The Mexican Association of Real Estate Professionals (AMPI) estimates the real estate sector in the country will show a 6% growth rate in 2016.
This growth is positive after a crisis caused by the collapse of the US real estate market.
The real estate portal Lamudi unveiled the five cities in Mexico with the fastest growing real estate sectors.
Queretaro is the city of the country with the best real estate performance, where the sector contributes 9.7 percent of the state’s GDP, according to the report Panorama Property Outlook 2016.
This performance is due mainly to population growth in this metropolis, which consequently creates demand for housing, Lamudi said.
2. Mexico City
The real estate growth currently shown in Mexico City is driven by the construction of shopping malls, being that this year about 5,500 million pesos will be devoted to construction of these establishments, according to Real Estate magazine.
Merida shows a steady growth of its real estate market, particularly because of urban sprawl that is recorded in the White City.
In 2015, Merida’s Directorate of Urban Development reported 2,597 new homes, which resulted in 224,536.54 square meters of built area. Residential projects are concentrated mainly in the north of the city.
In 2015, the real estate sector of Tijuana grew 21% compared to 2014. In fact, buildings and more than 700 condominiums erected in 15 different projects between 2014 and 2015 confirm this progress.
The industrial real estate market is largely responsible for the excellent situation enjoyed by the real estate sector in Monterrey. In 2015, they managed to sell 450 thousand square meters, according to data from the consulting firm Jones Lang LaSalle (JLL).
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