Updated: Nov 5
Riviera Maya, known for its fast growing tourism industry, is emerging as a prime destination for both living and investment. Experts believe that the real estate boom in Riviera Maya is still in its early stages and holds vast untapped potential.
Enrique Domínguez, President of the Mexican Association of Real Estate Professionals (AMPI) in Playa del Carmen, shared insights during the "Real Estate Investments" program by Neximo. He highlighted the promising dynamics within Quintana Roo, the state where Riviera Maya is located, stating that different regions are at varying stages of development.
Riviera Maya's vast untapped potential:
In Playa del Carmen, for instance, the vacation rental market is thriving. The city, initially designed to provide housing support for the broader Riviera Maya, has transformed into a hub with a unique real estate offering.
Domínguez noted that there are now more vacation rental units than hotel rooms in the center of Playa del Carmen, with approximately 13,600 units available on digital platforms. This segment sees a 20% annual growth rate, with an annual occupancy rate of 65% to 75%.
Tulum has experienced explosive growth, with a 40% increase in vacation rental condo offerings over the past year.
Notably, Tulum's occupancy rates have surpassed Playa del Carmen, reaching approximately 85%.
Cancún is undergoing urban renewal, including infrastructure improvements that are creating micro-destinations and commercial districts, paving the way for new real estate offerings.
Domínguez considers Cancún to be a city in the early stages of urban renewal, offering substantial development potential.
Other areas in Quintana Roo, such as Puerto Morelos, Puerto Aventuras, and Chemuyil, are witnessing notable real estate activity:
Puerto Morelos is characterized by low-density, coastal projects, which are complementing Cancún's offerings.
Meanwhile, Puerto Aventuras, after a slow start, is evolving into a unique community with increasing potential for value appreciation.
Finally, Akumal and Chemuyil are witnessing new health and wellness-focused projects.
Riviera Maya is no longer just a vacation destination; it's becoming an attractive place to live:
Increasingly, Latin American citizens are looking to establish residences in this region. As Domínguez explained, the area's primary purpose has been tourism, but it's beginning to establish itself as a residential destination. The emergence of planned communities is introducing products not previously available in Riviera Maya, making it a compelling choice for permanent living.
One of the notable real estate trends is multifamily housing, a concept that has been gaining ground in the region. While relatively new to Riviera Maya, it's being driven by the growing interest of individuals wanting to make the area their home.
In the context of growth, Riviera Maya can be compared to Miami, Florida. Domínguez pointed out that while Miami's coastal development spans 119 kilometers, the coastal area in Quintana Roo extends less than five kilometers inland. This vast stretch of land offers substantial room for expansion and development.
As Riviera Maya transforms into a destination for living, it continues to hold immense promise for real estate investment, with vast potential yet to be unlocked.