An association whose purpose is to promote the retirement industry is aiming to attract 150,000 Americans and Canadians to Quintana Roo in the next five years through the construction of new residential estates tailored to the needs of retirees.

Javier Govi, president of AMAR, said the organization has already held talks with the hotel chains Iberostar and Mayakoba about the development of residential projects in the north of the Caribbean coast state.

He said that AMAR is also involved in the construction of two residential towers in Cancún whose target market is wealthy North American retirees, adding that it has signed an agreement with the Association of Cancún Real Estate Professionals to join forces to develop infrastructure targeting the same community. They include specialist medical centers and recreation facilities.

Govi said that studies conducted by AMAR show that the income of people who live in areas where there are international retirement communities is 1.5 times higher than average as a result of retirees’ spending on the goods and services they require.

He added that residents also benefit from spending on urban infrastructure aimed at older people, such as mobility access ramps.

AMAR estimated three years ago that there were some 27,000 retired foreigners living in Mexico, bringing in income of US $223 million. It predicts that the latter figure will increase to $1.37 billion by 2030.

The south of Quintana Roo also appears set to benefit from a greater influx of retirees. Canadian company K & A Associates announced early this year that it will build a US $400-million medical-residential project in the state capital, Chetumal.

Source: El Economista (sp)