A very common question that influences many real estate financial decisions is ‘How much does a square meter cost in this or that area?’ So let’s dive into this question, but first, let’s take a look at the supply and demand of this type of real estate in the main cities of southern Mexico.
Land Supply Based on Urban Development
The supply of land for sale responds to various market needs depending on how young or mature the cities are. For example, cities like Bacalar, Tulum, and the Yucatan Coast are relatively new to the market, while Mérida is experiencing a second or third boom in land sales, which has become quite a hot topic.
Let’s look directly at the quantity of land available for sale per city; here, Mérida stands out by far, followed by Tulum, the Yucatan Coast, and Playa del Carmen. Mérida has gigantic land development projects, many of which offer a lifestyle with various amenities included.”
Price Ranges and Entering the Campechan Market
There’s a price range for everyone, and we’ll soon see a wider dispersion when The Red Search enters the Campechan market (spoiler).
Playa del Carmen, the highest-valued city on the list, has an average price of nearly $200,000; followed by Puerto Aventuras and Tulum, which we recall has a slightly more than double inventory of units. Mérida, at least in this graph, is not among the tallest bars, as its average prices are around $22,000 (400,000 Mexican pesos). It’s worth noting that Mérida offers a very attractive option for nationals looking to invest their money long-term. Interestingly, the Yucatan coast doesn’t skyrocket its prices so high and remains only double the price of the urban area of the state of Yucatán.
Differences Between Inventory and Units Sold We should note that the units sold have a lower average than the current inventory. What do you think this is due to? Leave your comments at the end of this post.
Average Lot Size by City Similar to the inventory trend, the size trend is reflected in each of the cities included in this edition. It often happens that in larger cities, the lots in inventory are smaller, ideal for a single-family home, while in emerging cities, there are still lots for sale from large tracts of land that are divided into portions that are larger than the average of mature cities.
Let’s take a look at the graph
Average Size Comparison by City
Bacalar is at the highest peak of this image, which shows the average square foot surface area of each city. If we look closely, it coincides quite well with the previously mentioned assumption. Bacalar has an average size above 16,145 sq ft, while more mature cities like Mérida and Playa del Carmen are in the average range of a single-family lot between 3,229 sq ft and 4,300 sq ft, just like the Yucatan coast, which follows Mérida’s subdivision trend. Cities like Tulum and Puerto Morelos still offer a wide range of sizes in their subdivisions, and it’s possible to find lots from just under 2,153 sq ft up to 53,819 sq ft or 107,639 sq ft for single-family homes
Average Size of Units Sold
Regarding units sold, Puerto Morelos and Puerto Aventuras have a higher average size than the dimensions in inventory, as do Mérida and Playa del Carmen, although to a lesser extent; perhaps developers are selling their larger properties first, and this is a great indicator for those dedicated to land subdivisions.
Price per Square Meter by City
Now, let’s address the question we discussed at the beginning of this text: how much does land cost per square meter?
Mérida, with its low prices, invites both locals and foreigners to invest in land for the long term; this time frame and price increase is data that we will analyze further as time gives us historical results.
Bacalar is in a great moment to invest. Remember that it has larger surfaces and, according to this graph, the lowest prices per square meter of all the cities we analyzed. In addition to an expected tourist rebound in this region south of the state of Quintana Roo, which will likely move the real estate market of Mahahual.
Playa del Carmen and Cozumel top the list with prices hovering around $400 per square meter, and Tulum is only slightly below these two destinations; although here it’s worth looking a little deeper as its maximum and minimum prices have an extremely wide range.
The Yucatan Coast also has a fairly attractive diversity of prices, although its average prices per square meter are only slightly above the prices of Mérida and Bacalar
Final Thoughts
We hope you find this data analysis useful, and we’re eager to hear your feedback. If you have any other real estate topics you’d like us to discuss, please share them with us. We work hard to bring you the most up-to-date information on the real estate market in the Yucatán Peninsula.
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