According to Riviera Maya News website, AMPI Cancun announced that during the last months of 2018 there was a slight decrease in real estate sales, which they say, is likely due to the absence of an Urban Development Program for the municipality.
Taydé Fávila Soriano, head of the Mexican Association of Real Estate Professionals (AMPI), says the decrease is the result of uncertainty in the absence of an Urban Development Plan in addition to the insecurity, which has had a strong impact on specific areas.
She mentioned that the Urban Development Program is not yet published, which has caused a lot of caution among developers and investors, resulting in less-than-expected growth in the number of annual sales.
She did say, however, that real estate sales for the municipality were 4 percent above last year’s figures.
House for sale in Cancun (Photo: Archive)
Fávila Soriano also noted that the licensing of vacation properties will also play a role in future sales, saying that it was the vacation rentals that allowed the real estate industry to reposition itself from 2015 to 2018.
“With great concern, there is an initiative in congress, you know, that is the vacation rental. They are confused. The activity is not lodging. We are not lodging centers, we are properties, apartments, houses, villas which provide temporary rentals and is a totally different context,” she explained.
A lodging center, she pointed out, provides for the public, is open. Any person can arrive at any time, while a rental, the format is totally different and therefore they are opposed to having to process an operating license, adding that the vacation rental in the civil code is very clear.