Hindsight is 20/20, and looking back a year later, March 2020 created a very interesting predicament for residents of big cities in the United States. As governments began locking down urban areas to prevent the spread of COVID-19, people with financial and professional flexibility began to seek out open spaces, and warmer climates. Given the low cost of living, open borders, and beautiful scenery, the Riviera Maya became a prime destination.
The Riviera Maya has become an established destination for real estate investors, second homes, and retirees for many years and the cost of living contributes heavily to its allure. Beachfront condominiums start in the $300k range, annual property taxes are .001% of the value of the property, and other living expenses like cleaning and food are a fraction of what they are in large U.S. cities. With many new developments either under construction, or ready for delivery, a quick move south of the border was a quick and accessible option as opposed to heading to southern states that were also moving towards heavier COVID restrictions. As with any real estate investment, it is important to have the right professionals in place to assist in the process, and Colibri Property was there for their clients to ensure a smooth and safe transaction.
Going hand in hand with affordability, the incredible growth of the Riviera Maya can be attributed to its close proximity to the United States and Canada, as well as the connectivity that the Cancun International Airport provides to major cities worldwide. The Riviera Maya runs on tourism, and when COVID hit, the government reacted quickly to implement health policies that would reduce occupancy rates and keep guests safe, but keep the tourism machine going. One thing they did not do was shut down its borders to arrivals from foreign countries via airplane, allowing foreigners to continue to visit, and thereby creating a refuge from more restrictive governments.
Despite widespread growth, the Riviera Maya is still very small, and communities like Puerto Aventuras and Tulum became even more popular as beachfront and jungle properties allowed for privacy, social distancing, yet plenty of sunshine and fresh air. 300+ days of sunshine and year-round warm temperatures both in and out of the Caribbean Sea keep spirits and immunities high. The beauty of the area, after all, is what draws people in. However, amid a global pandemic, affordability and accessibility make it worth sticking around.