Cancun, Q.R. – Housing experts are saying that during the next three years, people with high purchasing power will double the amount of higher-end homes in Cancun.
According to the Caribbean Business Coordinating Council (CCE), those with higher financial stability are expected to double the forecasted new home figures from 500 to 1,000 units per year. Not only are more people arriving in the city of Cancun, but those arriving have a higher purchasing power, which is giving many developers reason to build residential plus homes.
Mexican Association of Real Estate Professionals (AMPI) says many home developers are now looking toward residential plus homes which cost between 1.5 and 3.3 million peso. However, the market for home developers to construct affordable housing still generates the most units per year.
According to Javier Olvera Silveira, president of the National Chamber of Industry Development and Promotion of Housing, so far this year there are 11 developers building 17,000 affordable homes in Cancun.
Next year, there is one new contractor to Cancun with plans to build an additional 4,000 affordable homes. The developer will install the new homes in the northwest portion of the city of Cancun. Olvera Silveria says the houses will be in an area of Integrated Sustainable Urban Development. Cancun is the only city with three of these designated building areas, of which 17 exist nationwide. Developers who build these houses are Grupo Dadu, Sadasi, Casas ARA and Hogares Union.
For both ends of Cancun’s real estate market, the housing supply is solid as many developers are entering the market with a pre-sold inventory.