How is the Real Estate market reacting to Covid19?
How is much money is currently being invested in the Riviera Maya?
The Riviera Maya has assured of an investment of 35 billion US dollars for the next six years in the real estate sector, despite the crisis caused by the coronavirus pandemic.
At a press conference, the council of the Mexican Association of Real Estate Professionals (AMPI), Playa del Carmen section, released a balance of the numbers left by the health situation due to Covid-19.
Enrique Domínguez, vice president of international relations at AMPI Quintana Roo, highlighted that the main developments will be in the Diamond Zone, in the surroundings of Ciudad Mayakoba.
“Despite the crisis caused by the pandemic, there is a projected 35 billion US dollars in the development of real estate projects during the next six years in the Riviera Maya (…) The Diamond Zone integrates the main developments of Playa del Carmen, like Mayakoba, which maintains a wide range of products, and new developments, such as Corasol, as well as the Caracola District and the Kalena District, ”explained Enrique Domínguez.
2020 was a complicated year for the sector, as the vast majority of economic activities that take place in the Riviera Maya were affected by the coronavirus pandemic, but despite this situation, an increase of 18% over what was achieved in 2020 is forecast.
Last year the sector sold 1,800 real estate units, 100 units less than what was achieved in 2019.
“In the last quarter is when we have seen better activity, we see a lot of activity, people are willing to move to tourist centers that have a modern infrastructure,” he said.
One of the factors that notably influences the sale of real estate units is the growing medical tourism, a branch that is becoming increasingly important due to the specialized services offered in the north of Quintana Roo.
Despite the entry into force of the orange epidemiological traffic light in the north of Quintana Roo, the AMPI has shown that it will be able to move forward with the programmed goal that will position the Riviera Maya as one of the most important tourist destinations in the country.
Mexico’s Covid19 Monitoring system – By State – Quintana Roo is the State where the Riviera Maya is located, and reflects Green for Go ahead and visit.
Understanding the History of Cancún is key to predicting the future
Billions of dollars have been invested in the Riviera Maya from Cancún to Tulum, but it all started with Cancún. This market has many similarities as Florida 30 years ago, and Portugal 20 years ago.
Mexican Caribbean Travel wrote – 2,600 meters of runway and operating capacity for wide-cabin airplanes; and Infratur and Foqatur government agencies were merged to form the National Foundation for the Promotion of Tourism (Fonatur).
The same year, Quintana Roo was granted statehood and the Cancún project (under the Isla Mujeres district government) became part of Benito Juarez district.
From 1989 to date, Cancún has been the nation’s most dynamic city. It contributes a large percentage of Mexico’s tourism-related revenue and accounts for much of Quintana Roo’s gross domestic product. There are currently more than 500,000 inhabitants in the urban area. Cancún has become the country’s largest tourism resort and is the most prosperous city in the Yucatán Peninsula. It is also the Caribbean’s premier destination, surpassing even the Bahamas and Puerto Rico.
The future is promising. Puerto Cancún, a huge, deluxe marina with low-impact hotels, is projected for development north of the Hotel Zone. To the southwest, toward the airport, more hotels, golf courses and a modern hospital are scheduled for construction. In addition, major resort development is contemplated for the 131-kilometer / 81 miles Cancún-Tulum tourism corridor.
