Given the strengthening of the Mexican peso against the dollar, hotels in Cancun, Riviera Maya and Los Cabos increase their prices in dollars to pay salaries and suppliers in pesos.
On the exchange rate, 12 months ago the dollar was at 20.52 pesos and this Friday closed at 17.13, so prices in pesos have risen more than 16%, while the Dominican peso has done less than 1.0% in the same period and the Canadian dollar was devalued just over 2.0% against the US dollar. Just a few examples of short-haul destinations from the United States, publishes Money in Image.
Mexico now faces the opening of competing destinations. Millions of Americans were inclined to the beaches of the Mexican Caribbean and the urban destinations of the country, but now tourists value other options such as the Dominican Republic, as revealed by REPORTUR.mx (Mexico suffers from 4 factors that slow down the arrival of tourists)
In the case of real estate in tourist destinations such as Los Cabos, something similar begins to happen, where property prices in dollars are increasing around 10%, while price lists in pesos remain unchanged.
There, says Dinero en Imagen, not only is there a risk of inhibiting sales, but it is feasible that when the peso adjusts against the dollar, which will happen sooner or later, the potential surplus value for buyers in dollars will also be reduced. (https://www.reportur.com/hoteles/2023/06/27/hoteles-de-cancun-riviera-maya-y-los-cabos-aumentan-precios-en-dolares-ante-un-peso-fuerte/)
