Optimistic reports on Mexico real estate keep coming, and it’s not just wishful thinking. The Mexican Association of Real Estate Professionals (AMPI) estimates the real estate sector will grow by 6 percent in 2016. And Mérida is among the top cities.
Real estate portal Lamundi revealed the five fastest-growing cities in Mexico:
Queretaro’s real estate sector contributes 9.7 percent of the state’s GDP, according to Panorama Property Outlook 2016. Population growth in this metropolis has created high demand for housing, Lamundi said.
2: Mexico City
This year, 5,500 million pesos is being invested in shopping malls here, according to the magazine Real Estate.
Residential projects in the north put the White City in the top 3. In 2015, the Directorate of Urban Development listed 2,597 new homes, comprising 224,536.54 square meters of construction in one year alone. Mérida is the smallest of the five cities on this list.
In 2015, the real estate sector of Tijuana grew 21 percent over 2014. More than 700 condominiums were erected in 15 different developments.
Here, the industrial real estate market is largely responsible for local growth. In 2015, 450,000 square meters of factory space was built, said consulting firm Jones Lang LaSalle.