Over the past decade, the Riviera Maya has garnered quite a lot of international attention. Each year, hundreds of foreigners pack up their belongings and relocate to the region. Whether it is for a short season or for life. In fact, INEGI reported last year that almost 2 million foreigners call Mexico home. And according to a study done by The Yucatan Times and 2b Marketing, 54,000 Americans alone live in the Yucatan Peninsula. Expats claim to be attracted toÂ the Riviera Maya mainly because of the cost of living, warm weather, culture, cuisine and hospitality. However, we have seen a substantial growth in real estate investment, as well. Investors find real estate in Mexico to be affordable and due to the unstoppable growth in tourism, they are seeing a healthy return on their investments.
Leading Cruise Destination in Latin America
The Riviera Maya leads the way in many tourism-related things. Just recently, the World Travel Awards recognized Cozumel was once again as the leading cruise port in all of Mexico and Latin America. Just between January and August it received over 2.8 million passengers from 865 cruises. These numbers are important for investors who continue to see a growth in demand for private accommodation that can be rented via vacation rental portals. In fact, the city of Cancun saw an increase of almost 3,000 rooms on Airbnb between May 2017 and April 2018. This translated in over 114,000 travelers renting private accommodation, generating $7.9 million USD for hosts. Hosts are quickly replicating this in places like Playa del Carmen and Tulum.
Real Estate Investors Have Wider Opportunities
New developments offering lock-off systems to maximize revenue are a goldmine for investors. These systems allow owners to divide their units and rent out to more people, or to use their unit while still renting out a portion and generating income. This has become a popular feature in places like Tulum due to its increase in tourism. Many permanent residents are seeing an increase in their home value through these features.
The Riviera Maya offers a handful of activities for tourists and expats. This is why the demand for travel to the region continues to grow. It is very easy to reach the Cancun International Airport with hundreds of direct flights coming from major cities in the United States and Canada, as well as important destinations in Europe. The Cancun International Airport recently inaugurated Terminal 4, which increased the capacity of passengers to 32 million annually.
Make the Most of Your Vacation Getaway Home
For snowbirds, the Riviera Maya plays a crucial win-win situation. Investing in a property in the Riviera Maya is a great way to have a winter getaway home that can be rented out for profit the rest of the year. The lifestyle quality in Mexico is great, and the expat community is growing nonstop. Snowbirds can benefit from this while making their money work for them.
It comes as no surprise then, that many people consider the Riviera Maya a great investment hub. The market spoils investors with real estate opportunities. Prices are truly unbeatable in comparison to hotspot tourist places such as Sarasota or Miami. Besides, upkeeping a home in Mexico is much cheaper than in other hot vacation rental markets. If youâ€™re interested in becoming a real estate investor, the time is now. Start making a bang for your buck.
And remember, at Top Mexico Real Estateâ€¦we make it happen!