Riviera Maya Real Estate: Key Mid-Year Insights

Welcome back to our latest Riviera Maya real estate market update! Here’s what’s new and exciting in this vibrant region.

Tulum’s Airport Expansion By the end of 2023, Tulum’s Airport began domestic operations, and as of March this year, it has started international flights with major airlines such as Delta, United, American, and Spirit Airlines. AirCanada is also planning direct flights from Toronto and Montreal this summer, with routes to Europe anticipated by the end of the year. This increased connectivity is expected to draw even more tourists, providing a boost to the real estate market.

Tulum’s Real Estate Market Trends Tulum continues to attract investors, especially in beachfront projects. With more beach access points and upcoming developments, Tulum remains a popular investment location. However, the rapid development makes it essential to get well-informed advice on the best areas to invest.

Currently, Tulum’s real estate market offers a wide range of options, with prices ranging from $78,000 USD to $1.5 million USD. Key development areas like Region 15 and Aldea Zama offer diverse choices for all types of buyers.

The first quarter of 2024 saw an increase in studio units, consistent with previous years, but sales of these units have decreased by 32%. Condo inventory increased by 21%, yet sales have dropped by 35% compared to the first quarter of 2023. Overall, Tulum has more available units but fewer total sales compared to the same period last year.

Playa del Carmen’s Real Estate Market Trends Playa del Carmen is experiencing significant growth, particularly in the northern area and along the iconic 5th Avenue. New residential developments near the beach are offering exclusive amenities, appealing to those looking for a second home or investment property. Playa del Carmen’s stability is supported by its prime location, excellent services, and nearby attractions. Up until April 2024, new developments have introduced properties with prices ranging from USD 100,654 to USD 921,000, reflecting a more cautious approach compared to the higher price ranges seen in 2023.

The first quarter of 2024 saw a 28% increase in the number of units compared to the same period in 2023. There’s a noticeable trend towards smaller developments near the sea with hotel-style management, leading to an increase in studio units. However, larger units with gardens and lofts are becoming less available. Condos with more than one bedroom are showing steady growth.

Infrastructure and Environment Significant investments are being made in Tulum’s main roads, including new bike paths and bus stops. Efforts to combat sargassum and beach recovery projects in Playacar and Cocobeach are also underway, ensuring larger, cleaner beaches for everyone to enjoy.

In summary, the Riviera Maya remains a top destination with a strong real estate market, ongoing infrastructure improvements, and a thriving tourist industry. While trends are shifting due to new developments and overdevelopment in certain areas, the region continues to offer exciting opportunities.

Thank you for staying informed with us!