Cancun will end the year with unprecedented numbers in the sale of apartments in high-rise developments, especially short-term rentals through platforms such as Airbnb. These new developments are designed to offer a wealth of services and amenities in a compact space, creating micro-cities, especially in the southern regions of Cancun and in Quintana Roo
The recovery began in 2021 following the aftermath of the pandemic and will continue to gain momentum thanks to extensive government investment in projects such as the Maya Train, the Nichutpé Bridge and the renovation of Colosio Boulevard.
Edgar Karim Domínguez, Vice President of Institutional Relations for the Mexican Association of Real Estate Professionals (AMPI) in Cancun, said, “Cancun is experiencing significant growth, especially along Colosio Boulevard. Numerous real estate projects are being undertaken by developers from Monterrey, Guadalajara and Mérida. They are all investing in Cancun to create large-scale projects with numbers ranging from 1,300 to 800 apartments, all focused on short-term rentals.”
According to Domínguez, Cancun has already reported the sale of 622 condominiums for vacation rentals by mid-year alone. That number is expected to double by the end of the year, which would set a historic record for local condo sales and one of the highest numbers among mid-sized cities in the country.
This increase in the real estate market is not only seen in Cancun but also in cities such as Tulum and Playa del Carmen. However, Cancun is expected to experience exponential growth, as its population is growing at 3.5%, almost double the national average, according to INEGI. This demographic growth suggests a growing market, not only for tourism, but also for new residents in need of housing.
Miguel Ángel Lemus, President of the Regional AMPI in the Yucatan Peninsula, attributes the interest in real estate to the construction of the Maya Train, which has boosted real estate activity in several Quintana Roo cities, including Cancun, Tulum and Playa del Carmen, all of which have grown in importance as a result.
Of the total investment in real estate infrastructure expected this year, about $2.5 billion is earmarked for hotels, while another $5 billion set aside for residential construction.