Saturday, October 8, 2011
This just came in this week from several sources- Playa del Carmen is the city with more expensive real estate in southeastern Mexico, due to its growing tourism industry and economy, said Francisco Ortiz Mijares, president of the Appraisers Association of Quintana Roo.
The excess demand for housing has been caused by the increase in the number of people arriving in the town, due to the opening of more jobs and the important tourist activity. Playa del Carmen has been going thru the same housing boom that took Cancun a few years ago, and right now there is a ¨small favorable dip¨ of and estimanted 20% depreciation in certain areas of the real estate market. So this piece of market info is key if you are out searching for specific areas to find a good deal. Tulum is also anticipated to experience a similar event in less than five years, so this is a good piece of information to keep in mind as you search.
The factors that are causing this favorable dip in real estate in Cancun has been reduced bank lending and housing oversupply. There was a 10% decrease in property values the city center, 5% in the hotel zone and up to 20% in rental rates. So as you are taking a look at all the factors for making a good buying decision, be sure to include this in your time table.