Many investors are discovering the Merida real estate market for various reasons. The city of Merida is very important to Mexico’s Yucatan Peninsula in so many ways. Merida and its surrounding communities combined population is over a million strong. The Palacio del Gobernador (the Governor’s Palace), which is where the region’s statehood of affairs is conducted, resides in the centuries-old city. Moreover, Merida has quite a scroll of historical events that include Spain accepting Mexico’s and most of Latina America’s claim for independence in 1821.
Increased Interest in the Merida Real Estate Market
According to The Yucatan Times, in 2017 Merida experienced its share of tourism. They estimated 1.4 million visitors came, staying at least one to two nights. Authorities expect these figures to increase a minimum of 4% in 2018. Merida offers a variety of attractions. There is a cultural arts center and several archeological and historical sites that are well-known throughout the world. There are also an abundance of outstanding cuisines, cultural entertainment and events that focus on its Mayan heritage. It is a city filled with multiple culture, advancing technology and a vibrant trend-setting lifestyle that appeals to its newcomers.
The Merida real estate values are beginning to escalte. The ever-increasing interest in a city that is becoming a world-class destination for tourism will predictably reach out and grab the attention of investors. Real estate is and has been on sale in Yucatan for decades. But the longevity of this hidden secret is now beginning to shrink quickly. The Yucatan Times ranked Mexico as number one for American and Canadians to most likely purchase a second and/or vacation or investment home.
Merida is a Great Investment
It also predicted that there would be between 1,300 and 1,500 foreign real estate acquisitions between January 2017 and 2018. Tourism boards estimate this figure to continue growing year after year. There are many favorable attributes that make Merida a great buy.
- The excellent dollar to peso exchange rate creates greater purchasing power when paying in USD.
- Cheaper labor versus other developed countries allow for lower construction costs.
- Plenty of undeveloped land offered at very accessible prices.
- The influx of dollars coming into the region creates more opportunities for people who want to sell their property and reinvest.
- The lower cost of living and reasonable property taxes makes it very appealing to people who are used to paying much higher in their home countries.
According to Hector Navarrete Medina, President of Mexico’s Yucatan Hotel Association (AMHY), “investors are looking into buying older and rundown properties north and south of downtown Merida. Their plan is to rejuvenate these structures and make the profitable again.” This will also draw private investors looking to get their piece of the pie, as well. Enhancing Merida’s infrastructure will draw more tourism dollars into the economy, which will in turn increase property values.
Merida is less than an hour away from the Gulf of Mexico. There are several quaint beach communities that offer simple living nearby, as well. It has an international airport, a very efficient public transportation system and a thriving medical industry. Getting in on the ground floor of any investment is always the key to a successful endeavor. Don’t hesitate much longer, discovering the Merida real estate market is a once-in-a-lifetime opportunity.
And remember, at Top Mexico Real Estate…we make it happen!