Playa del Carmen, Quintana Roo — Real estate development in the Cruz de Servicios area has lost momentum as property sales and rentals decline, compounded by uncertainty over a pending Urban Development Program (PDU), according to Ramón Cárdenas, president of the Riviera Maya Business Coordinating Council.
Cárdenas said weaker demand has sapped the dynamism the Playa del Carmen zone once showed. He added that investor expectations about the provisions of the new PDU are contributing to the slowdown, because the plan could change land-use designations.
With the document still unapproved, developers remain in a holding pattern, waiting to learn the conditions that will govern their projects, he said.
He also said that regulating vacation rentals could further dampen interest in building units aimed at that market.
Even so, Cárdenas noted that establishing rules for such accommodations has long been a demand of the business sector, so that they can operate on equal footing with hotels.
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