It is no secret that Mexico is a supremely popular tourist destination. More than 40 million tourists visited Mexico in 2017, and that number is expected to grow even larger in 2018. Mexico’s Ministry of Tourism said the first-half numbers of 2018 represent a 7.3 percent increase compared to last year. The Riviera Maya in particular is a fast-growing area. This is quite evident in its tourism influx. However, the real estate market speaks very positively of the region’s growth, as well. The Riviera Maya is seeing more and more new developments every year.
Growing Hotel Industry
Recently Air Transat announced their plans to develop a chain throughout the Riviera Maya. This will result in 5,000 new rooms planned for 2024. AM Resorts also announced the signing of four new contracts in the area to be built by late 2020. The recent signing of the United States – Mexico – Canada Agreement (USMCA), while still requiring assent by each country’s respective governing bodies, is also all but certain and brings an additional measure of economic security to all three countries as we move into 2019.
Tourism is a key sector of the Mexican economy. Mexico is consistently in the top 10 most visited countries in the world. The ever-growing number of visitors has resulted in an ever-growing demand for private accommodation, meaning that vacation rentals have become a booming industry. Between May 2017 and April 2018 over 114,000 visitors rented private accommodation merely in Cancun. This generated over $7.9 million USD for the owners. This trend is certain to continue in quickly-growing areas of the Riviera Maya such as Playa del Carmen or Tulum and presents an incredible opportunity to invest in real estate, and generate extra income by renting out your home.
Interest in Vacation Rentals
SEDETUR (The Secretariat of Tourism) reported in September that in light of the 4.3 percent increase in tourism to Quintana Roo, the hotel industry has maintained an 80% occupancy rate. This has resulted in the vacation rental industry becoming an appealing opportunity for visitors and homeowners alike. Thanks to the growing industry, more new developments are even offering additional features. You can rent out your home to visitors more easily. Many feature lock-off systems allowing you to rent portions of your home while you or others are also staying there and still maintaining privacy.
Some of the Best Investment Opportunities Today
Many developers are now thinking ahead and building projects thought specifically for vacation rentals. That is the case with such developments like Aguasanta or Nuuch – both located in Tulum. These state-of-the-art condos aren’t only seamlessly blending with nature; they also offer unique lock-off systems like the ones mentioned previously.
Aguasanta Tulum is located in a prime neighborhood with underground infrastructure for services such as water, residual waters, telephone and electricity. It is luxurious, yet private and is the only development offering triple lock-off system. This allows the owner to truly maximize their income.
On the other hand, Nuuch Tulum is found within the sustainable community of Luum Zama. Also offering the lock-off system, this development stands out for its private pool per unit. Most importantly, however, is the option to add solar panels to your unit to reduce your electricity bills and survive from clean energy.
Affordability in the Riviera Maya
Even as the Mexican economy and tourism industry grows, the cost of living remains a fraction of what it costs in the US or Canada. That is why Mexico is an ideal place for snowbirds or those looking to permanently relocate to a warmer climate. What is certain is that you will have to move quickly to get ahead of the game as this industry continues to grow. You won’t want to miss some of the unbelievable opportunities to get in at the ground floor of these growing destinations!
And remember, at Top Mexico Real Estate…we make it happen!