Local media don’t mention expats very often, but today’s Sipse reports that while tourism is down, foreign ownership on the Peninsula has increased 60 percent this year.
In just the last six months, half the houses sold in the historic center of Mérida and the Yucatán coast were bought by people originating from other countries, especially the United States and Canada. The historic center is under 3.5 square miles and contains about 20,000 properties with historical value, of which between 3,000-4,000 are ruins. Of those, 34 percent are beyond repair, according to Sipse. The coast offers new construction.
Meanwhile, a 2 percent decrease in air passengers reflects both a decline in the tourist economy and lengthier stays by people arriving by plane.
The economic crisis in the United States may have been a catalyst for people looking for retirement options that took them outside their home country. But the area’s natural beauties and a general sense of hospitality are what makes the region in particular so attractive, experts quoted in the article say. [Read more…]