REAL ESTATE SURGE IN TULUM AND RIVIERA MAYA: A 1,000 PROJECTS AND COUNTING
Quintana Roo is garnering attention with Tulum and Riviera Maya at the epicenter of a massive influx of real estate developments, collectively boasting a thousand ongoing projects within their dynamic landscapes.
Overcoming Industry Hurdles to Thrive
While the real estate sector grapples with challenges like staffing shortages, inflated prices, and rising credit costs, these hotspots have magnetized investors. The Mexican Association of the Real Estate Industry’s data highlights Riviera Maya as the hub of approximately 600 initiatives, with Tulum closely following with around 400.
Wilberth Gutiérrez Álvarez, the Association’s President, acknowledges the boom and cautiously notes the existing and upcoming challenges that warrant attention.
Technology as the Pillar for Development
In a meeting addressing Quintana Roo’s real estate market’s current challenges, Álvarez emphasized technology’s pivotal role. He urged for an acceleration in government procedure digitalization and increased transparency to navigate effectively through existing challenges.
Attracting Investments Amidst Unresolved Issues
The southeastern Mexican region, renowned for its allure for home buyers, continues to pull in investors. Despite the evident interest and the influx of investments in the real estate sector, there are unresolved issues.
Concerns such as the environmental impact and the need for regulatory oversight over construction licenses and permits need addressing. Resolving these concerns will instill confidence among investors and foster positive development and continued growth in the region.
Expedited Processes and Infrastructure Enhancement Needed
Álvarez underscored the essence of time, advocating for processes that traditionally take weeks to be condensed into hours through efficient technology use. The adoption of online forms and requests is one way to simplify and accelerate processes while also reducing costs.
Moreover, the focus should be on improving infrastructure, including constructing roads and bridges, and maintaining and enhancing highways. Ensuring the provision and quality of essential services like water, electricity, and drainage is also vital.
Sector-wise Expansion in the Post-Pandemic Era
Following the pandemic, there’s been a significant uptick in the real estate sector, with growth noted across various projects, including housing, plazas, hotels, and business centers. Data from agencies like Lamude reveal that 77% of Quintana Roo’s real estate growth is in the residential sector, followed by Land at 16%, Commercial at 4%, Corporate at 2%, and Industrial at 1%.
Tulum and Riviera Maya are currently basking in an unprecedented real estate boom, emerging as investment and development powerhouses. With government and industry collaboration and effective technology utilization, existing challenges can be mitigated, paving the way for sustained growth in the region. The prospects for Tulum and Riviera Maya’s real estate landscape indeed seem bright and promising.
