Tulum Tourism Slump Cuts Home Prices 30%

TULUM, Mexico — A tourist crisis currently affecting Tulum has recently been revealed, an event that has apparently brought consequences for other sectors. The real estate sector is one of those reported as affected, with the news that house prices have dropped by up to 30%.

The price reduction is currently up to 30 percent of the total cost at the time of acquisition, apparently. The main cause of this development is the economic slowdown in tourism that Tulum is currently experiencing.

This is the reason why those who owned a property have taken the option to sell them for up to 30 percent less. Similarly, the President of the Association of Real Estate Professionals of the Southeast (AIS) also spoke about the price drop of 30 percent.

"Until a few years ago, what sold the most were studio apartments of approximately 30 square meters, which are used as a second home or for vacation rental," the President stated.

"What we are seeing now is a resale of properties for up to 30 percent cheaper than the purchase made five years ago," the official added.

Tourist Crisis in Tulum

Through social media, it went viral that Tulum is going through a tourist situation, where they have stopped receiving abundant income. This has led residents to seek the return of tourists, including domestic ones, who have affirmed that they were treated poorly.

The latter has been cited as one of the reasons why tourists have been abandoning the site, following multiple complaints of high prices. All this resulted in residents now seeking money as soon as possible to subsist, prompting the sale of properties.

These are properties that now have to be sold at a 30 percent lower price.