Key Players and Context
Miguel Ángel Lemus, the president of the Association of Real Estate Developers of Quintana Roo, has reported on the annual growth in real estate value for middle and luxury properties in the Mexican Caribbean.
Cancún, Puerto Morelos, and Playa del Carmen have experienced significant annual increases in property value: 12% in Cancún, 17% in Puerto Morelos, and 15% in Playa del Carmen. However, Tulum faces challenges due to an oversupply of housing.
Annual Growth Rates
- Cancún: 12% annual growth in property value
- Puerto Morelos: 17% annual growth in property value
- Playa del Carmen: 15% annual growth in property value
- Tulum: Minimal growth due to oversupply and economic recession
Current Real Estate Landscape in Quintana Roo
There are currently 988 active real estate projects in Quintana Roo, primarily concentrated in the northern region. These projects reflect high demand for properties valued above 14 million pesos, with Mexican nationals being the main buyers.
- Annual revenue generated by these projects: approximately 142 billion pesos, mainly in the northern region of Quintana Roo, including Cozumel
- These projects encompass around 30,000 units under construction
Cancún’s Real Estate Market
In Cancún alone, there are currently 220 middle-tier and residential housing projects with average prices of 70,000 pesos per square meter. This reflects the continued momentum in Cancún, not just in the hotel sector but also as a desirable place for people to live.
Lemus Mateos anticipates that the 30,000 housing units under construction could be sold within 18 months if the current absorption rate persists. This rate averages 1.6 homes sold per month across the 988 ongoing projects in Quintana Roo’s northern region.
Key Questions and Answers
- Q: What is the annual growth rate of real estate value in the Mexican Caribbean? A: Cancún has seen approximately 12% annual growth, Puerto Morelos 17%, Playa del Carmen 15%, while Tulum has experienced minimal growth due to oversupply.
- Q: How many active real estate projects are there in Quintana Roo? A: There are currently 988 active projects, primarily in the northern region.
- Q: Who are the main buyers of high-value properties in Quintana Roo? A: Mexican nationals are the primary purchasers of these high-priced properties.
- Q: What is the anticipated timeline for selling the 30,000 housing units under construction in Quintana Roo? A: If the current absorption rate continues, these units could be sold within 18 months.
