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MAYA

MEXICO - Real Estate & Construction

Dimitris Hoffmann & Iliana Reséndiz Maya Ocean Real Estate

CEO, Maya Ocean Real Estate

Bio

Dimitris Hoffmann, CEO of Maya Ocean, boasts a solid academic background from European universities and professional experiences in South Korea and China. The pinnacle of his career was his appointment as head of the International Tourism Analysis Department in Cancún. He subsequently founded Maya Ocean Real Estate in 2008, which became one of the top three sellers in the State of Quintana Roo within the first two years.

Maya Ocean Real Estate stands out as the undisputed leader in property sales for the past three years, consolidating a legacy of excellence in the real estate sector of the Riviera Maya.
Can you elaborate on the state of the real estate market in the Riviera Maya?

DIMITRIS HOFFMANN Based on our studies, we expect the Mexican market to be worth at least three times as much the Dubai and Abu Dhabi markets put together, and the market still has a great deal of space to continue growing. Similarly, Riviera Maya still has significant room for growth given that at the moment we have not even tapped into 20% of its potential. The federal government’s efforts in terms of Tren Maya and the new international airport in Tulum will significantly boost the region. We are also seeing growth in Mahahual and Chetumal, which provides even greater optimism. Mexico as a country is perhaps the number-one tourist destination in the world; in fact, with the addition of the new airport we are certain Riviera Maya will be the most visited destination in the world in 2024.

What trends are you seeing in Riviera Maya when it comes to rental property?

ILIANA RESÉNDIZ The global vacation rental market is currently facing restrictions and challenges. However, in Mexico, it is strengthening due to significant changes and protections for the developer community, supported by the federal government’s commitment to enhancing the region’s attractions and facilities. This effort aims to position the area as the top destination in the country and the third worldwide. Consequently, international investors are increasingly turning their attention to this region to expand their investment portfolios. While the majority of our investors traditionally focused on vacation rentals, the landscape shifted after the pandemic. Long-term rentals gained popularity, driven by the rise of digital nomads and their substantial demand for accommodations. This trend has positioned the Riviera Maya as the fifth top destination for digital nomads globally. The new developments in the Riviera Maya are strategically designed as luxurious and holistic resorts. This ensures that visitors have a variety of attractive offers to choose from, allowing them to experience the best of both worlds.

Which types of properties or development offer the best opportunities for investment?

IR The majority of visitors to Riviera Maya seek vacation rentals as couples, while long-term residents are often digital nomads. This market trend indicates that smaller apartments are more likely to be rented out. However, the current focus of the market has resulted in a plethora of listings for smaller options, overshadowing other equally important but less emphasized needs, such as family apartments, luxury beachfront properties, or villas. Due to the limited supply of these latter options, there is a potential for increased demand. This scenario presents an excellent opportunity for investors seeking a secure 10% annual return on investment or those looking to own a beach house for family vacations. The income generated from vacation rentals throughout the year can effectively cover the property expenses. As market professionals, we are focused on creating specific investment products where all investors can achieve these minimum percentages, providing security to the market. Prospective buyers commonly choose mortgage loans when acquiring apartments, with support from banks that further enhance the economic resilience of the region.

Do you have any firm plans to expand into other parts of Mexico or beyond the country?

DH We have 200 advisors, far bigger than most agencies, and 30 development projects underway. Maya Ocean Real Estate’s headquarters are in Playa del Carmen, and we opened an office in Cancún in 2023. We are also preparing to open our Buenos Aires office before the end of the year. As well, we are finalizing our plans to open an office in the US in Miami and perhaps Houston. The Mexican economy is thriving, which drives our optimism. Tourism is vital to the Mexican economy, and when we look at the total number of tourists who come to Mexico, we can truly understand the importance the sector has as a whole. This is truly Mexico’s moment.

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