulum has registered around 300 new real estate developments, mainly oriented to vacation rentals and commerce, stated Luis Francisco Reyna Gómez, new president of the Mexican Association of Real Estate Professionals (AMPI) Tulum section.