Why are there no property bargains on Isla Mujeres?
Coronavirus has had a devastating effect on world economies. Not Coronavirus as such but governments over reaction to what is after all a flu virus. Politicians will say it was a measured and entirely appropriate response to a virus that is killing millions. But is it killing millions? We don't know, the only thing we know is that deaths have been wildly inflated to justify the lockdown measures that were taken, and of course to encourage people to take the vaccine. A vaccine of which many people are highly suspicious. It's safe we are told, and who told us this? Politicians and pharmaceutical companies - oh well it must be true then. The resulting financial meltdown has affected property markets in some holiday areas. Many Americans have recently visited the island with a view to buying Isla Mujeres property at bargain prices. Probably not an unreasonable assumption; after all a lot of people have suffered great financial difficulty over the past year, indeed many have lost their homes, and businesses have gone to the wall. Despite this, in general, those looking for luxury Isla Mujeres homes at non luxury prices have been disappointed. Very few owners, have felt inclined to take any significant drop on their original asking price. It was similar in the crisis that started in 2008 and ran on for a number of years; bargain hunters arrived on the Island expecting to find half price Isla Mujeres homes, and mostly returned to the States empty handed. The explanation is probably that most property owners are able to hang on, in the knowledge that as soon as there is even a hint of a recovery with economies in general, prices on Isla Mujeres start to rise. Inevitably there have been some owners over the past few months who have been unable to hold out and reduced the asking price in the pursuit of a quick sale. The trouble with that is that even when it's a very much reduced-price, prospective buyers still want to negotiate that price down even further. However, in most cases buyers of Luxury Isla Mujeres property have very specific requirements. The chance of a potential buyer finding the home of their dreams, and it also being one of the properties with a reduced price tag is fairly slight.
Also, property owners are very aware that the island is quickly running out of land, there are very few prime sites left, where people can build. For this reason, demand will always remain high for Isla Mujeres homes. It is hardly surprising that the Island is so popular; with absolute peace and tranquilly and a safe area to invest in property. The information that we are getting is that there are many Americans who want to invest in real estate but are not at all confident about the future of the US property market.