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Yucatan Real Estate Benefits from Strong international Tourism Investment

Thomas Lloyd
 


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Yucatan Real Estate, as other key real estate destinations in Mexico, is closely tied into the strength of the tourism industry in the area; a strong tourism industry means a strong international presence and a healthy amount of interest from non-Mexican's in real estate. It also means that the tourism industry receives support from investment, government and private, national and international. This investment in turn means a strong, modern, up-to-date infrastructure system, available for both tourism use, as well as for real estate buyers in the area, protecting and adding value to real estate investments, and convenience for non-Mexican residents. This is why it is important for buyers to know that Yucatan Real Estate benefits from strong investment from both the public and private sectors in the tourism industry and the related infrastructure.

During the first half of 2009 private tourism investment in the state of Yucatan totaled $15.4 million USD, of which 98 percent went to projects of tourism related infrastructure and two per cent to projects such as restaurants and tourism renewal. With this investment data, adding up to an accumulated $35 million USD during the present administration. Yucatan recorded an increase of 19,698 new jobs in the second quarter of this year compared to the same period of 2008, and ranked as the fourth largest in the country with highest rate of movement in the labor market. It is worth noting the progress of Yucatan's economy, despite the national economic downturn. From the third quarter of 2007 to June of this year, the National Survey of Occupation and Employment INEGI registered a growth of 52,589 people employed.

Investors have definitely demonstrated their confidence in the state; the Public Registry of Property and Commerce reported the opening of new 465,000 corporations of different sectors, adding up to an initial capital of nearly 30 million dollars. He reported that the flow of Direct Foreign Investment in the third quarter 2008 to second quarter of 2009 has risen over 5 million dollars. All this allows us to recognize the Yucatan as a highly attractive option for the consolidation of new businesses, which enjoy economic certainty, political and social stability as well as human and infrastructure productivity necessary for the consolidation of new flows of capital from Mexico and abroad.

Yucatan's stability in economy, despite the recession, is also reflected in commerce. In the area of foreign trade from January to September 2009, the value of exports from Yucatan was a 1.8 billion, which made the second quarter of this year 9.4 percent higher than the same period 2008. Retail establishments rose in sales by 4.8 percent during August this year over the same month of 2008, while nationally this factor decreased 5.5 percent. The state government launched immediately before the crisis and economic uncertainty, in particular preferential credit allocation to micro and small companies and support the artisans.

In terms of tourism there is currently construction ongoing for accommodation facilities such as Ibis, Dubrovnik, “Europa y Rosas" and Chocolate in Merida and Hacienda Sanicté in Izamal which together provide 247 new rooms.

The government has also showed commitment in investing in the state's cities, to maintain and improve urban image, and to key tourist destinations. An investment of 3.5 million dollars, with equal participation from the federal and state governments to complete the Comprehensive Program was designated for Historic Center Consolidation Project Izamal and the first phase of renovating the Historical Center of the colonial city of Valladolid. $2 million USD was alotted to modernize and improve the sound and light show of the archaeological in Uxmal 35 years after its opening, which was returned to the show its original splendor. Under the Coordination Agreement Reallocation of Resources 2009, the state and the federal government agreed to invest 10 million dollars in preserving various cenotes – the beautiful pools with access to underground caves, for which Yucatan is famous – and the completion of various restoration projects in Progreso, as well as Izamal, Valladolid, Loltún, Xcan Piste and Halacho.

All of these factors combined point to two key considerations for buyers considering buying property in Mexico; Yucatan Real Estate will continue to enjoy the benefits of a maintained, improved and expanded infrastructure system. Also, the confidence of international investors in the state's tourism industry can build our confidence in buying Yucatan Real Estate, as a place where tourism and international activity will continue to flourish, offering the best of Mexico's history and quality and convenience brought by international investment.

TOPMexicoRealEstate NETWORK; Mexico's Leading Network of Specialists for Finding and Purchasing Mexican Properties Safely

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