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The Cancun and Cozumel real estate markets faced a significant slowdown from May to September 2024.
Real estate rentals and sales in Cancun fell by 30%, but are expected to recover in November, according to the Mexican Association of Real Estate Professionals (AMPI).
The Cozumel market has been more affected and recovery could take until 2025.
Patricia Mora Vallejo, president of AMPI in Cancun, pointed to multiple causes for the economic downturn, emphasizing that the political and economic uncertainty in the United States due to the presidential election is impacting buyers.
Added to this was lower-than-expected summer sales and commissions.
The most in-demand properties, such as homes with monthly rents of P18,000, are seeing a shift to more economical options.
“Demand for housing remains strong, but people want to move to cheaper rents,” Mora Vallejo said.
Regarding real estate sales between 5 million pesos and 8 million pesos, although there were apartment sales over 1 million dollars in the first quarter of this year, the trend is decreasing, indicating that Mexico still maintains a certain degree of economic stability. It is shown that there is.
Meanwhile, Cozumel AMPI President Fernando Heredia Molina acknowledged that the island’s real estate market has paused due to the uncertainty caused by the US elections and the change of government in Mexico.
Unlike Cancun, the market in Cozumel is expected to recover through 2025 with a focus on vertical growth.
“The trend on the island is towards buildings of five floors and above, which creates a new image for the area and promotes the conservation of the island,” said Heredia Molina.
Similarly, investment by shipping companies on the island is also an important factor that could attract more buyers in the future, mainly from the United States and Canada.
Both leaders agree that despite the current downturn, there are reasons for the real estate market to recover.
In Cancun, recovery is expected to arrive after November 2024, while in Cozumel, recovery is expected to take place in 2025 due to new tourism projects and international buyer preferences.
TYT Newsroom
