The real estate market in Cancun and Cozumel has faced a significant slowdown between May and September 2024.
According to the Mexican Association of Real Estate Professionals (AMPI), in Cancún, the rental and sale of properties has decreased 30%, although a rebound is expected for November.
The market is more affected in Cozumel, and recovery could take until 2025.
Patricia Mora Vallejo, president of AMPI in Cancún, pointed out multiple causes of this slowdown, highlighting the political and economic uncertainty in the United States due to the presidential elections, which affects buyers.
Added to this is a summer season below expectations regarding sales and commissions.
The properties in greatest demand, such as houses with a monthly rent of 18 thousand pesos, have seen a shift towards more economical options.
“Premises continue with good demand, but people have preferred to move to cheaper rents,” said Mora Vallejo.
As for real estate sales of five to eight million pesos, these have slowed down, although there were apartment sales of more than one million dollars in the first quarter of the year, which indicates that Mexico still maintains some economic stability.
For his part, Fernando Heredia Molina, president of AMPI in Cozumel, recognized that the real estate market on the island is on pause, also due to the uncertainty due to the elections in the United States and the change of power in Mexico.
Unlike Cancun, market recovery in Cozumel is expected until 2025, with a focus on vertical growth.
“The trend on the island is directed towards buildings with more than five floors, which generates a new image for the area and promotes the conservation of the island,” said Heredia Molina.
Likewise, investment by shipping companies on the island is also a key factor that could attract more buyers in the future, mainly from the United States and Canada.
Both leaders agree that, despite the current lethargy, the real estate market has reasons to recover.
In Cancun, the rebound is expected to arrive after November 2024, while in Cozumel the recovery is projected for 2025, driven by new tourism projects and the preference of international buyers.
TYT Newsroom
