CANCUN — Real estate in the city of Cancun is the most expensive of any area in the country, says the Mexican Association of Real Estate Professionals.
Jorge Francisco Alemán Yúdico, president of the Asociación Mexicana de Profesionales Inmobiliarios (AMPI) in Cancún, says the Cancun Hotel Zone is the most expensive in Mexico, chiming in at a high-end of $2,100 USD per square meter, riviera-maya-news.com reports.
He says on average, real estate in the Hotel Cancun Zone ranges between $600 to more than $2,000 USD per square meter, making it the most expensive in the country. Places like Los Cabos, he explains, average about $387 USD per square meter.
According to AMPI, this is significant since it signifies the confidence that the destination holds nationally and internationally for investment opportunities, by far exceeding other popular places in Mexico such as Los Cabos, Ixtapa and Loreto.
Alemán Yúdico says while the US dollar has played a factor in the first half of the year, real estate in the hotel zone is highly sought after because it is one of the most attractive places to live, especially if it is private by the sea or overlooking the lagoon.
According to AMPI’s comparative data, in 1974 a square meter in Cancún cost $8.00 USD. In, 2000 the value per square meter had risen to $148 USD and for 2015, a square meter was valued at an average of $506 USD. Today, the value of a square meter averages $620 USD.
In other destinations, such as Los Cabos, Ixtapa and Huatulco, the cost per square meter in tourist areas is $387, $174 and $112 USD respectively.
The growth of tourism throughout Mexico has made investments in real estate very attractive, however, Cancun is the only city where the sale of residential apartments and houses with a value of between three to five million peso has increased by 30 percent, he says, adding that buyers are preferring quiet areas or newly created subdivisions.
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