While beachfront is most certainly available in the State of Yucatan, Mexico, one of the most appealing community types in Yucatan real estate has been colonial homes in the heart of the historic city of Merida. As tourists in the Yucatan area have expanded their interests to include the area’s charming colonial cities, funds have become available to restore these gems and allow them to show their appeal to expat real estate buyers more fully.
The story of Merida is an interesting one. It was established almost 500 years ago on the site of an ancient Mayan city; the city has no lack of history. Historically, it’s been the largest not only on the Yucatan Peninsula, but also in the south of Mexico. It is Mexico’s second largest colonial city center.
As tourism grow rapidly on the Yucatan Peninsula over the past few decades, real estate booms followed in places like Cancun, with the recent very notable success of Playa del Carmen real estate, and the high expectations for Tulum real estate in the near future. Merida has seen a different kind of “boom,” since it was already here, as a large, metropolitan city.
For about two decades now, Merida has been receiving funds from the area’s growing tourism; the Yucatan Peninsula as a whole is currently Latin America’s most significant tourist region. Instead of funds being invested into large-scale expansion and the creation of a new city “from scratch” (as happened in Cancun and Playa del Carmen) these funds have been invested into re-beautifying public squares, restoring old buildings, creating a road system that allows for urban growth and convenient transportation, while still maintaining the original charm of the old city, and the development of pedestrian areas.
One example of this last can be seen in a key project from 2011; as a key feature in the ongoing improvement of the old city, a project was undertaken to adapt the “Revolution Passage” – a pedestrian area of 1,330 square meters with an investment of 30 million pesos. The project includes a roof over the pedestrian area and a general beautification; projects such as this one combine with the other restoration work to make downtown Merida more appealing to expat buyers, many of whom enjoy a walk-everywhere lifestyle in the old city.
On a similar not, instead of large-scale investment solely into new property development (which certainly does exist,) many expat buyers in Merida have invested into renovating its historic colonial homes. In addition to saving money and having a charming old home to live in, these renovation projects have further contributed to the re-beautification of the old city, giving a broader appeal.
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