Real Estate Sales in Cozumel Drop Up to 50 Percent in a Year

Cozumel, Quintana Roo — Real estate sales on the island of Cozumel have fallen by as much as 50 percent over the past 12 months, according to Fernando Heredia Molina, a co-founder and former president of the Mexican Association of Real Estate Professionals (AMPI) on the island.

In an interview, Heredia Molina said the island is currently facing an oversupply of properties, but few buyers are stepping forward. He attributed the slowdown to global political and economic uncertainty, which has particularly affected foreign buyers — the group that makes up the bulk of Cozumel’s real estate clientele.

The specialist said the downturn is likely to push prices back to more “normal” levels, making the most sought-after properties more affordable.

He stressed that Cozumel’s real estate industry depends heavily on foreign buyers, noting that very few Mexicans purchase mid- to high-value homes. The decline, he added, is hurting not only property sellers but also the construction sector, which is facing a similar or even worse situation.

“Sales fell 50 percent, and that’s a lot. Things are tight,” he said.

Heredia Molina also said the downturn has led some business owners to postpone or reformulate their investment projects. He expressed confidence that the market will begin to show signs of improvement toward the end of the year.