Are there too many apartments on Isla Mujeres?

Are there too many apartments on Isla Mujeres? There certainly are far too many; it was clear some years ago that this type of building without gauging future demand, would result in an unbalanced property market, causing problems for those who had already bought apartments, and particularly for those who bought an apartment as an investment, in order to have an Isla Mujeres rental property.

After all, why would you build more apartments, when there are already so many standing empty? Some twelve to fifteen years ago, many people tried to persuade us to build apartments on our Punta Sur land. The argument was that so much more building could be squeezed into a plot of land if you opted for apartments, rather than a single family with a pool and landscaped gardens.

Our feeling back then was that the island was already heading for too many apartments, and we opted for three-bedroom, three-bathroom luxury family homes with private pools and landscaped gardens. It was fortunate that we did, because they have been very successful in the Isla Mujeres rental market. We doubt the same can be said of apartments.

If you own an apartment and want to rent it say, through Airbnb, the problem is there is so much competition these days, which pushes the rental price down. There is a lot of competition for homes too, but at least with single-family homes everyone is unique in its own way, apart from perhaps La Diosa, where all the homes are pretty much the same. In general, Isla Mujeres Luxury homes rentals are doing well.

The advantage of owning an apartment as opposed to a home with a pool and gardens, is that you can lock it up and go away for a few months, no real maintenance is needed apart from some dusting when you come back. The downside is the lack of privacy; having to share a pool with other occupants, who may not be your first choice as a companion.

Then there is the Airbnb factor. If you are renting an apartment out it is fine. If you are an owner living below or next door to an apartment that is let out through Airbnb, it often isn't; people who are on holiday live a completely different life than those who are settled into a routine lifestyle, or those Nomadic workers who have to get up in the morning, sometimes very early in the morning due to different time zones. It's not great if you are trying to sleep and the apartment next door is in full party mode.

There is something else with apartments; the maintenance fee; with most apartments, having bought an apartment, you are required to pay an ongoing fee, which is often difficult to reconcile with the amount of maintenance required. In many cases, it's like having another mortgage, and of one thing you can be sure is that the fee is going to continue to rise. It's not ideal for someone who likes to be in control of their finances.

We have just sold one of our Isla Mujeres luxury rental properties. The difference is the owner is in control, they can, if they wish, look after the property themselves, or choose the parts they want a contractor to look after, always being in control of the costs. Should they wish to rent it out, there is a demand for Isla Mujeres luxury rentals.

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