Mérida, Yucatán — Luxury rentals have been booming in the city and along the coast, fetching top dollar.
Winter rentals in the Centro are practically gone, with U.S. and Canadian retirees widely reporting difficulty finding homes that are available from November through March.
Snowbirds are competing with professionals and entrepreneurs for rental houses and apartments, who are the main target market these days, according Roger Roche Millet, a member of the Mexican Association of Real Estate Professionals.
Real estate agents, while mainly interested in selling properties, are finding a very dynamic rental market, especially in the north of the city, where office space is in demand.
“The most expensive areas are the Yucatecan coast and the north of the city,” said Roche Millet. Business clients are showing a preference for corporate buildings over houses, he added.
While businesses still take an interest in old buildings, maintenance responsibilities and limited occupancy is an issue, he told Milenio Novedades.
For several years, agents have found a growing market for corporate offices. Six new buildings are filling up, and two more are under construction, he said.