STRATEGIC INSIGHTS: NAVIGATING TULUM’S VERTICAL HOUSING MARKET ANALYSIS
The study delves into the thriving vertical housing market of Tulum, a municipality celebrating its 15th anniversary as a burgeoning real estate hub in May 2023. Positioned as the leader in monthly sales and active projects in the Riviera Maya since 2017, Tulum presents a lucrative investment opportunity.
Focusing on the Medium, Residential, and Residential Plus housing segments, the analysis employs continuous categories based on the Softec system, categorizing properties according to their total price.
Between 3Q20 and 1Q23, an average of 181 projects showcased a 4% increase in the area. Notably, the Residential (R) and Residential Plus (RP) segments dominated with a combined 95% share, leaving only 5% for the Medium (M) segment.
Market participation reveals that the Residential and Residential Plus segments collectively maintain a 93% share, with R at 53% and RP at 40%. R experiences a growth of 51%, while RP boasts an impressive 230% increase.
In terms of monthly sales, R leads with an average of 124 sales and a growth of 51%, closely followed by RP with an average of 99 monthly sales and an astounding growth of 230%. Although the Medium segment (M) reports only 16 monthly sales on average, its steady growth of 4% signifies a niche with potential. Tulum’s overall average stands at 239 monthly sales, reflecting an impressive 86% growth.
Absorption rates further highlight the potential of the Medium segment, as its lower unit prices and fewer projects result in an average of 2.1 monthly sales per project. In contrast, RP follows with 1.4 sales, and R with 1.2. Tulum, as a whole, maintains an average of 1.6 sales per project per month.
The positive trend across all segments is evident, with growth rates surpassing 60%. RP leads with a remarkable 129% increase, followed by M with 75%, and R with 67%.
The evolution of living areas demonstrates that higher-end segments sell larger units over time. RP boasts the largest average area at 89 m2, followed by R at 70 m2 and M at 60 m2. Tulum’s overall average has grown from 59 m2 in 3Q20 to 79 m2 in 1Q23, marking a substantial 35% increase.
Examining the total unit value, Tulum reports average prices of $4,083,508 pesos, reflecting a 9% growth. RP commands the highest prices with an average of $6,512,896 pesos, followed by R with $3,661,765 pesos, and M with $2,075,864 pesos.
Despite a slight decrease of 11.1% in the value per m2, attributed to new M projects in more distant areas, RP maintains the highest value at $69,111 pesos per m2. R follows with $59,900 pesos per m2, and M with $40,139 pesos per m2.
In summary, Tulum’s vertical housing market presents a compelling investment landscape, with the Residential and Residential Plus segments leading in sales and size. While the Medium segment offers minimal competition, it emerges as a promising market niche. The positive outlook aligns with the ongoing development of key infrastructure projects, including the international airport and Tren Maya, enhancing Tulum’s connectivity on an international, national, and regional scale.
