According to the President of the Fundación para la Inversión en la Riviera Maya, Wilberth Gutiérrez Álvarez, now is a good time to invest in property. Gutiérrez attributed the 10% drop in prices in real estate due to the current pandemic and its global economic crisis.
The Fundación has identified more than 5000 units whose prices have decreased in price. This includes all types of properties. From social housing, condos, apartments to large properties such as land, cenotes or even hotels. Regarding banks, Gutiérrez affirms that as a result of the economic situations, banks are also lowering their interest rates. With interest rates of about 7.6%, the purchase of property through credit could be much more beneficial than before. Now, the interest rates have a general range between 7 and 9 percent. In addition, the conditions of payment for credits and mortgages have also become easier.
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What is next after the drop in prices?
Last, Gutiérrez Álvarez assured that the Riviera Maya will recover soon. Despite the global economic crisis, many sectors will have positive figures between this year and next, including real estate.
See the full interview in: Riviera Maya News