Cancun, Mexico — The real estate boom in the Mexican Caribbean is driving up the cost of land and properties at double-digit rates, particularly in the Cancun-Playa del Carmen corridor, an area previously thought to have reached its growth limit.
Miguel Ángel Lemus Mateos, president of the Quintana Roo Real Estate Developers Association, explained that the appreciation in the medium and luxury residential segment for Cancun is recording an annual increase of 12%. In the case of Puerto Morelos, it has reached 17%, and in Playa del Carmen, 15%.
In contrast, Tulum is experiencing the effects of a housing oversupply. "Appreciation in Tulum no longer reports growth because there is an oversupply and it is experiencing a fairly severe recession," stated the real estate businessman.
He confirmed that there are currently 988 real estate projects under construction, concentrated mainly in the northern zone of Quintana Roo. These projects reflect the high demand for housing priced above 14 million pesos, with Mexicans being the primary buyers.
"This supply generates an approximate 142 billion pesos per year, primarily in the northern zone of Quintana Roo, including Cozumel; these projects include 30 thousand units under construction," he stated.
In Cancun alone, there are currently 220 medium and residential housing projects reported with average prices of 70 thousand pesos per square meter. This reflects the momentum that this city continues to maintain, not only in the hotel sector but also as a place where more and more people want to come to live, added Lemus Mateos.
He anticipated that the entirety of these 30 thousand homes under construction could be sold within an 18-month period if the absorption rate maintained in recent years continues. This rate averages 1.6 homes sold per month in each of the 988 projects underway in the northern zone of Quintana Roo.
Consequently, by the end of 2025, the industry is expected to maintain good figures, despite the international economic situation.
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