Mid-Year Market Update: Riviera Maya Real Estate

Welcome back to our Riviera Maya, Mexico real estate market update! Here’s a look at the latest developments in this vibrant and growing region.

Tulum’s Airport Expansion

Tulum’s Airport launched domestic operations by the end of 2023, and by March this year, it began international flights with major airlines like Delta, United, American, and Spirit Airlines. AirCanada has also announced plans for direct flights from Toronto and Montreal in the summer, with flights to and from Europe expected by the end of the year. This enhanced connectivity is set to attract even more tourists, further boosting the real estate market.

Tulum’s Real Estate Market Trends

Tulum continues to draw investors, particularly in beachfront projects. With more beach access points and new developments in the pipeline, Tulum remains a hot spot, at the same time, the over-development makes crucial well-informed advice regarding the specific areas to invest.

Currently, Tulum offers a diverse inventory, with prices ranging from $78,000 USD to $1.5 million USD. The main development areas remain Region 15 and Aldea Zama, providing varied options for all types of buyers.

  • The first quarter of 2024 showed an increase in studio units, consistent with previous years. However, sales of studio units have decreased by 32%.
  • Inventory for condos has increased by 21%, but sales have dropped by 35% compared to the first quarter of 2023.
  • Overall, Tulum has seen an increase in available units but a decrease in total units sold during the same period in 2023.

Playa del Carmen’s Real Estate Market Trends

Playa del Carmen is seeing substantial growth, especially in the northern zone and along the famous 5th Avenue. New residential developments near the beach offer exclusive amenities, making them ideal for those seeking a second home or investment property. Playa del Carmen’s stability is bolstered by its strategic location, quality services, and proximity to attractions. Up until April 2024, new developments in Playa del Carmen have introduced properties with prices ranging from $100,654 USD to $921,000 USD, showing a more conservative approach compared to 2023’s higher pricing optimism, which reached up to $4 million USD.

  • The first quarter of 2024 saw a 28% increase in the number of units compared to the same period in 2023.
  • There’s a notable rise in studio units, reflecting a trend towards smaller developments near the sea with hotel-style management.
  • Larger units with gardens and lofts are less available.
  • Condos with more than one bedroom are experiencing a steady growth.

Infrastructure and Environment

Significant investments are being made in Tulum’s main roads, with new bike paths and bus stops enhancing the area. Efforts to combat sargassum in the sea and beach recovery projects in Playacar and Cocobeach are also ongoing, ensuring larger, cleaner beaches for all to enjoy.

In brief, the Riviera Maya in Mexico continues to thrive as a premier destination, with a robust real estate market, ongoing infrastructure enhancements, and a bustling tourist industry. Trends have change due to development close to the beach and over development in other areas. 

Thank you for staying updated with us. 

Moskito Real Estate

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