Press "Enter" to skip to content

Cancun real estate sector affected by vacation platforms such as Airbnb

Cancun, Q.R. — The entry of vacation rentals such as Airbnb into Cancun forces the real estate sector to work with authorities to establish clear rules for its operation, says Tayde Favila Soriano, president of the Mexican Association of Promotores Inmobilarios (AMPI) Cancun.

She explained that the rents in the city are migrating to a marketing segment since investors are not necessarily looking to buy and develop housing properties, but to turn them into a business. She acknowledged that although this situation generates a different dynamic, it will be necessary to do the work to regulate the activity since the institutions are creating a business.

She said the platform causes a transformation in different parts of the municipality, especially in the center of Cancun that restaurateurs and businesses are grateful for because they attract tourists who normally only arrived at the all inclusive hotels.

She argued that the economic advantages will be playing a fundamental role in this process.

As for the real estate sector, she explained that there are growth expectations for 2018, and platforms such as Airbnb generate a “phenomenon” of project development of a profile that grows exponentially,taking some by surprise.

In this regard, she commented on the case of changes in land use in properties of certain characteristics up to single-family properties, by residential complexes including several levels.

Favila Soriano said that more projects are still expected, and for this they will even carry out a study of urban resilience with the intention of rescuing public spaces, adding that in Cancun, they foresee that this year could be a different dynamic.