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Thursday, January 26, 2023

Mexico’s 6th fastest-growing real estate market is Yucatan

The north isn't the only growth area for the capital

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Country Towers in Merida, Yucatan, isn’t the only sign of real estate growth in the capital. Photo: Courtesy

In the last eight years, Yucatan state’s real estate growth has averaged 2.5 percent annually. That places it sixth nationwide, said Cristián Canto, president of Uno Consulting.

While the north of the city of Mérida is growing at an accelerated pace, other areas have also captured the attention of investors who lead a real estate boom in Yucatan.

The accomplishment will be discussed at the a real estate forum, where “Economic Expectations of the Present and the Future of the Sector” will be presented Friday.

The ranking represents a steady climb. Three years ago, Yucatan ranked number eight.

When asked if the city’s growth point is still in the north, Canto said yes, but he also pointed to newer growth areas such as Ciudad Caucel, one of Merida’s satellite cities, to the west.

Residents with enough purchasing power are showing a preference for large cities, and areas like Caucel, as well as neighborhoods east of Merida, he said.

Of premium housing stock, 70 percent of the market is made up of buyers from other areas of Mexico. Yucatacan buyers are 80 percent of the economical housing market, he said.

U.S. and Canadian property owners remain drawn to the Centro and the coast. Canto said 60 percent live in the city center, while 40 percent live in Progreso, San Benito, Chicxulub and Telchac, among others localities.

For short-term housing, Canto recommends Temozón Norte, but Tixcuytún his choice for residents wishing to settle in for a longer period. Both are communities north of the city, between the Periferico and the Gulf coast.

The Sur Real Estate Investment Foro Mérida 2019 is Friday, March 1 at the Gran Museo del Mundo Maya. The forum is for investors, builders and other professionals in the real estate sector. For more information contact info@unocd.com.mx.

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