As you mentioned, I'd attribute this to the cost and not the material. In Latin America having "exposed concrete" walls or ceilings is it's a whole trend right now. The look of course involves nicer, well-worked cement, and tends to be paired with either dark woods and metals painted matte black, or light woods and linen whites.

Some examples:

[1]: https://www.planosdearquitectura.com/diseno-departamento-dup...

[2]: https://www.lahaus.mx/ed/tulum/nativa-tulum

[3]: https://www.legacysir.com/sales/detail/10-l-647-c9gshd/av-de...

[4]: https://www.icasas.mx/venta/departamentos/ph-estilo-industri...

[5]: https://www.portalinmobiliario.com/MLC-1421396709-moderno-de...