Last August, Francisco Armand, from the Quintana Roo offices of Economic Development delivered a presentation on some statistics and results of the hotel and real estate sectors of this state`s economy.
“It is flattering the distinction that Quintana Roo has earned as the Mexican state with the highest Gross Domestic Product per capita ” Opened up Mr. ArmandHe quickly outlined though,that there are still many regions and industries within Quintana Roo that are extremely poor and lacking much developmet and investments “With this reality, us quintanarroenses know, that as we prepare strategic projects to combat these obstacles, it will require the wills and efforts of many people to demonstrate a spirit of change and a notion of progress.” – added the subsecretary The real estate sector plays a pillar role in the development of many southern states here in MexicoThis industry following tourism, is the second most important sector in regards to the Gross Domestic Product Cancun and Playa del Carmen lead the growth in this state`s real estate industry.
According to the figures released recently by INEGI, the GDP of Quintana Roo arrived to $114 238,197,000.00.pesos, for this same time period the contribution of the tourist industry which includes activities such as commercial, hotels and restaurants summed up a total of $61 609,601,000.00.pesos, equivalent to 53.93% of the GDP of the state. In this same time period, the real estate industry which includes the activities such as construction, sales and administration of properties arrived to a sum of $17 935,397,000.00.pesos, equivalent to 15.70% of the GDP of the state.
Mr. Armand went on to divide the real estate industry into the following segments:Lower Income housing, Middle Income housing, Tourist and Luxury, Mega developments, Marines,Shopping Centers amongst other segments His comments on each segment listed below.
Lower Income Housing. This is the segment with the most development of Quintana Roo. In the past year, over 12,500 units have been constructed especially in the Canc n zones, the Playa del Carmen zones, and recently in Chetumal. With the new federal programs being introduced to help lower income families obtain credit, this segment of the market has exploded in Quintana Roo. By the end of 2008, it is estimated that more than 2,000 hectares will be developed translating into 11,000 new units to be introduced.
Middle Income, Tourist and Luxury. This segment has come to life in the last 2 years especially in Canc n and Playa del Carmen, with approximately 3,000 new units constructed and sold. This includes small closed gated developments such as Villas Magna, Isla de Fuego, Punta Canc n in Isla Dorada, Las Olas, Bay View Grand, Lahia, Las Olas, Bellavista Towers, amongst others; in Playa del Carmen and Puerto Morelos: El Cid, Playa del Secreto, Punta Maroma, Saknit , Playacar and various complexes in the area of Coco Beach, Puerto Aventuras and Akumal, to mention a few
Mega Development. For the period of 2008-2009 there will be developing over 2,500 hectares of properties Middle Income, Tourist and Luxury. These will be introduced in areas such as Playa Mujeres in the northern part of Cancun, Puerto Canc n, Malec n Canc n, El Cid in Puerto Morelos, Playacar, Puerto Aventuras and the new projects being constructed in Mayacoba such as Viceroy, Rosewood, Fairmont Heritage Place, Banyan Tree, La Casa Que Canta, and other locations throughout the Riviera Maya, Aldea Zama will be heading up the projects in Tulum amongst others
Marines. This is a segment which is not maintaining rhythm with the demand. In the past two years, only 500 slips have been introduced with services, however, with several of the Mega Developments under construction, and these having slips within their plans, 2009 should satisfy the majority of short term slip seekers.
Shopping Centers. This area is in plain expansion. It is projected that more than 95,000 square meters of comercial areas to be introduced in the years 2008-2009. These will most likely be seen in the zones of Canc n, Playa del Carmen, and Chetumal.
Thomas Lloyd graduated from Purdue University Krannert School of Management with a degree in Management/Financial Option Investments. He has been living, investing, and working professionally in Mexico for over 15 years and is federally certified as a realtor in Mexico. Founder and current president of TOPmexicorealestate, you can contact him at (512) 879-6546 or through the company`s web site www.TOPmexicorealestate.com
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