Foreigners are buying real estate in Playa del Carmen in the midst of pandemic

The exchange rate between the Mexican peso and the US dollar favors the sale of real estate in the coastal town of Playa del Carmen.

The exchange rate between the Mexican peso and the US dollar is leading foreigners to increase the purchase of homes in Quintana Roo, which have become cheaper for them, mainly in the area of Playa del Carmen.

James Tobin Cunningham, coordinator in Quintana Roo of the National Council of the Mexican Association of Real Estate Professionals (AMPI), stated that every week they are reporting transactions of foreign people who are buying properties, mainly because of the exchange rate.

“Those properties that are valued in US dollars located in Puerto Morelos, Solidaridad (Playa), and Tulum, maintain their price, unlike the market in pesos, which led to a significant drop in Quintana Roo,” he assured.

Cunningham added that the price of some properties valued in Mexican pesos, somehow fell between 20 and 30%, which makes it attractive for foreigners, mainly for Americans.

Although this is good for the real estate sector, it does have a negative impact, since 80% of the purchase-sale transactions are made with houses of social interest.

“There are some procedures that are still active, even the cadastral certificate is free; however, not everyone knows this, since many people have decided to postpone all types of procedures until things get back to normal. But for now, with the construction of the developments paused, the offer is not wide and sales are slow”, Tobin Cunningham concluded.

Source: SIPSE.com