MACHU PICCHU: MORE TOURISTS, HIGHER PRICES

M achu Picchu’s selection as one of the new Seven Wonders of the modern world has led according to the Regional Directorate of Foreign Trade and Tourism to a 20 percent increase in the number of tourists visiting the Imperial city of Cusco. Tourism Growth The citadel of Machu Picchu received an average of 1 300 tourists daily after being declared a new wonder. Said amount had not been registered for several years, which consolidates the Inca citadel as one of the tourism references in Peru.

Last year, about 900 thousand tourists visited Cusco, a 20 percent rise compared to 2006,» said the head of Cusco Dircetur, Jean Paul Benavente. He also highlighted that at the beginning of 2007, the tourist flow to Cusco was expected to rise by ten percent, but after Machu Picchu’s selection as a wonder of the world, it jumped by 20 percent. Domestic tourists accounted for eight percent of this number, while foreign visitors, mainly from the United States and European countries (France, Spain, Germany and England) represented the other 12 percent. Property Prices The entire city of Cusco cheered and celebrated when it was announced that Machu Picchu had been chosen as one of the New 7 Wonders of the World. Since then, the city and its residents have been able to enjoy certain benefits, such as inMACHU PICCHU: MORE TOURISTS, HIGHER PRICES 19 H e r i tag e: The Ne w S e ven Wonders Ju ly, 2008 creased tourism and more investments in the area’s infrastructure.

 However as a result the cost of property in Cusco city has doubled and in some cases even tripled. For example, a spacious 40-room house that belongs to Carmen Rosa del Solar has been valued at $2 million. A fair price says the proud owner, considering it is located on Márquez Street in the historic center of Cusco. Carmen Rosa has affirmed that it is the perfect place for companies wishing to build a hotel or a shopping center. She also explained that the square meter (10 square feet) at Cusco’s main square was valued at $4,000 per square meter. Starbucks Coming Another effect of the huge increase of Machu Picchu and Cusco’s popularity is the interest of international corporations.

 Starbucks, the largest coffeehouse company in the world, has set its sights on a locale in Cusco. The coffee and coffeehouse chain is willing to pay any price for a spot near Cusco city’s main plaza. 

The Seattle-based corporation is not the only U.S. company interested in investing in a place near one of the New 7 Wonders of the World; McDonald’s and KFC have affirmed that they too are going to invest in property near the Inca Citadel. Even though real estate prices in Cusco city increased, McDonald’s – the world’s largest chain of fast food restaurants, has already set aside the locale where Bohemia restaurant used to be. The company is negotiating the rental of the establishment with the owners, the Transporters Association of Cusco. An inauguration date for the KFC and the McDonald’s has not been announced yet but both locales are currently being remodeled.