Cancun Property Market and Real Estate Guide
(Cancun, Quintana Roo, Mexico)
Cancun, situated in Mexico on the Yucatán Peninsula, is one of the top vacation cities in the world for millions of visitors who flock to the sunny beaches and enjoy the sparkling sand, blue waters and warm climate. Although the majority of people come only for a short time, there are a growing percentage who choose to stay for an extended period, evidenced since 2005 by the booming property market.
The city of Cancun is primarily divided into two sections, downtown's El Centro area and the Hotel Zone. Both areas have property available for lease or purchase, with the Hotel Zone catering more to the ritzy tourist industry, being known for its higher prices and luxurious amenities. Serviced apartments are common here, and those who choose to rent seem to pick this area.
Purchasing property has become an attractive investment in Cancun, as values continued to increase through the global economic downturn. Despite the fact of high tourist numbers and high prices, there are many new developments offering affordable homes for singles, couples, and families.
Renting Serviced Apartments
The popularity of the city for visitors translates to the most modern facilities in the world in terms of furnished apartments. The range of options is dizzying, and it is not difficult to find an affordable apartment with all the amenities one expects, such as high-speed Internet, security, and other modern conveniences.
When renting in Cancun you will be expected to sign a one-year lease, and pay the equivalent of two months' worth of rent prior to moving in, made up of a refundable security deposit and the first month's rent. It is common in Mexico for rents to increase yearly, so don't be surprised if you don't get the same lease for the duration of your stay.
Buying Apartments and Houses
The wave of interest in Cancun property over the past two decades, particularly during the past five years, has led to an amazingly rapid development of homes, villas, and condos available for purchase. While some of these are lavishly extravagant and very expensive, many are affordable, and the growing trend has been to buy rather than to rent.
To purchase property here, approval is needed from a Fideicomiso, or Bank Trust, due to Mexican laws which prevent non-nationals from owning land in restricted zones. Closing costs are between three and five percent of the total value of the sale, although Mexican banks have a higher interest rate on loans, usually around 15 percent.
Real Estate Agents
The best way to ensure a reliable realtor is to use a company registered with the Asociación Mexicana de Profesionales Immobiliarios (AMPI), as the Mexican real estate industry is unregulated. Members of the AMPI are professional and knowledgeable.
Check out the following Cancun real estate agents:
Address: Local 16, Plaza Terramar Boulevard, Kukulcan Km 8 5, Cancun, 77500, Mexico, MX
Tel: +52 998 865 5786
Paradise Properties specialises in finding homes in Cancun and will assist you with your search.
Re / Max
Address: Plaza Bonita, Locales 4K / 5K, Cancun, 77500, Mexico, MX
Tel: +52 998 920 2121
Re / Max is an international firm that can help you find the home of your choice in this city.
Cancun Prime Realty
Address: Cancun, 77500, México, MX
Tel: +52 998 112 0390
Cancun Prime Realty can help you in your quest to find a serviced apartment, condo, or home in this part of Quintana Roo.