Cancún — The municipality of Tulum, one of the youngest in the Mexican Caribbean, is experiencing a crisis of oversupply in middle-class, residential, and luxury housing, according to the Quintana Roo Real Estate Developers Association during a press conference.
Properties Have Lost Value Appreciation
According to Miguel Ángel Lemmus Mateos, the president of the Association, this situation has, in turn, caused properties built in that area to stop increasing in value, with appreciation growing by only 7 to 8% in the last year.
This scenario contrasts with that of other municipalities in Quintana Roo, such as Cancún, where the annual increase is around 12%, Puerto Morelos where it reaches 17%, and Playa del Carmen at 15%, stated the state's real estate leader.
The Situation is Different Elsewhere in the State
Nevertheless, Lemmus Mateos asserted that this is an exception, as the real estate industry in the state continues to generate an economic spillover exceeding 142 billion pesos per year through 988 construction projects in municipalities like Cancún, Puerto Morelos, and Cozumel.
Currently, he said, more than 30,000 housing units are under construction, while monthly sales in the six main destinations are around 1,679 homes, with an average of 7.4 million pesos per project.
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