Riviera Maya properties seeing a 10 percent drop in prices

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According to the head of the Foundation for Investment in Riviera Maya, real estate prices have already seen a 10 percent drop due to the current pandemic.

Wilberth Gutiérrez Álvarez, president of the Fundación para la Inversión en la Riviera Maya, says that due to the current situation, now is a good time to invest in Riviera Maya properties. He says that the decrease in real estate is considered normal given the current global economic situation.

He said that the decrease in price has been seen on more than 5,000 units of various prices, from social interest houses to large properties. “Banks are also lowering rates in the midst of the pandemic crisis, which is positive for investors (…) managing interest rates at 7.65 percent was something that previously did not happen,” explained Gutiérrez Álvarez.

He says the region has benefited in a decrease in interest rates in mortgage loans granted by banks, which he notes, have gone from approximately 9 percent to nearly 7, adding that there are greater facilities for the payment of credits.

Gutiérrez Álvarez says despite the economic situation that is being felt around the globe, there will be recovery for Riviera Maya in the following year, adding that several sectors, including real estate, will see positive figures.

Source: Riviera Maya News

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