All Forum Posts by: Sebastian Papworth

I just did an analysis of Playa del Carmen vs. Tulum with interesting data. (I will share all the information sources at the end of the reply). I really think this comparison will help investors. 

I’m interested in sharing facts and letting investors reach their own conclusions, so I did a side-by-side number comparison:

Foundation and Population:

Playa del Carmen was founded in 1993.

Tulum was founded in 2008.

That's a 15-year difference. 


I've heard several investors and realtors say that buying in Tulum now is like buying in PDC was 10-15 years ago --I'm curious to hear what you guys think.

Population (2020 census): 


Playa del Carmen: 304,942. 


Tulum: 46,721.


Playa has 6.5 times the population of Tulum.

However, it all depends on what your target market is, along with your renter profile: are investors looking to rent long-term to residents? Or are you looking to rent short-term to tourists?

PDC’s growth in the past 10 years:

The 2020 census numbers show a whopping 103% increase over the population numbers of 2010. In the past 6 years alone, Playa Del Carmen’s population has grown just over 63%.

According to the census count, the population of Playa Del Carmen stands at 304,942. This is a 103% increase over the 2010 census numbers for Playa, which amounted to 149,923.



Tulum’s growth over the past 10 years:

In 2020, the population in Tulum reached 46,721 inhabitants. Compared to 2010, its population grew 65.3%.



Key differences: 


1. Beach access 


2. Beachfront density 


3. Infrastructure 


4. Tulum is a Magic Village, which means it receives a little more public promotion and investment from the government. 


5. Upcoming private and public projects. 


Public and private infrastructure projects:

1. Mayan Train: Biggest project of the current federal administration, with an approximated cost of almost US$9.81 billion. It will span approximately 1,500 km (932 miles) and will link the states of Chiapas, Tabasco, Campeche, Yucatán, and Quintana Roo, with a total of 21 stations. Playa and Tulum will each have their own train station. Due to be completed in 2023, construction is already in progress. 


2. Tulum Airport: Set to be completed by 2023, it is projected to receive 4 million passengers. 


3. Tulum’s bypass to reduce city traffic. 


4. Formula 1 race track just 15 minutes away from PDC.


5. Green School in Tulum. 


6. Both cities have private projects featuring new shopping malls, cinemas, and supermarkets. 


7. Extension of the highway to Bacalar.

AIRBNB, VRBO (AIRDNA) AND HOTEL COMPARISON Note: It’s hard to separate hotel occupancy rates between Tulum and Playa because the state’s Tourism Ministry lists both cities under the same category --Riviera Maya-- and the hotel comparison is made by municipality):

Playa del Carmen has 11,105 active listings. 


Tulum has 5,422 active listings. 


That is a difference of 5,683 listings, which means Tulum has 48.82% of the listings that PDC has active. 


Playa has 285 hotels with 43,771 rooms. 


Tulum has 159 hotels with 8,390 rooms. 


That is a difference of 126 hotels and 35,381 hotel rooms, so Tulum has 19.6% of the number of rooms that PDC has. I believe this is partly because there are several large all-inclusive chain resorts in Playa featuring properties with 800+ rooms, whereas the hotels in Tulum’s hotel zone are boutique "eco-lodges" with a lower room density.

I wasn't able to get the average daily rate (ADR) for hotels in Tulum vs. hotels in Playa. Personally, I think that the median ADR of hotels is a lot higher in Tulum than in Playa, what do you think?


PDC ADR Airbnb: 81 USD 


Tulum ADR Airbnb: 125 USD 


That's almost 65% more in Tulum. 


Median Airbnb occupancy in PDC: 58%. 


Median Airbnb occupancy in Tulum: 67%. 


Median Airbnb revenue PDC: $1,695 USD. 


Median Airbnb revenue Tulum: $889 USD. 


That's $806 USD more median revenue in Tulum. More than half.

DEMAND:

Demand in Playa: Playa Del Carmen receives some 1 million tourists a year. That amounts to about 2,740 people arriving each day.

Demand in Tulum: Tulum has become one of the main destinations on the Riviera Maya, receiving almost two million tourists a year (Kayak). That amounts to roughly 5,479 people arriving every day, meaning the approximate tourism demand is double for Tulum than for PDC, with a lower supply of rooms and Airbnb.

Upcoming Real-Estate Projects:

Without an MLS it's very hard to get this number right; we have an approximate figure, so if you'd like more info send me a DM and we can share it with you. According to our internal MLS, Tulum has close to double the presale projects that Playa currently has, and a significant number of units coming to the market in the next few years.

Suggestion: Buy something unique (do not overpay for a commodity, but pay a slight premium to get something special that will make you stand out from all the others once supply starts getting closer to demand.

FLIGHT INFORMATION: 
 “During the period from January to August 2021, Cancun Airport received 3.8 million foreign visitors. This was almost 4 times more than Los Cabos airport in Baja California Sur (BCS), which registered 1.07 million, and almost 3 times more than Mexico City International Airport, which received 1.4 million".
"In absolute terms, Quintana Roo receives 46.5% of all foreign visitors to Mexico, making it the country’s number one generator of tourism revenue".


Cancun airport had its second-busiest day on record on Saturday 18th of December 2021 in terms of the number of incoming and outgoing flights: a total of 648 flights touched down at or departed from Cancun airport, just 11 fewer than the all-time high of 659 flights on March 31, 2018.


Cancun’s record was in 2018, when the airport handled 25.2 million passengers.


As a new article with the top post-pandemic travel trends states: "While Dubai remains at the top of the list, the most notable rises include Miami, from 18th to 5th, and new on the list, Cancun (Mexico) at 2nd with 4% of the air ticket share." Cancun Airport wasn't even on the list and it’s now in second place just after Dubai. The two highest risers, Cancun and Miami, are both major leisure destinations popular with US holidaymakers.

SOCIAL MEDIA:

#Playadelcarmen has 4,300,000 Instagram posts. 


#Tulum has 7,600,000 Instagram posts. 


The younger crowds are making a lot more noise on Instagram about Tulum than about PDC.

Conclusion: My conclusion is speculative and since I don’t have a crystal ball I wouldn’t venture to post this online, and also I don’t want to help or affect one particular city over the other, since as I mentioned I honestly like both destinations. Each has its pros and cons depending on your specific goals, but if anyone is interested in knowing my point of view and what I think might happen in the medium and long term I’m happy to share it in private.

P.S:I am not an expert in statistical analysis, I hope this helps here are the sources of information: 

https://www.lonelyplanet.com/articles/tulum-mexico-digital-nomads

https://everythingplayadelcarmen.com/population-of-playa-del-carmen/

https://www.airdna.co/

https://www.lajornadamaya.mx/quintana-roo/177934/tulum-encabeza-preferencias-en-zonas-arqueologicas

https://realestatemarket.com.mx/mercado-inmobiliario/32231-vision-general-de-tulum

http://sedetursys.qroo.gob.mx/ocupacion/ocupacion2018.php

https://ftnnews.com/tours/42946-forwardkeys-top-travel-trends-of-2021

https://www.estadisticas.inah.gob.mx/

http://sedetursys.qroo.gob.mx/ocupacion/

https://www.eleconomista.com.mx/estados/Quintana-Roo-registra-la-mayor-tasa-anual-de-crecimiento-poblacional-de-todo-el-pais-Censo-2020-20210127-0108.html

https://londondailypost.com/top-travel-destinations-to-visit-in-2020/

http://sedeturqroo.gob.mx/ARCHIVOS/COMO_VAMOS_ENERO_NOVIEMBRE_2019.pdf

http://sedeturqroo.gob.mx/ARCHIVOS/Como-Vamos-202001-05.pdf

https://qroo.gob.mx/sedetur/como-vamos

https://mexiconewsdaily.com/news/cancun-airport-record-flight-numbers/

https://www.forbes.com.mx/brand-voice/ad-turismo-wellness-un-viaje-al-interior/

https://www.forbes.com.mx/ad-green-school-futuro-educacion-sustentable-zama-desarrollos/

https://www.greenschool.org/

http://www.datatur.sectur.gob.mx/SitePages/Visitantes%20por%20Nacionalidad.aspx

https://www.reportur.com/mexico/2021/07/17/futuro-aeropuerto-tulum-podra-recibir-4-millones-pasajeros/

https://www.elfinanciero.com.mx/empresas/2021/09/21/tren-maya-sale-re-caro-se-dispara-47-su-costo-y-suma-5-meses-de-retraso/#:~:text=Actualmente%20su%20costo%20es%20de,de%20pesos%20con%20IVA%20incluido

https://en.wikipedia.org/wiki/Municipalities_of_Quintana_Roo

https://www.travelandleisure.com/trip-ideas/i-moved-to-tulum-during-the-pandemic

@Mike Lambert

Happy 2022!! Sorry for the delay we have been overwhelmed with work. 

It has taken me longer than I thought to do my analysis of Playa del Carmen vs. Tulum. I am not an expert in statistical analysis, so if I’m wrong anywhere please correct me (Not sure if I can add all the links of the sources of data to this post, ill try. I hope I don't get in trouble). I really think this comparison will help investors. Both are really attractive markets and they offer different characteristics; I know a lot of people that prefer PDC to Tulum and vice-versa, so it’s a case of different strokes for different folks.

I’m interested in sharing facts and letting investors reach their own conclusions, so I did a side-by-side number comparison:

Foundation and Population:

Playa del Carmen was founded in 1993.

Tulum was founded in 2008.

That's a 15-year difference. 


I've heard several investors and realtors say that buying in Tulum now is like buying in PDC was 10-15 years ago --I'm curious to hear what you guys think.

Population (2020 census): 


Playa del Carmen: 304,942. 


Tulum: 46,721.


As you stated Mike, Playa indeed has 6.5 times the population of Tulum.

However, it all depends on what your target market is, along with your renter profile: are investors looking to rent long-term to residents? Or are you looking to rent short-term to tourists?

PDC’s growth in the past 10 years:

The 2020 census numbers show a whopping 103% increase over the population numbers of 2010. In the past 6 years alone, Playa Del Carmen’s population has grown just over 63%.

According to the census count, the population of Playa Del Carmen stands at 304,942. This is a 103% increase over the 2010 census numbers for Playa, which amounted to 149,923.



Tulum’s growth over the past 10 years:

In 2020, the population in Tulum reached 46,721 inhabitants. Compared to 2010, its population grew 65.3%.



Key differences: 


1. Beach access 


2. Beachfront density 


3. Infrastructure 


4. Tulum is a Magic Village, which means it receives a little more public promotion and investment from the government. 


5. Upcoming private and public projects. 


Public and private infrastructure projects:

1. Mayan Train: Biggest project of the current federal administration, with an approximated cost of almost US$9.81 billion. It will span approximately 1,500 km (932 miles) and will link the states of Chiapas, Tabasco, Campeche, Yucatán, and Quintana Roo, with a total of 21 stations. Playa and Tulum will each have their own train station. Due to be completed in 2023, construction is already in progress. 


2. Tulum Airport: Set to be completed by 2023, it is projected to receive 4 million passengers. 


3. Tulum’s bypass to reduce city traffic. 


4. Formula 1 race track just 15 minutes away from PDC.


5. Green School in Tulum. 


6. Both cities have private projects featuring new shopping malls, cinemas, and supermarkets. 


7. Extension of the highway to Bacalar.

AIRBNB, VRBO (AIRDNA) AND HOTEL COMPARISON Note: It’s hard to separate hotel occupancy rates between Tulum and Playa because the state’s Tourism Ministry lists both cities under the same category --Riviera Maya-- and the hotel comparison is made by municipality):

Playa del Carmen has 11,105 active listings. 


Tulum has 5,422 active listings. 


That is a difference of 5,683 listings, which means Tulum has 48.82% of the listings that PDC has active. 


Playa has 285 hotels with 43,771 rooms. 


Tulum has 159 hotels with 8,390 rooms. 


That is a difference of 126 hotels and 35,381 hotel rooms, so Tulum has 19.6% of the number of rooms that PDC has. I believe this is partly because there are several large all-inclusive chain resorts in Playa featuring properties with 800+ rooms, whereas the hotels in Tulum’s hotel zone are boutique "eco-lodges" with a lower room density.

I wasn't able to get the average daily rate (ADR) for hotels in Tulum vs. hotels in Playa. Personally, I think that the median ADR of hotels is a lot higher in Tulum than in Playa, what do you think?


PDC ADR Airbnb: 81 USD 


Tulum ADR Airbnb: 125 USD 


That's almost 65% more in Tulum. 


Median Airbnb occupancy in PDC: 58%. 


Median Airbnb occupancy in Tulum: 67%. 


Median Airbnb revenue PDC: $1,695 USD. 


Median Airbnb revenue Tulum: $889 USD. 


That's $806 USD more median revenue in Tulum. More than half.

DEMAND:

Demand in Playa: Playa Del Carmen receives some 1 million tourists a year. That amounts to about 2,740 people arriving each day.

Demand in Tulum: Tulum has become one of the main destinations on the Riviera Maya, receiving almost two million tourists a year (Kayak). That amounts to roughly 5,479 people arriving every day, meaning the approximate tourism demand is double for Tulum than for PDC, with a lower supply of rooms and Airbnb.

Upcoming Real-Estate Projects:

Without an MLS it's very hard to get this number right; we have an approximate figure, so if you'd like more info send me a DM and we can share it with you. According to our internal MLS, Tulum has close to double the presale projects that Playa currently has, and a significant number of units coming to the market in the next few years.

Suggestion: Invest in something unique (do not overpay for a commodity, but pay a slight premium to get something special that will make you stand out from all the others once supply starts getting closer to demand.

FLIGHT INFORMATION: 
 “During the period from January to August 2021, Cancun Airport received 3.8 million foreign visitors. This was almost 4 times more than Los Cabos airport in Baja California Sur (BCS), which registered 1.07 million, and almost 3 times more than Mexico City International Airport, which received 1.4 million".
"In absolute terms, Quintana Roo receives 46.5% of all foreign visitors to Mexico, making it the country’s number one generator of tourism revenue".


Cancun airport had its second-busiest day on record on Saturday 18th of December 2021 in terms of the number of incoming and outgoing flights: a total of 648 flights touched down at or departed from Cancun airport, just 11 fewer than the all-time high of 659 flights on March 31, 2018.


Cancun’s record was in 2018, when the airport handled 25.2 million passengers.


As a new article with the top post-pandemic travel trends states: "While Dubai remains at the top of the list, the most notable rises include Miami, from 18th to 5th, and new on the list, Cancun (Mexico) at 2nd with 4% of the air ticket share." Cancun Airport wasn't even on the list and it’s now in second place just after Dubai. The two highest risers, Cancun and Miami, are both major leisure destinations popular with US holidaymakers.

SOCIAL MEDIA:

#Playadelcarmen has 4,300,000 Instagram posts. 


#Tulum has 7,600,000 Instagram posts. 


The younger crowds are making a lot more noise on Instagram about Tulum than about PDC.

Conclusion: My conclusion is speculative and since I don’t have a crystal ball I wouldn’t venture to post this online, and also I don’t want to help or affect one particular city over the other, since as I mentioned I honestly like both destinations. Each has its pros and cons depending on your specific goals, but if anyone is interested in knowing my point of view and what I think might happen in the medium and long term I’m happy to share it in private.

https://www.lonelyplanet.com/articles/tulum-mexico-digital-nomads

https://everythingplayadelcarmen.com/population-of-playa-del-carmen/

https://www.airdna.co/

https://www.lajornadamaya.mx/quintana-roo/177934/tulum-encabeza-preferencias-en-zonas-arqueologicas

https://realestatemarket.com.mx/mercado-inmobiliario/32231-vision-general-de-tulum

http://sedetursys.qroo.gob.mx/ocupacion/ocupacion2018.php

https://ftnnews.com/tours/42946-forwardkeys-top-travel-trends-of-2021

https://www.estadisticas.inah.gob.mx/

http://sedetursys.qroo.gob.mx/ocupacion/

https://www.eleconomista.com.mx/estados/Quintana-Roo-registra-la-mayor-tasa-anual-de-crecimiento-poblacional-de-todo-el-pais-Censo-2020-20210127-0108.html

https://londondailypost.com/top-travel-destinations-to-visit-in-2020/

http://sedeturqroo.gob.mx/ARCHIVOS/COMO_VAMOS_ENERO_NOVIEMBRE_2019.pdf

http://sedeturqroo.gob.mx/ARCHIVOS/Como-Vamos-202001-05.pdf

https://qroo.gob.mx/sedetur/como-vamos

https://mexiconewsdaily.com/news/cancun-airport-record-flight-numbers/

https://www.forbes.com.mx/brand-voice/ad-turismo-wellness-un-viaje-al-interior/

https://www.forbes.com.mx/ad-green-school-futuro-educacion-sustentable-zama-desarrollos/

https://www.greenschool.org/

http://www.datatur.sectur.gob.mx/SitePages/Visitantes%20por%20Nacionalidad.aspx

https://www.reportur.com/mexico/2021/07/17/futuro-aeropuerto-tulum-podra-recibir-4-millones-pasajeros/

https://www.elfinanciero.com.mx/empresas/2021/09/21/tren-maya-sale-re-caro-se-dispara-47-su-costo-y-suma-5-meses-de-retraso/#:~:text=Actualmente%20su%20costo%20es%20de,de%20pesos%20con%20IVA%20incluido

https://en.wikipedia.org/wiki/Municipalities_of_Quintana_Roo

https://www.travelandleisure.com/trip-ideas/i-moved-to-tulum-during-the-pandemic

@Mike Lambert

Neither do I, I don't think anyone is interested in this personal argument so I will try to keep it short. 
Who threw the first stone? You wrote: 

"A friend's advice. You're a realtor in the Riviera Maya and you're not supposed to promote any project on here. It's against the BiggerPockets rules and for good reasons, as you have a potential conflict of interest and a credibility issue. I see that you're relatively new here. They're serious with this kind of things and patrolling the forums and they might ban you from the site if you don't respect those rules so I'd thread carefully if I was in your position." 

I read this comment and frankly, it sounded more like a personal attack than a friendly comment, you could have sent me a DM for that matter. If you weren't attacking and you were really offering friendly advice, then I offer an apology. Only you will know the real intent behind it.

I never promoted a project or spoke positively or negatively I only offered an example I never gave a positive or negative opinion about it just shared facts. I'm not promoting myself I am just sharing facts. I have already written what my goal in this forum is, if you go to my profile I disclose all the information about myself, not hiding anything. 

My values have always been creating win-win transactions and always focusing on creating long-term relationships. Like I mentioned I have been living here for 7 years now, I meet so many previous clients (now friends) on the street, in supermarkets, etc, even my child was born here. We have a saying in Mexico that goes: "Pueblo chico infierno grande" (small town big inferno) we all know each other in the real estate industry so I take my reputation very seriously.

Correct realtors make commissions, as well as developers make a profit from the sale of the properties.

I am all up for respecting, helping each other, and providing valuable information to readers, today is my wedding anniversary and my wife is going to kill me if I spend another hour writing in this forum lol. 
I am always eager to start a healthy debate based on facts and the Playa vs Tulum is one of my favorites, so I will take my wife out and I'll reply with more hard data during the weekend. 

1. @Mike Lambert
2. That is correct; I am an investor in the Riviera Maya, a licensed realtor (license number in profile), and a partner in a brokerage specializing in representing buyers. I don't represent any seller so I can offer an honest and unbiased opinion: my goal is to provide as much information as possible to anyone interested in investing in this area of Mexico.
3. I never promoted any specific project in my replies and rest assured I never will, I shared a financing example in the current Tulum market. I have been following all discussions of real estate in Mexico in BiggerPockets for the last two years and have read most posts and replies, I just recently decided to start participating due to investors asking about specific developers whom I have invested with, or represented buyers. Talking about a potential conflict of interest and credibility issues, I actually saw a post you made 6 months ago (https://www.biggerpockets.com/...) where you wrote:

"I know that there are many more people I've helped who haven't pulled the trigger even though they wanted to. By wondering if there was any other way I could help these people, I decided to do my own development project in Tulum that would address these three issues of risk, price and financing, in order to meet the needs of the savvy buyers and investors."

Let’s lead by example.
I think we both have the same aim in this forum, which is to share our experience and information and help people buy real estate with the lowest risk possible, provide factual information and help define options. I have taken part in over 300 real-estate transactions in the Riviera Maya over the past 7 years, and I know which developers are doing a great job contributing to this area and which have had problems with developments in the past. I will continue to share information that I hope is useful to investors in this forum.

2. My team and I have put together an internal MLS system updated daily (which the current market doesn't have) with an updated inventory and information on hundreds of projects that have been developed or are in the process of development in the Riviera Maya, so we have a clear investing analysis.

3. It's important for investors to know that most Mexican banks will extend you a loan in Mexican pesos, not USD. I don't like speculating; investors can carry out their own analysis by following the historical data of the Bank of Mexico’s official Foreign-Exchange Commission. https://www.banxico.org.mx/tip...

4. This has been the best year so far in terms of rental income from the properties I own. I agree that the market will reach a point where the supply and demand balance will shift, and that's why it's important for investors to invest in a project that stands out and has unique features, so they can continue charging high nightly rates and command high occupancy rates. However, with the Mayan Train (https://www.railway-technology...) being built, along with the new Tulum Airport (https://www.travelpulse.com/ne...), the new Formula 1 race track, the Green School, and all the projects planned for Quintana Roo, I see that it will take time for that balance to shift, and strong demand for Tulum will continue. I remember when no one was investing in Tulum and everyone wanted to buy in Playa del Carmen. Now on Airdna, there are 11,105 active rentals listed in Playa, whereas Tulum has only 5,422 active rentals (a little under half), and all the contacts I know who are very involved in politics and the future of this state claim that Tulum will become a bigger city than Playa del Carmen (I honestly have mixed feelings about this). Playa is a more mature market and returns are good, but not as good as Tulum. I am excited to see what the future will bring.

@Mike Lambert

I agree it's not that common, that's why I mentioned 90% of buyers are cash buyers. However there are currently 9 projects offering direct developer financing in Tulum, some are pre-construction and some are immediate delivery.

One example is a project in Aldea Zama in which you can do a 30% downpayment (some start at 20% down) and the remaining balance financed directly with the developer for a 10-year term. (if you pay a higher downpayment the interest rate goes down, the lowest interest rate being 5.99%, which is decent for Mexico considering banks usually lend at 7.99% and up, crazy I know!). If you pay on time on the first day of every month all the monthly payments go to principal and you don't pay any interests until June 2023. You get physical delivery of your unit so you can start getting rental income cash flow and there is no prepayment penalty.

On my first investment, I got a mortgage with a Mexican bank, and with the rental income, I finished paying the property at year 4 (no prepayment penalty). 

Several pros of financing your property in Mexico in MXN:

• 1. Full legal certainty from the bank that you are getting the mortgage with.
• 2. Securing a loan in Mexico will not impact your credit score back home.
• 3. The exchange rate will most likely be in your favor and you can derive income in USD dollars from buying a property that rental clients rent in USD, whereas your mortgage is in Mexican pesos.
• 4. Having access to extra cash that you didn’t know was available to you.
• 5. You can deduct taxes on the interest that you have paid on your mortgage in Mexico.

Cons: 
1. Higher interest rates. 

Here is a good article about investing in Mexico with your 401K: https://mexlaw.com/investing-m... 

Sure thing @Tak Ogihara Cash in Mexico is one of them, I have a couple more. Let me send you the contacts on a DM. 

@Brad Fitzpatrick

Often people have multiple questions for me about the options they have for financing a real estate property in Mexico. I am happy to help any reader interested in investing in real estate and show them all the options available, so that you can decide which best fits your needs.

The first thing that is important to point out is that 90% of the foreign buyers in Mexico are cash buyers. The real estate market in Mexico is a cash market, which is definitely a big plus, since it gives stability and lowers the risk of home loans defaulting.

5 Options: 

1. Developer financing (There are at least 3 projects in Tulum offering direct financing)
2. Mexican Bank (I have a couple of contacts in banks here that offer options with higher interest rates than the us or Canada)
3. Financing in the US or Canada. (Most people are using a HELOC to buy in Tulum or the Riviera Maya)
4. Financing with your 401K/RRSP using a self-directed IRA in USD.
5. Cross Border finance companies (If anyone wants to go this route I know the 3 largest in the area) 

Hope this helps! 

Hi Dennis,

It's amazing that you're looking at investing in Tulum. It's always been a magical place and lately there's so much public and private investments that gives us further certainty about the destination. Actually, 2021 was the best year so far for one of the condos I've purchased a few years ago making 123k in reservations, and this month has broken all past records we have $18,289 USD of reservations for December, I paid $250K USD for it.

Regarding KIIN, knowing that it's a condo hotel that may not give you the flexibility of usage on your property that you probably should have as an owner. Also, I've researched about the developer but it seems like they’ve never done anything in Tulum yet, besides a couple of commercial buildings in other states of Mexico. It is key that you choose a developer with a local track record before considering to invest with them. Lastly, I think there are better locations with better accessibility, infrastructure and services.

I recently did a market study for a friend, so if you're interested on details, please DM me to provide the top projects we found out to be the most solid options.

Hello @Steven Marlowe

I know you are asking @Mike Lambert directly, I have had personal experiences with Grupo R4 in the past and can give you my personal opinion. 

I am almost certain you are buying through RETA / International Living / Ronan MacMahon since they have Samsara as an exclusive. Grupo R4 is one of the largest groups from the Yucatan peninsula, they are one of the largest land owners in the area and they developed Aldea Zama along with Inmobilia a while back, they split up and now Inmobilia has Tulum 101 and Zama Desarrollos along with GrupoR4 which is a family company that own Selvazama which is the strip of land from Aldea Zama to the beach where Papaya Playa Project and Azulik are. 
They have developed multiple successful projects however I had a situation on one of their projects Essentia in Luum Zama where there was a delay of over 1 year. They had a 6 month grace period (which is more than the standard in the area) and they went over it, there were If I remember correctly around 3-4 months where the government stoped construction due to COVID and they claimed force majeure. Still took another 6 months to deliver after that, we went to the building site and while everyone else had workers on site Essentia was stopped. We were lucky to get a large monthly penalty added to the promissory agreement since the beginning for any delays and that protected us. There is proof of all im saying about it if you want contact me in a private DM and I can share. Hope this helps you make the best informed decision. The condo has been delivered and as of right now everything is working and renting great with impressive nighty rates, we are making some solid ROI!