Cancun is now the most popular place in Mexico to buy a vacation home, with 1,429 million dollars invested in holiday houses over the last year. In total, 5,682 units have been sold in the past 8 months, beating alternative Mexican cities such as Vallarta, Mazatlán and even Los Cabos.
In total, 44.8% of 12,657 apartments and houses in Mexico were bought by foreigners in Cancun, with American buyers making up the majority. It makes sense that many Americans choose to invest in property in Cancun, as it is easily accessible from many airports across the United States, and makes for a great summer or winter getaway. Conversely, only 1% of the Mexican vacation property market has chosen to buy in Cancun as of this year.
Whilst the price of property in Cancun can be very high, it’s a much cheaper city to buy property in than other American beach towns. According to Zillow, a beach property in Miami is around USD $477,000 , whereas a property close to the beach in Cancun is around USD $250,000. The difference in price as well as the reliable weather and excellent attractions have driven Americans to invest in Cancun property in droves.
At the 2022 Cancun Investment Summit forum, financial experts discussed the importance of foreign property development in Cancun, as it actively contributes to the economy of Quintana Roo.
Gabriela Cano, the business development director of Softec (a Mexican investment and consultancy agency), stated that the property market in Cancun has golden opportunities for both property buyers and the development of the state’s economy: for every thousand units sold, $260 million is generated in foreign exchange, which helps to boost the economy in Quintana Roo. This also ensures that American tourists looking to ‘flip’ or sell their vacation home can do so and make a genuine profit.
The rise in purchases of vacation homes also contributes to an increase in goods and services throughout the region, as Cano stated:
“The vacation-type sector is the largest multiplier of employment – for every thousand vacation homes, around 23 thousand high-value jobs are generated, hence the importance of the segment’.
Vallarta was ranked as the second most popular place to buy a vacation home, with 1,644 residences bought this year. This was followed by 1,538 sales in Mazatlán and 1,127 residences in Tijuana. The total number of vacation homes accumulated across all three of these locations is only 4,309 properties altogether, clearly showing that Cancun is the most popular place to buy a vacation home.
A recent article published by Bloomberg.com alleged that Mexico was the most-searched homebuying destination for Americans this year, beating favourites Canada and Costa Rica for the top spot.
Purchasing a property in Mexico is an excellent alternative to staying in a resort or Airbnb, as it allows visitors to fully unwind in their own space, away from the hustle and bustle of other tourists.
Its thought that more and more tourists are considering buying property in Cancun this year, especially as tourists are now able to stay for up to 6 months, thus enjoying more time relaxing in the sun. Entry to Cancun from the airport also couldn’t be easier, as the old mandatory arrival form (the FFM) is no longer necessary, making airport immigration a breeze.
The combination of good property prices and easy access to Cancun is sure to maintain the influx of American tourists who have chosen to buy property in Cancun over the past year.
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