Nestled along the shores of the Mexican Caribbean, Cancún is the most popular vacation spot for foreigners in Mexico. Visitors are captivated by its tropical splendor, turquoise waters, white sand beaches and vibrant culture. Most big cities in the United States, Canada, Latin America and Europe have direct flights to the International Airport in Cancún, giving this city incomparable accessibility to most other vacation spots in Mexico and making it a great place to invest in real estate.
With its strategic location and favorable climate, Cancún has quickly become a magnet for both leisure travelers and property investors alike. Additionally, situated close to the heart of the Riviera Maya, Cancún is no more than a couple hours away from other renowned destinations like Playa del Carmen, Tulum and Mérida, further enhancing its allure as a prime location for real estate investment. As the demand for second homes, vacation rentals, and investment properties continues to rise, now is the moment to delve into the dynamic world of real estate in Cancun.
Because of its high tourism influx, the investment in this region is constant and large. According to the Mexican Association of Real Estate Professionals (AMPI), the real estate industry in Cancun registered an investment of 7.5 billion pesos (US $440 million) last year, with around 30 hotel projects underway. Capital gains have increased 30% in the last year and a half, and the return on investment ranges from 8% to 11%. Additionally, because Mexico is a country that remains in constant growth and has a stable economy, investing in real estate here is a safe bet and a great opportunity. Its laws also provide easy access and ensure safety and protection for investors.
What are the best neighborhoods to invest in real estate in Cancun?
Zona Hotelera
Zona Hotelera is the most popular part of Cancún, as it’s located all along the beachfront. It’s where you will see the highest concentration of hotels and resorts, whose services make it a very attractive place for travelers. It’s also an area for a lot of entertainment and restaurants and with the most access to the turquoise blue beach that gives Cancún its allure. Departments and houses in this area range from US $210,000 to US $5 million.
For example, at the very end of that range, you can find a luxury beachfront home, listed for US $5.8 million on Point2Homes.
At the lower end of the range, you can find a two-bed, one-bath, 900-square-foot apartment on the south end of the Zona Hotelera for US $500,000.
Zona Centro
This area is a combination of old and new and the city’s commercial and cultural hub. Downtown Cancún is very close to schools, banks and supermarkets, and has a mix of residential and commercial properties. This is an area that has more of a “real city” feel, as opposed to the resort and hotel vibe. Additionally, since it is older than most places in Cancún, you will find buildings with more history and a more traditional style. Because of all of this, investing in this area provides opportunities for rental income from not only tourists, but locals as well.
Zona Sur
This is the new best area to be in Cancún. It’s like a small city in of itself, where everything you need is at your reach — parks, tourist attractions, bus stops, hospitals, etc. The Mexican Association of Real Estate Professionals have said that the Zona Sur is an area of high capital gains thanks to the construction of private condos surrounded by ample green areas. Because Zona Sur is still in its development stage, it’s just the right time to think about investing here.
Real estate in this area varies from 1 million to 6 million pesos (US $60,000 to $360,000).
Puerto Cancún
One of the most residential areas of Cancún. The main benefit of Puerto Cancún is that, similarly to the Zona Hotelera, it is located by the ocean, but with the added benefit of being in close proximity to the downtown. This is an area that has many private residential condos, golf courses and luxury apartments. It also has the biggest commercial mall in Cancún.
For US $1.2 million, you can purchase a four-bedroom, four-bath condo with amenities including a pool, lounge, spa, business center and a dock. Other properties range from US $750,000 to US $1.5 million.
Other things to consider:
Some people find Cancún a bit overwhelming and maybe overly touristy. Because of the high influx of people and investors looking for good real estate opportunities, it might be more time consuming to find the perfect place for you. Given how many opportunities are available at any given time, however, there is sure to be something for almost every taste.
Because of its size, Cancún is not the most walkable or easy-to-get-around place if you’re looking to vacation outside of the all-inclusive resort or hotel package.
All in all, Cancún is about enjoying and making the most out of the beautiful Mexican Caribbean. If you find the ideal place for you to do that, make sure you understand the real estate process in Mexico for a foreigner before you invest.
Montserrat Castro Gómez is a freelance writer and translator from Querétaro, México.
Source: Mexico News Daily
