Despite all the world’s financial markets crisis and the real estate bubble implosion in the US, Tulum property prices keep on rising.
Residential land plots in the La Veleta and the southern end of town (the areas with the more massive development) and can be bought for around US$ 80/m2 (or US$ 80/10.6 square feet), when prices were some 50% lower 3 years ago. With a population growing some crazy 15% per year, this southern part is the one with more projects currently under development, ranging from low end popular buildings to some condo developments with vacation rental potential. The mid-tier development “Riviera Tulum”, the largest development in the area boasts small residential lots of 210m2 (2.200 square feet), ready to build, for some US$ 150/m2.
In the area of the future Kukulkan avenue no project is yet being developed, however prices have already increased some 100%-150% in the last 5 years. Kukulkan has two advantages, it is closer to the sea than the developments south of town, and it is nearby Tulum’s best development: Aldea Zamá. The problem with Kukulkan is that nobody really know when the avenue is gonna be completed (less than 10% paved) and the connection to the beach opened (today you need to make a big detour, go through town and head to the beach taking the Aldea Zama road). Lots in the Kukulkan aerea are big, usually around 2.500 m2 and they sell from $80/m2 to $300/m2 depending how far they are from the beach and the entrances to Aldea Zama. The closest you can get in this area to the sea will be 800 yards, when the access to the beach is open.
In Aldea Zama the land costs some U$S 300/m2, with the best residential and commercial lots around US$ 350/400 depending on its location. Aldea Zama is about to radically change in every way, as after a long 4-5 year construction period the first condo building (Zama Village) is already completed, and a second one (Real Zama) is expected to be completed before the end of 2012. Also, last month the first commercial area, a cute eco-chic pedestrian street, was formally inaugurated. First shops should open around the November/December 2012.
Apartments and condo prices are also on the rise, especially in Aldea Zama where the offer is limited and both the finishings and common areas are much more upscale. Zama Village condos sold for US$ 160.000/US$ 300.000 are already some 20% more expensive than pre-sale price (January 2010) and they have a sustained demand for vacation rental.
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