Press "Enter" to skip to content

Riviera Maya beachfront land discovered sold for 23 peso per meter

Riviera Maya, Q.R. — A large plot of beachfront property in Riviera Maya has been discovered sold for approximately 23 peso per square meter.

The discovery, which was made by Reforma, says that the Secretariat of Agrarian, Territorial and Urban Development (Sedatu) was responsible for the sale of land under the Borge administration in February 2016.

An area of 262.5 hectares of beachfront land along the Cancún-Tulum highway in Riviera Maya has an estimated value of more than 1.2 billion peso as determined by Hipólito Luna Hernández, of the PGR. Sedatu, however, reportedly sold the land for just 61.4 million peso, 20 times under its estimated value.

The entire plot of land was apparently sold to one private individual who, within weeks of acquiring it, turned around and sold it to a real estate development company. Reforma’s report says the Director of Rural Property of Sedatu, Luis Bastarrachea Sosa, was responsible for processing the transaction by the seller and that the transaction was not made public.

Alberto Anaya, national leader of the Labor Party, says he trusts that the next administration will sanction Sedatu for having sold the land at a price 20 times lower than its value.

He says president-elect, Andrés Manuel López Obrador, has already demanded an exhaustive investigation into the sale of the land.

“We believe that the presidency of Andrés Manuel López Obrador will be the best presidency that Mexico will have to date.

“Public administration has to be renewed, corruption has to end, the highest interest of the nation must be placed at the center”.

“To avoid these types of incidents, it is necessary to restructure the public administration,” he said adding, “I do want to tell you that with Andrés Manuel López Obrador, corruption will end.”

PGR expert Hipolito Luna estimated on June 6, that the commercial value of the property was equivalent to 472.2 peso per square meter.