Last year was one for the record books for Airbnb in Cancun and the Mexican Caribbean. The company not only increased revenues in 2023, but also the number of properties available to travelers in the area.
More Than 30 Percent Increase in Cancun
In Cancun alone, Airbnb increased its revenues and units 34 percent in 2023 compared with the prior year. That amounts to more than $115 million dollars in the beach resort destination. However, that was only the second most popular destination in Mexican Caribbean.
The leader was the Riviera Maya which only rose 16 percent but amounted to revenue of $265 million because it had the most units of any destination.
Cozumel came in third with a 5.8 percent increase with 916 units available to tourists visiting the island.
State Officials Increase Regulation
Despite the fact that the State of Quintana Roo cracked down on the regulation of the vacation rental industry in the region, they still remain a very popular option for many visitors on a vacation getaway.
Last year, state officials mandated that vacation rentals must be listed in the registry of tourism providers for the state and be subject to the same safety and inspection regulations that the rest of the hospitality industry faces.
The justification for the additional regulations was to protect visiting travelers by making sure the health, security, and safety standards were the same for resort hotels all the way to the vacation rental properties.
However, President of the Hotel Association of Cancún, Puerto Morelos and Isla Mujeres Jesús Almaguer Salazar, actually cites the fact that resorts and hotels that are part of their organization could actually charge travelers 15 percent more if it was not for the “unfair” competition from the vacation rental properties.
A Lower-Priced Option
For travelers to Cancun and the Mexican Caribbean, it appears from the statement by Almaguer Salazar that vacation rental platforms provide price competition for the established resorts and hotels in the area.
In fact, articles have demonstrated that vacation rental properties are very popular with travelers because they are generally more affordable than the resorts and hotels and the area.
Conversely, many of the savings come from the fact that the resorts and hotels in the area provide more service and amenities than vacation rental properties. They offer visitors to the area dining, spa, pool and other popular amenities.
However, for more budget-oriented travelers, the vacation rental option is proving to be a popular option that appears to be growing and expanding its presence in the area based on the results of Airbnb from last year.
What Tourists Can Expect
According to Mexican Association of Real Estate Professionals Regional Leader Miguel Ángel Lemus, the number of vacation rental properties in Cancun and the Mexican Caribbean is only expected to continue to grow.
He stated in a recent news article that a wave of investments is expected in the construction of vacation rentals in Quintana Roo. He cites the fact that there are 590 of these real estate projects currently under development in Tulum, Solidaridad and Cancún alone.
For price-conscious travelers not needing a bunch of luxury amenities, vacation rentals may be a cheaper option for many visitors, especially during the peak holiday travel season when prices really jump in the local area.
There is a distinct market for the resorts and hotels in the area and another segment that really appeals towards vacation rentals.
However, it looks like the vacation rental option, such as Airbnb, is definitely here to stay and looks to only grow in popularity as more of the properties come online in 2024.
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