Real Estate Market in Playa del Carmen
Did you know that Playa del Carmen was named the fastest-growing city in the world by the Guinness book of world records in 2006? The main economic activity in this area is Tourism; construction work comes hand to hand with this industry becoming the 2nd most important economic activity in the area, all of this helping grow as it is!
The current prestige of the Mayan Riviera has boosted the development of infrastructure and level of equipping, making it one of the main tourist resorts with hotels in every category; it is the most dynamic resort area on the Caribbean and in Mexico. The Mayan Riviera has recorded the highest population growth in the country, with a growth rate of 15%.
Construction of some projects has been restarted keeping the regions as one of the most appealing for foreign investment, this increasing occupancy levels and encouraging economic growth in the area.
Playa del Carmen Urban Development Plan was updated and it considers the growth and expansion of the city through programs to supply it with thoroughfare infrastructure, services, and equipping. The above is helping the city to grow in an orderly fashion and is providing it with greater certainty for investments in the area.
Real Estate Market: Vacation Rentals
Cancun and the Mayan Riviera have positioned themselves as the main destinations for vacation rentals. Mexico is still one of the main tourist destinations, due to its competitive prices and attributes offered.
The highlight in the Mayan Riviera is residential tourist projects that offer a mix of residential, condominium and hotel plots, largely appealing because of their concept, exclusiveness, security, and internal amenities. The largest volume of projects in the Mayan Riviera is found in Playa del Carmen, as it is the municipal head and main growth pole for infrastructure and services. It is followed by the development of Puerto Aventuras, and recently, of Tulum, where important developments have megaprojects that will boost the area.
The historical growth trend for Vacation Rentals is found in the central areas of the city, namely adjacent to the Fifth Avenue and the newest area of coco beach.
Currently, there are more than 40 projects for sale in the Mayan Riviera priced between USD$100,000 and $825,000 USD. The product types are apartments with alternatives in areas that meet the needs of potential clients.
In Playa del Carmen, the projects with higher prices have a beachfront or they are close to the 5th Avenue. The price level is based on location, proximity to the beach, followed by services, amenities and project characteristics.
The Mayan Riviera has great potential to develop vacation rentals due to the land bank in the whole region. The area has natural assets and growth in equipping and infrastructure, ideal to attract potential buyers.