Tulum, a coastal town in Mexico known for its stunning beaches and ancient Mayan ruins, has experienced a real estate boom that has left many investors with financial ruin and emotional scars. The story of Akela Development Group, one of the companies at the center of this controversy, is a tale of betrayal and deceit that has left many wondering how such a disaster could have occurred.
Erin Norris, an American investor who paid $191,000 for a condo in Solemn Skyview, was told by Akela that her unit would be ready for occupancy in March 2023. However, when she visited the site, she found it to be vacant and overgrown with vegetation. Despite numerous attempts to contact Akela, Norris has not received any updates on the status of her condo.
Swetank Gupta, another American investor who paid $155,000 for a condo in Solemn Ocean, has also been left in limbo. He was told that his unit would be ready by August 2023, but when he visited the site, he found it to be unfinished and unoccupied.
Juan Aura, an Argentinean investor who purchased a condo in Tulum’s Sol del Mar complex, has been fortunate enough to have his property completed and occupied. However, even he has not escaped the financial consequences of Tulum’s real estate boom. With the market now saturated with unsold condos and apartments, Aura’s rental income has plummeted from $250 per night to just $50 per night.
The story of Akela Development Group is one of betrayal and deceit. The company was founded by Jesus Roberto Garza Garcia in 2018, and it quickly gained popularity among investors due to its promises of high returns and luxurious amenities. However, behind the scenes, Akela was facing financial difficulties, and it was using tactics such as delaying construction and making false promises to investors.
In August 2024, Aguilera’s body was found in his home, and an investigation by local authorities revealed that he had taken his own life due to financial problems. His death marked the end of Akela Development Group, but it also raised questions about how such a company could have operated for so long without being detected.
The story of Akela Development Group is just one example of the many real estate companies that have been involved in Tulum’s boom-and-bust cycle. Many investors have lost their life savings as a result of these scams, and some have even taken their own lives due to financial stress.
In conclusion, the story of Tulum’s real estate boom is one of betrayal and ruin. It highlights the importance of doing thorough research and due diligence before investing in any property. It also serves as a warning to investors about the dangers of getting caught up in get-rich-quick schemes.
Investors who have lost money in Tulum’s real estate market are advised to seek professional advice from lawyers, accountants, or financial advisors. They may also want to consider joining support groups or online forums where they can share their experiences and connect with others who have gone through similar situations.
Ultimately, the story of Tulum’s real estate boom serves as a reminder that investing in property always carries risks. It is essential to approach any investment decision with caution and to do thorough research before making a commitment.
Investors should also be aware of the following:
* Research the company and its reputation thoroughly
* Check for any red flags or warning signs
* Be cautious of companies that promise unusually high returns
* Don’t invest more than you can afford to lose
* Consider seeking professional advice from lawyers, accountants, or financial advisors
By being informed and vigilant, investors can minimize their risks and avoid falling victim to scams like the one perpetrated by Akela Development Group.
Source: El Financiero
