Banxico Reports Tourism Saturation in Yucatán

Mérida, Mexico — Tourism activity in Yucatán has benefited from the positive perception of security and quality of life, according to a report on the country’s regional economies prepared by the Bank of Mexico (Banxico) and released in recent days.

The report also highlights challenges in social housing in this state and others in the southern zone of the country. Regarding public construction, a lower flow of public resources to the region is reported.

Yucatán’s Economy in 2025: What Does Banxico’s Analysis Say?

The analysis corresponds to the July-September quarter of 2025. This installment specifically addresses the southern zone of the country, which includes Yucatán, Campeche, and Quintana Roo along with other states such as Chiapas, Tabasco, and Veracruz.

At the regional level, it is estimated that during the third quarter of 2025, economic activity would have declined in all regions, except in north-central Mexico.

Regional economies continue to face a complex and uncertain environment, with significant challenges for their growth.

Nevertheless, going forward, they are anticipated to record more favorable performance compared to that observed during 2025, indicates the Bank of Mexico.

The information corresponding to each sector, explains Banxico, is complemented by the opinions of business executives interviewed between September 29 and October 23, 2025.

In the southern region, regarding private construction, business executives identified as a favorable element the development of real estate complexes in the tourist destinations of Cozumel, Puerto Aventuras, Playa del Carmen, Mahahual, and Cancún.

Additionally, they highlighted the development of new industrial and residential projects in Yucatán, supported by the expansion of road and logistics infrastructure in the state.

Real Estate Oversupply Affects Tourism Sector in the South

The sources consulted warned that a saturation of the tourism-real estate market occurred, with an oversupply of small-scale apartments that pressured prices downward and reduced expected profitability in Tulum, Playa del Carmen, and Bacalar.

They also mentioned that the prices established for social housing in the Vivienda para el Bienestar program were below the market average.

This moderated capital gains and discouraged private participation in Chiapas, Yucatán, Quintana Roo, and Veracruz.

Similarly, they reported that extensive administrative processes for construction license approvals, financing restrictions, and deficiencies in urban infrastructure planning and development limited the start of new works in various points of the region.

Regarding public construction, adds the report, the executives consulted continued to highlight the lower flow of public resources to the region, which they associated with the completion of large-scale projects developed in previous quarters.

On the other hand, the contacts consulted by Banxico reported progress in educational works, energy provision, and the expansion of the deep-water port in Progreso.

They also emphasized that the works associated with the Tren Maya, including complementary infrastructure, transportation, and service works, maintained a constant flow of activity for the industry.

In Quintana Roo, the sources consulted emphasized that the growing presence of sargassum affected tourist arrivals to the state’s beaches, which impacted sales at commercial establishments.

In tourism, in the southern region, the interviewees pointed to increased competition in the Mexican Caribbean due to the opening of new hotels and the growth of digital property rental platforms as a limiting factor for their activity.

Likewise, they highlighted a decrease in domestic passenger arrivals as a result of cuts in some air routes to destinations like Cancún.

On the other hand, hotel executives in Quintana Roo reported difficulties in maintaining their operations and service quality.

This was due to the shortage of trained personnel and the poor image generated by the presence of sargassum in coastal areas.

In contrast, they highlighted as driving elements for international tourism the constant promotion of their destinations on social media and websites.

Security and Quality of Life Strengthen Tourism Growth in Yucatán

The sources interviewed in Yucatán opined that tourism activity in the destination has benefited from the positive perception of security and quality of life, as they consider that these have positioned it as a pole of tourism and real estate development.

Regarding real estate services, the executives consulted indicate to the Bank of Mexico that interest increased in the purchase of used housing, rental of commercial spaces, and real estate appraisals in Yucatán and Veracruz, as well as demand for industrial spaces in Tabasco.

Among the internal factors that could boost economic activity in the states of southern Mexico, the sources consulted foresee a recovery in private consumption, which would favor demand for products from the primary and manufacturing sectors.

In commerce and services, the automation of processes and the opening of new sales points will improve operational efficiency, reduce costs, and increase both accessibility and customer satisfaction.

The decrease in interest rates will boost credit to both households and businesses, which would especially favor demand for housing and durable goods.

Information about the July-September 2025 quarter analysis conducted by Banxico:

The Bank of Mexico’s report on regional economies is a comprehensive document that presents the indicators and analysis that Banxico produces on the different regions of the country in three aspects: the evolution of economic activity, inflation, and the expectations of economic agents.

Greater demand for agri-food products from the United States is anticipated. In the manufacturing sector, it is expected that the decrease in tariff uncertainty will favor exports.

According to the Bank of Mexico, the outlook points to regional economies continuing to face an environment of high uncertainty and multiple challenges ahead.