Playa del Carmen real estate saw its boom over the last 10 years, and Cancun real estate just before that. So what does this mean? Have the best opportunities past? Far from it. Both areas continue to see a renewed international interest both in tourism and in real estate.
The renewed international interest in tourism can be seen in the post-recession numbers; the Mexican Caribbean tourist destinations, the primary of which are Cancun and Playa del Carmen, remain the preference for international travelers. The main sources of tourism continue to be the U.S., Canada and Britain, in that order. Strong tourism from these countries means that Americans and Canadians who buy here will continue to see a strong English-speaking presence. It also means that ongoing investment will come to the area, bringing new services, including everything from restaurants to state-of-the-art hospitals, and everything in between.
From 2010 to 2011 it was the British who saw the most significant increase, with over 45,000 tourists arriving in the first quarter of 2011, and just over 34,500 during the first quarter of 2010.
The increasing interest from these three groups of people is likewise reflected in real estate sales, especially in Playa del Carmen condos for sale. While the British seem to have had the most increase in tourism, it is Canada that has seen the biggest boost in real estate purchases. The reasons for this are fairly simple. The Canadian dollar has had a significant boost since the recession, now being on par with the U.S. dollar, or about 12 pesos. 5 years about it was about 6 or 7 pesos to the dollar. This means that in the last 5 years, Canadians’ buying power in Mexico has doubled. This fact has not only been reflected in tourism but very clearly in Playa del Carmen real estate sales.
The other two countries – the U.S. and Britain - have also been regaining their purchasing confidence and are now showing renewed vigor in purchasing real estate in Mexico, especially in places like Cancun and Playa del Carmen.
Another benefit for expat real estate buyers is the strengthening diplomatic ties between Mexico and these three countries. Cancun, for example, offers consular services to Americans and British. Playa del Carmen offers a Canadian Consulate. Consular officers likewise have good communication with local authorities in the area and a healthy relationship, allowing them to gain important updates on any laws or developments that could affect them.
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